Newcomers are required to file an income tax return, even if they only arrived in Canada in the last few months of the calendar year. This article looks at these requirements:
- Part-year residents are required to report all income from anywhere in the world.
- Newcomers who own property such as buildings, art, gold, and stocks should determine their fair market value (FMV) on the day they establish residence.
- Moving expenses are not deductible.
- Basic personal amounts may have to be pro-rated, depending on the period of residence in Canada.
- New Canadians are entitled to the GST credit and child tax credit after their arrival.