Frequently Asked Questions About Bookkeeping & Taxes in BC and Alberta

First, you need to get your T4 Slips form your employer. Employers usually sends them out in February. If you were self employed, you need to put together your income and expenses for the previous year. You also have to report your worldwide income (money you earned in the tax year outside of Canada). You won’t be taxed on this, but it’s used to calculate your credits. You also have to enter the exact date when you moved to Canada.

To file your tax return, you can use free online software’s like TurboTax, Wealth Simple. Or you can hire a professional tax preparer, the fee is usually under $100 if you were employed. Self employed tax return is little bit more expensive, around $200. In most cases you should be able to file your tax return online.

After you file the tax return, make sure to look for Notice of Assessment, you will need that to register for online CRA My account, very important to have to set up your direct deposit (to receive your refund to your bank account). This means your first refund from CRA will be mailed to you by a cheque, so make sure you will enter correct mailing address into your tax return. 

In your first year, the Canada Revenue Agency usually prorates your non-refundable tax credits based on your arrival date. However, if you earned 90% or more of your total world income for that year after moving to Canada, you may be eligible for the full amount of these credits, which means higher refund

If you earned 90% or more of your total 2025 income after arriving in Canada, make sure to fill out appropriate forms with your tax return so CRA will process your refund faster and won’t be asking for more documentation.

In most cases, yes! While the CRA used to require first-time filers to mail paper returns, most newcomers can now file electronically. Make sure to enter the date you arrived to Canada into your tax return to avoid any delays with processing.

If you file online and have the direct deposit set up with CRA, it usually takes 2 weeks to receive your refund. Without the direct deposit it could be 3-4 weeks to receive the cheque in mail. If you mail your tax return, it might take up to 2 months.

Yes, you can. To claim anything, your employer must sign a Form T2200 (Declaration of Conditions of Employment). This form is their way of telling the CRA: “Yes, I required this employee to pay for these things out of their own pocket as part of their job.”

And what can you deduct:
– Home Office – you must have worked from home more than 50% of the time for at least 4 consecutive weeks)
– Vehicle & Travel – If your job requires you to drive to different sites (not just “commuting” to the office), and your employer doesn’t give you a tax-free allowance
– Supplies & Tools
– Professional Dues

You should still file it but your tax return if you left Canada during the tax year.  In most cases you should be able to send it online. On your tax return, you must clearly state the exact date you left Canada. This date marks when you stop being a Resident for Tax Purposes.
Don’t forget to change your verification phone number to access your CRA account, before you cancel your phone plan. And also update your direct deposit information, if you are closing your bank account. CRA will not send your refund to a non-Canadian bank account, but you can open a Canadian Wise bank account.

Most Canadians must file their tax return by April 30, 2026. Self-Employed (and their spouses) have until June 15, 2026, to file your return.

The Payment Deadline is April 30, 2026 for everybody. 

TIP: Self-employed people get extra time to do the math, but they don’t get extra time to pay the bill. If you think you’ll owe money, send a payment to the CRA by April 30 based on an estimate, then finish your paperwork by June 15!

You should still include the income on you tax return based on your best estimate to avoid late penalties. You can always amend it later.
Employers are required to submit the T4s to the CRA by February 28 and if they do, you will find it on your CRA account. If it still not there, you can use your last pay stub from 2025 and look for Year-to-Date (YTD) totals.

You don’t pay tax just for owning them. However, if the total cost of your foreign assets (like bank accounts, stocks, or rental property) exceeds $100,000 CAD, you must file Form T1135 (Foreign Income Verification Statement).
Newcomers are usually exempt from filing Form T1135 in their first year of residency, but you must file it every year after that.

FHSA (First Home Savings Account) is the best savings account when saving up for your first home. Contributions will lower your taxable income (meaning you won’t pay taxes on your contribution), withdrawal is tax-free when you are buying your first home and if you don’t end up buying a house within 15 years, you can roll the FHSA money into your RRSP without using up any RRSP room. Maximum annual contribution is $8,000, lifetime limit is $40,000

RRSP (Registered Retirement Savings Plan) is best for long-term retirement savings. Contributions will lower your taxable income, you can “borrow” up to $60,000 from your RRSP for a home (Home Buyers’ Plan), but you must pay it back over 15 years.
The catch with RRSP is that you pay tax when you take the money out. The goal is to withdraw it when you’re retired and in a much lower tax bracket. Or take some money out when your income is low if needed. Always check your CRA account or Notice of Assessment from previous year for your annual contribution limit.

TFSA (Tax Free Savings Account) despite the name, is not just a “savings account”; it is an investment account. You can take money out whenever you want for a house, or an emergency, and you never pay tax on the gains. You don’t get a tax refund when you put money in. If you withdraw $5,000 today, you get that $5,000 of contribution room back on January 1st of next year.