A Newcomer’s Guide to Canadian Benefits and Credits in 2024

Welcome to Canada! Understanding the financial landscape can initially seem daunting if you’re a newcomer. However, Canada offers a variety of benefits and credits designed to help you transition smoothly into your new life. This guide, brought to you with the support of Altec Global, aims to simplify these concepts, ensuring you’re well-informed and ready to make the most of the support available to you.

Who Qualifies as a Newcomer?

Newcomers to Canada include permanent residents, refugees, and temporary residents such as students or workers. The Canada Revenue Agency (CRA) considers you a newcomer in your first year, making it the perfect time to explore the benefits and credits available to you.

Essential First Steps: Obtaining Your Social Insurance Number (SIN)

A SIN is your key to accessing various benefits and services in Canada. Visit Service Canada to obtain yours. In certain cases, if obtaining a SIN proves difficult, the CRA may provide a Temporary Tax Number (TTN) to ensure you can still access newcomer benefits.

Benefits and Credits Available from the CRA

Canada is committed to supporting its residents financially. As a newcomer, you’re eligible for several benefits without needing to file taxes in your first year. Some key benefits include:

• GST/HST Credit: This credit provides financial relief by returning a portion of the sales taxes you pay, making essential goods and services more affordable.
• Canada Child Benefit (CCB): A monthly payment to support families with children under 18, the CCB helps cover the costs of raising kids in Canada.
• Provincial and Territorial Credits: Depending on where you live, additional support may be available through local programs designed to meet the unique needs of each region.

How to Access These Benefits

Start by applying for a SIN, then explore and apply for the benefits for which you’re eligible. Even if you didn’t earn income in your first year, applying for these benefits is a crucial step in ensuring your financial well-being in Canada.

Receiving Your Payments

Benefits and credits can be received either through direct deposit or by cheque. Direct deposit is faster, safer, and ensures you access your funds without delay.

Maintaining Your Eligibility

To continue receiving benefits after your first year, it’s essential to file your taxes annually, keep your information up-to-date with the CRA, and retain documents that prove your eligibility.

Why Altec Global?

At Altec Global, we are dedicated to helping individuals achieve their Canadian immigration dreams, no matter how challenging the circumstances may seem. If you need immigration assistance, we encourage you to reach out to our team for a personalized assessment.

Click here to reach out to Altec Global for a consultation. Get help with your immigration today!