For new immigrants, the exchange rate change and global money transfer are very important, but the benefits should also be paid timely attention to. Today, Panda makes a summary of benefits in Canada this year.

 

With the continuous relaxation of immigration policy, new immigrants' landing show strong momentum, and the arrival of the tax season also makes all tax residents eager to try their best to maximize their welfare!

 

But as a new immigrant who has just landed, if you do not know about these welfare policies in Canada, you're at a big loss!

 

The benefits package revised newly by The Canada Revenue Agency covers all benefits currently available and relevant application conditions.

 

Source: Canada Revenue Agency website 

 

Universal welfare:

 

Goods and Services Tax (GST) / Harmonized Sales Tax (HST) credit

 

GST/HST refunds are provided four times a year by Canada Revenue Agency (CRA). If eligible, a single person can receive up to $496 per year in tax refunds. Family can receive up to $992 per year.

 

Application Conditions:

1. Canadian tax residents over the age of 19

2. Have a spouse or common-law partner

3. Parents living with children

 

Family benefits:

 

Canada Child Benefit (CCB)

 

To help raise a child under the age of 18, eligible families receive $6,275- $7,437 per year from the government.

 

Application Conditions:

1. Living with children under the age of 18

2. The child’s primary guardian

3. Tax residents of Canada

4. Either parent must be a Canadian citizen, or permanent resident, or temporary resident who has legally lived in Canada within the last 18 months.

 

Canadian Dental Benefit

 

The Temporary Canada Dental Benefit provides eligible families with up to $650 in for children under the age of 12 for two years (up to $1,300) to support the cost of the child's dental care services.

 

Benefit Time:

Phase I: October 1, 2022 to June 30, 2023

Phase II: July 1, 2023 to June 30, 2024

 

Application Conditions:

1. Family with children born on or after December 2, 2010

2. The child received dental care services in Canada between October 1, 2022 and June 30, 2023.

3. Be the primary guardian who has filed taxes for 2021 and has a net household income of less than $90,000

 

Worker Benefit:

 

Canada Worker Benefit (CWB)

 

To help low-income individuals and families who are working, the CRA provides  up to $1,428 for eligible individuals and up to $2,461 for eligible families.

 

1. Individuals who earn less than $23,495 will receive the full $1,428, and those who earn between $23,495 and $33,015 will receive the benefit with a gradual reduction, and those who earn more than $33,015 will not receive the benefit.

 

2. Families with an annual income of less than $26,805 will receive the full $2,461, with a gradual reduction in the annual income range of $26,805-$43,212, and will not receive the benefit if their annual income exceeds $43,212.

 

Application Conditions:

1. Be legal tax resident and have work income

2. Live in Canada throughout the year

3. At least 19 years of age, single with spouse or child

 

Additional disability benefits:

A single disabled person with an annual income of less than $33,018 will receive an additional $737 subsidy. The subsidy will gradually decrease between $33,018 and $37,932. If someone' annual income exceeds $37,932, he/she will not be eligible for the benefit.

 

A disabled person with a family income of less than $43,210 will receive the full $737, with a gradual reduction in income between $43,210 and $43,212, and will not receive the benefit if the family income exceeds $48,124.

 

A disabled person with a family may not receive the benefit if both spouses qualify for the disability tax credit and the family's net income exceeds $53,037.

 

Rental Benefits:

 

One-time Top-up to the Canada Housing Benefit

 

The CRA supports eligible low-income renters without housing affordability with one-time $500 rental support.

 

Application Conditions:

1. At least 15 years of age living in BC

2. Principal residence was in Canada in2022

3. A legal resident of Canada in 2022

4. Total household income of $35,000 or less, and individual annual income $20,000 or less in 2021

5. The rental house must be the main residence in 2022, and the rental must not exceed 30% of income.

 

The above are all the benefit of CRA in 2023, and you can find professional accountants to apply according to your personal situation and tax declaration, but the premise is that you have declared the tax in 2022.

 

For more professional tax knowledge, it is also recommended that you participate in the financial planning seminars conducted by professional institutions and learn about the suggestions of senior tax experts.

 

In addition, Panda reminds that if you need cross-border remittance，you had better carefully choose safe and reliable remittance way. In order to avoid remittance problems, it is suggested to confirm the accuracy of the payee's bank card information and bank information before the global transfer. Panda hereby recommends Panda Remit for you. It is not only safe and efficient, but also convenient to use, which is helpful for your cross-border remittance.

 

 

About Us - Panda Remit

Panda Remit is a cross-border remittance online platform, which is committed to providing global users with safer, more convenient, reliable and affordable online cross-border remittance services. With user-friendly interface and advanced security features, Panda Remit is the best solution for anyone looking for a hassle-free way to make global remittance.

 

Panda Remit has the following features:

 

1. High safety degree - One of the key features of Panda Remit is its advanced security measures

All transactions are encrypted and monitored 24/7 to ensure the safety of your funds. What's more, Panda Remit uses state-of-the-art fraud detection technology to prevent unauthorized access from your account.

 

2. Convenient transfer environment - Panda Remit is equipped with currency calculator

 

The platform is available on Panda Remit official website or Panda Remit app, so that you can easily access your account and make transactions on-the-go. And users can transfer money in a variety of currencies,including US dollars, euros, HK dollars, pound, yen, etc,. Furthermore, it is also worth noting that Panda Remit provide 24/7 Chinese customer service, providing a familiar and intimate environment for overseas Chinese.

 

3.Simple operation process - Panda Remit has a user-friendly interface that makes it easy to navigate and use

 

Moreover, whether you need to pay bills or send money to friends and family in other countries, you just need to simply follow the operation tutorial provided by Panda Remit to create an account, link your bank account or credit card, and then you're ready to tranfer money globally. With just a few clicks, you can successfully send money to anyone, anywhere in the world you want.

 

4. Instant transfer - Panda Remit provides a quicker way to transfer money globally

 

Panda Remit is not only secure and convenient, but it is also fast. It allows for instant transfers between Panda Remit users, eliminating the need for waiting periods or processing times as much as possible. This feature is especially beneficial for people or businesses that require quick and efficient cross-border remittance.

 

5. Low handling fee - Panda Remit offers a range of exchange rates benefits to users

 

Panda Remit also offers competitive price compared to traditional remittance methods and other apps of the same kind. Thus, users can enjoy low transaction fees and competitive exchange rates and get high amount received when transferring money globally, which makes Panda Remit a cost-effective solution for individuals and businesses alike. Plus, the system would give coupons to first-time users.

 

In conclusion, Panda Remit provides a simpler and efficient online gloabl remittance way that offers a range of features and benefits to users. Nowadays, Panda Remit have opened global remittance service for more than 30 countries or regions worldwide, and helped users save nearly 100 million dollars in fees, which deeply recognized and trusted by millions of users around the world.

 

Panda Remit is the perfect solution for you to make cross-border remittance.

Please visit the Panda Remit official website or download the app, Panda Remit, for more detail information.