Newcomers to Canada experience a number of firsts when they arrive to Canada. For many, this includes first winter, first credit card, and first mortgage, but after their first year in the country, they also get to experience another first: filing a tax return. While RBC does not provide tax services, in order to help newcomers better understand their options and the specific requirements, Christine Shisler, director, multicultural markets, RBC, is providing some quick tips on avoiding any stress when it comes to your first tax filing.
1. Speak to a professional. Filing your first-ever tax return can be a stressful time, it is best to leave it to a professional who can help you through all the necessary steps for a successful filing.
2. Know your options – there are a number of different ways to file, so be sure you know all the options that are available to you.
3. What tax deductions do you qualify for? There are a number of tax credits available to newcomers that you need to ask your accountant about.
4. Speak to your financial planner about the benefits of an RRSP or TSFA before you file your taxes this year – you could save more than you think!
5. Eligible for a tax return? Make sure to take it into your financial planner to discuss how best to spend your return.
For more information on RBC and Newcomers to Canada, please visit http://www.rbc.com/canada/ or visit any RBC Royal Bank Branch.
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