Assistance for New Residents of Canada:

Are you eligible for Canada Child Benefit?

Most Canadians are aware about Government program that pays parents to raise their children. However, not all New Residents of Canada know about it, for example, international students with children may qualify for this benefit. To start receiving that benefit (previously known as CCTB and UCC, and starting from 2016 Canada Child Benefit: CCB) the new resident should apply for it. The application is available on the Revenue Canada’s website, but if you have difficulties with paper work, or have no time, contact to us for the assistance.

How to apply for Old Age Security (OAS)?
Starting from 2013 most Canadians will not be filing applications for the OAS because it will be done automatically. The immigrants, who reached the age 65 and lived in Canada at least 10 years has to prepare some papers that would explain why did they move to Canada, how long have they been in Canada, do they have some other pensions from their home countries and so on. The amount of OAS will be prorated according to the time that person lived in Canada. The base amount is 40 years that it qualifies for 100% of OAS. If the person has been living in Canada for 20 years then it will be 50% of OAS. The application for OAS is available at the CRA web site, but the process itself might take time, when you have to answer many questions and prepare many additional documents.

If you need advice about your situation, please give us a call 250 377 5743, we are here to assist you.

When should I apply for Business Number?

When you are starting your new business, you are thinking about its registration and a business number. Do you need to register for a business number right away, or you can wait?
It depends from your business's circumstances.
If you are planning to register for a business name, that is different from your personal name, then you have to register for a business number.
If you operate under your own personal name as a sole proprietor (self-employed person or independent contractor), you do not have to register your business right away.
When actually you need a business number?
Registration is mandatory if your business makes $30,000 or more, because when you reaches that amount you have to start collecting GST/HST from your clients, and Revenue Canada wants you to be registered for GST/HST taxes.
If you are planning to hire employees to work for your business, then you need a business number, and registration for Payroll with CRA.
If you are planning to import or export some goods, then you need a business number, and a registration for the Import/ Export Account.
If you register your business as a corporation, then you need a business number.

Kalamelka Bookkeeping

Do you need to file your Tax Return?
Many new residents of Canada are not sure if they have to file Tax Return or not in case their income is zero. Usually they are new immigrants, or international students. Many international students also don’t know that in Canada you become a resident of the country if your are staying in the country for a long time.

Take a close look at the tax system. You go for shopping, and with every purchase you are paying GST, PST or HST taxes. If your income is zero or low, you will get back GST money in case you file your Tax Return. Revenue Canada sends a letter to every tax payer to notify him or her about the amount of GST that is usually pays quarterly starting from July.

If you don’t have an employer or an insurance company who pays your BC Medical, then you have to pay this fees by yourself. The calculation of your payment is based on the income you reported on your Tax Return. If your income is low, then you can apply for the financial assistance to the BC Medical.

If you are working only part-time and making small money, you might be eligible for the Working Income Tax Benefit (WITB). What does it mean? The government of Canada helps people, who start working and not staying on the social assistance, giving them this benefit. The calculation of WITB is computed when you file your Tax Return. Any low income earner is eligible for this benefit; but there are some special rules for the students.

Thus, filing your Income Tax is very good idea that will benefit you.

Should you file your Tax Return, if you are younger than 19 years old?

If you are a college or university student at age of 17 or 18 years old, you should file your tax return, because you can transfer your tuitions to your parents/ grandparents or carry them forward. Those tuitions will decrease the income tax for your parents/ grandparents or for yourself whenever you start making more money.

You can not get back GST/HST money until age 19, but the calculation of GST/HST is computed for the next tax year. For example, when you file your tax return for 2014, government pays GST/HST from July 2015 to July 2016. It means, that in 2014 you were 18 years old, and you will be 19 years old in 2015, and you will start receiving those money after you turn 19. If you were 17 years old in 2014, and you birthday was at January, February or March you will be paid GST/HST in 2016 before July.