As a newcomer to Canada, it is important to understand the Canadian financial system, the services that Canadian banks offer, the different types of payment methods as well as the various sales taxes you pay when making purchases. Since the cost of living is quite high in Canada, it is useful to know how to do grocery shopping while on a tight budget. This section also includes advice on how to protect against fraud and other financial risks.
Cellular plans are expensive in Canada but a necessity. Newcomers need to compare various companies before selecting a cell phone and / or data plan for your residence. Canada offers some financial benefits and credits to newcomers even when they have just arrived with no income. After the application is approved, in order to continue to receive the benefit and credit payments, everyone, including newcomers, must file a tax return every year regardless of whether you have any income or not.
When you start working, it is also a requirement to pay income tax. The deadline for filing tax returns is typically on April 30 of each year. There are free tax clinics in the community that can help newcomers with the filing. Click on File Income Tax or watch the videos to learn more about how to file a tax return or what to do if Canada Revenue Agency (CRA) asks you for more information.