First year taxes

[Therespkinb]

Hi all,
Quick question
I moved to Canada in Feb and I have my PR and i am currently not working and not willing to anytime soon as i am self study preparing for some tests.
Do i need to file a tax returns and why ?
and if I do not, is that a problem since i dont have any income.

Thanks

 

[canuck_in_uk]

Hi all,
Quick question
I moved to Canada in Feb and I have my PR and i am currently not working and not willing to anytime soon as i am self study preparing for some tests.
Do i need to file a tax returns and why ?
and if I do not, is that a problem since i dont have any income.

Thanks

You don't have to file but you definitely should. Credits/benefits are based on tax returns.

 

[Therespkinb]

Thank you
What does credit/benefits mean ?

 

[canuck_in_uk]

Thank you
What does credit/benefits mean ?

https://www.canada.ca/en/revenue-agency/campaigns/my-benefits-credits.html

 

[canuck78]

Hi all,
Quick question
I moved to Canada in Feb and I have my PR and i am currently not working and not willing to anytime soon as i am self study preparing for some tests.
Do i need to file a tax returns and why ?
and if I do not, is that a problem since i dont have any income.

Thanks

If you have any other form of income like investments that income also must be declared.

 

[Therespkinb]

If you have any other form of income like investments that income also must be declared.

I have no income what so ever, not even a saving account

 

[Copingwithlife]

So your money you are living off of is sitting in an account earning zero interest ? Like zero ?? No interest, no dividends ?

 

[zardoz]

I have no income what so ever, not even a saving account

I would still recommend filing in order to establish a CRA account, especially if you are considering using the electronic filing system for the future.

 

[canuck78]

I have no income what so ever, not even a saving account

How are you living? Did you arrive with a stack of currency?

 

[uppperkut]

Also keep in mind it's worldwide income. So if you're accruing interest in your home country, you should be honest and declare it.

 

[Therespkinb]

So your money you are living off of is sitting in an account earning zero interest ? Like zero ?? No interest, no dividends ?

well the interest rates are 1-2% , if i have a million dollar in my account which i am not that fortunate of a man to have this amount of money , i will be having 10 k in returns without being able to access the money for a year !

 

[Therespkinb]

How are you living? Did you arrive with a stack of currency?

well you dont need need a stack of money to live for 6-12 months if you know how manage you spendings and do proper due diligence. but short answer is NO

 

[Therespkinb]

Also keep in mind it's worldwide income. So if you're accruing interest in your home country, you should be honest and declare it.

Noted, thank you

 

[Therespkinb]

I would still recommend filing in order to establish a CRA account, especially if you are considering using the electronic filing system for the future.

thank you