personal tax

Wang Ke Certified Public Accountants

Wang Ke CPA was founded by CPA Wang Ke in Toronto, Canada in 2008. It is one of the earliest and most influential Chinese accounting firms in Canada. Approved by the Canadian government, it independently undertakes CPA business in accordance with the law and is qualified to train CPAs. After more than ten years of rapid development, Wang Ke CPA has achieved great results in terms of business scale and scope, practice quality, and social image.

Preparation Checklist

  • Income related information

    T3 (provided by banks or financial institutions)

    T4/ T4A/T5018 (provided by the company or employer)

    T5 (provided by banks or financial institutions)

    T5008, etc. (provided by banks or financial institutions)

    📘 T2200 ( employer and self-provided - click to download the form )

    T5013 (Partnership income)

    Overseas income list and tax payment certificate

  • Information on deductible expenses

    📘Self -employment and rental expenses list (click to download the form )

    📘House buying and selling information (click to download the form )

    T2202 (provided by school or educational organization)

    Donation receipt (provided by the charity)

    Childcare receipt (provided by a formal childcare institution)

    ON, MB, BC rental receipt (provided by yourself: address, time, transfer record)

    RRSP receipts
Click to see more

Am I a tax resident?

In Canada, there are significant differences between tax residents and non-tax residents in terms of tax reporting. Tax residents need to report their worldwide income, including income in Canada and abroad. Non-tax residents only need to report income generated in Canada.

Whether or not you are a tax resident depends on the degree of connection you have with Canada, including length of residence, family ties, location of assets, etc. Generally speaking, individuals who reside in Canada for more than 183 days or have a "center of gravity" are usually considered tax residents.

Definition of tax residency

Tax residents include but are not limited to

  • Canadian Citizens
  • New immigrants who have lived in the city for 183 days
  • International students who have lived in the school for 183 days
  • Foreigners who have earned income and have lived in Canada for 183 days on a visitor visa
  • Canadian tax residents who are studying abroad (such as the United States) and have scholarships or income
  • Foreign workers holding Canadian status, spouses, minor children or dependents living in Canada
  • Canadian government personnel posted abroad

Tax Filing Tips

  1. Global income: Tax residents must declare their worldwide income for the year.
  2. Cash basis: Personal taxation is based on the "cash principle", which is calculated based on actual cash income and expenditure. For example, if the salary for December 2017 is to be received in January 2018, then the December salary does not need to be included in the 2017 income.
  3. Tax filing deadline (non-self-employed): April 30 of the following year. This means that the 2017 tax filing must be completed before April 30, 2018
  4. Tax filing deadline (self-employed): For those with self-employed income, such as real estate agents, truck drivers, IT consulting, electricians, etc., the tax filing deadline is June 30 of the following year.
  5. Tax payment deadline: April 30. Please note that regardless of whether you have self-employment income or not, you must complete the tax payment before April 30. For example, if a self-employed person has not yet completed the tax calculation, you need to estimate a value to pay the tax, otherwise interest will be charged.

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