Maple News reports that the Canadian tax season is officially underway, with the deadline to file 2023 tax returns set for April 30, 2024. For many newcomers and international graduates working in Canada, this may mark their first time filing taxes—a process that may seem daunting but is packed with benefits that go far beyond compliance.
Filing an income tax return isn’t just about reporting your earnings—it’s also the key to unlocking a range of financial advantages. One of the most immediate rewards is the potential for a tax refund. Many salaried employees are eligible to receive money back from the government if they’ve overpaid taxes throughout the year. Refunds may also stem from various deductions, credits, and eligible expenses calculated during the tax filing process.
Tax credits are especially beneficial for new residents as they automatically enroll filers into government support programs. Among the most popular is the GST/HST credit, which provides quarterly tax-free payments to offset sales taxes for individuals with low to modest income. The Canada Workers Benefit offers additional support to low-income working individuals or families, while the Canada Training Credit helps eligible adults cover training and education costs.
Other impactful programs include the Disability Tax Credit, aimed at reducing the taxable income of individuals with disabilities or those supporting them, and the Canada Child Benefit, a significant financial aid tool for families raising children under 18.
Filing taxes annually also helps Canadian residents—permanent or temporary—maintain access to federal and provincial benefit programs. This extends to many public services that depend on one’s residency and reported income, including subsidized childcare, healthcare supplements, and post-secondary education grants.
For newcomers, participation in Canada’s tax system provides a formal financial footprint, which is vital not only for immediate credits but also for long-term activities, such as applying for loans, mortgages, or government grants.
According to Maple News, the Government of Canada has developed tools to help individuals determine which benefits they qualify for. While tax filing remains a legal obligation for most income earners, the value it returns in the form of financial support and opportunities makes it a worthwhile and empowering endeavor.
Newcomers are advised to educate themselves on tax procedures or seek professional guidance to navigate their first returns. Taking early steps to understand and engage with Canada’s tax system can result in significant financial and functional advantages.