iRefund | Blog

iRefund

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What is a FHSA?

FHSA - First Home Savings Account is a new registered plan that you can contribute towards your first home. It came out in April 1st,...

iRefund

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What is a TFSA?

TFSA - Tax-Free Savings Account, as the name states, it is a savings account you can make deposits and withdrawals tax-free so the income...

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What is a RRSP?

RRSP - Registered Retirement Savings Plan is a contribution made towards your retirement plan. You can make annual contributions up to...

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I am a student. Should I file a tax return and get a tuition refund?

First things first. You may not be required to file your tax return. I explained this in another blog. However, if you are a college or...

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I don't have any income. Do I need to file tax return?

ou are required to file your tax return in Canada if you owe tax to CRA or if CRA asks you to file it. Even though you are not required...

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I'm married or common-law and my spouse has no income. Can I file only my tax return and report my spouse as a dependant?

The straight answer is no. Different from other countries, Canada requires that each individual file their own tax return if they are...

iRefund

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I am a newcomer. Should I file my tax return for the year I arrived?

The first thing you should think about is your residency status. Bear in mind that your residency status is for tax purposes and it is...