Tax Return Filing

While it’s excellent to study in Canada, tax preparation might be a little challenging. We’ve described the important paperwork and deadlines you might need to fill out and should be aware of before you start the process to make it as easy as possible for you. Here are a few standard forms to get you started when submitting a tax return in Canada as an international student, since you may need to complete some or all of them.

Important Canadian Tax Return Forms

The Social Security Number (SIN): A social insurance number, often known as a SIN, is a nine-digit number assigned to you by government organizations for identifying purposes; it is not officially a form. You cannot work while you are visiting Canada without a SIN. As a result, as soon as you get in Canada, you should get a SIN from the nearest Service Canada office or online.

TD1: You must fill out this form when you begin work in Canada because it’s used to calculate your taxable income. If you fill out this form incorrectly, you can end up owing tax to the Canadian government rather of getting a refund, so take your time and ask for help if you need it.

T4: In order to file your tax return in Canada, you must have a T4; it contains a summary of your income for the year and the taxes you paid. You will receive a different T4 for each job you’ve held, so you may have more than one during a given tax year. In order to file your tax return in Canada, you must use a T4; the Canadian Revenue Agency has more information on this form (CRA).

Canadian taxpayers file their personal income tax returns using the T1 form. Examples of income sources that you might utilise this form for include:

• employment earnings
• Income from self-employment
• foreign earnings

Key Dates for Canadian Tax Returns

Although you can file your tax return as early as February, the due date for filing is April 30. A late filing fee can apply, so make sure to file on time. Get your social security number and a T4 or final paystub before filing your forms. If you have to file taxes, you should be aware of the dates listed below throughout tax season.

• The beginning of the new tax year is January 1.
• February 24: E-filing is now available! This entails that both citizens and immigrants may file tax returns from a prior year.
• The deadline for businesses to provide T4, T4As, and T5s to employees is February 28.
• Contributions to a Registered Retirement Savings Plan must be made by March 2nd (RRSP). In most situations, if you have a study permit and are in Canada, you can invest in an RRSP. Nevertheless, you normally can’t deduct these donations in the first year you would be filing a tax return in Canada.
• The filing deadline for the prior year’s tax return and the deadline for paying any outstanding balances to the CRA both fall on April 30 (most years), making this day one of the most significant.
• The deadline for filing for Canadian citizens who are self-employed is June 15.
• The final day of the tax year is December 31.

Take the First Step Towards Stress-Free Tax Return Filing

At Goyal Tax Services, we understand that tax filing can be a daunting task. That’s why we offer comprehensive tax preparation and filing services to help ease your burden. Our team of experienced professionals will work with you to ensure that your tax returns are accurate and filed on time.

Don’t let tax season stress you out. Contact Goyal Tax Services today for Free Consultation