One of the main concerns for new immigrants arriving in Canada is how to file taxes. According to a recent announcement from the Canada Revenue Agency, tax filing for 2018 will begin on January 29, 2018, and taxpayers are reminded that some tax credit refunds will not be issued until the end of February.
2018 Tax Filing Dates
The Canada Revenue Agency will begin accepting tax returns on the 29th of this month. Many tax software programs or tax professionals may start accepting tax returns before the 29th and will submit them when the IRS system opens. The CRA will accept both electronic and paper tax returns starting January 29, but due to ongoing system updates, paper return refunds will begin processing after mid-February. The CRA encourages everyone to file electronically to receive refunds faster.
2018 Tax Filing Deadline
According to federal law, if the tax filing deadline falls on a holiday or weekend, it can be extended. The tax filing deadline for 2018 is April 17, and taxpayers have two additional days after the 15th to file. Compared to last year, this year's tax season is shorter, so please plan your filing time accordingly.
2018 Tax Credit Refunds
The CRA reminds taxpayers that, by law, the CRA cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds until mid-February. Although the IRS will process these refunds upon receipt of the application, they cannot be issued until mid-February. If there are no issues related to other tax returns, the IRS expects that the earliest related refunds for EITC and ACTC will begin on February 27.
Moreover, many financial institutions do not process payments on weekends or holidays, which may affect when taxpayers receive their refunds. For EITC and ACTC filers, the long weekend for Presidents' Day may impact refund timing.
The IRS also reminds taxpayers to keep their tax returns for at least three years. First-time users of tax software need to electronically file their adjusted gross income from the 2016 tax return. Taxpayers using the same tax software as last year will not need to enter last year's information to electronically sign the 2017 tax return.
About Tax Filing for New Immigrants
Many people think that only Canadian immigrants or citizens need to file taxes, but this is not the case. Anyone living in Canada with employment income, bank interest income, or investment income from stocks and real estate must file taxes, and only by filing taxes can one enjoy various benefits.
It is particularly important for new immigrants to file taxes, even if their income is low or they have no income. This is because new immigrants can receive refunds for housing, consumption, and having children, and the tax forms returned by the government can serve as important documents for new immigrants' residency records, applying for child benefits, sponsoring relatives from their home country, and are also important residency proof documents when renewing their Permanent Resident Card.
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