Help newcomers file their taxes

Clients who are just starting to set down roots in Canada may not think they have to file taxes, but they’re mistaken.

Remind them that even if they have no income to report or tax to pay, they should still submit a return. That way, they’ll get credits and benefits such as the GST/HST credit and child tax benefits, and they’ll start building RRSP room.

Clients who have modest incomes and simple tax situations may qualify for the Community Volunteer Income Tax Program. CRA and community organizations work together to host tax preparation clinics. Volunteers will prepare and submit returns free of charge. (As an advisor, consider volunteering with the program.)

Beyond taxes, there’s a lot newcomers need to know about how to lead full financial lives in their new country. CRA has more resources to help. And Advisor to Client has a host of articles available in simplified Chinese, Hindi and Punjabi that can help you reach out to new clients in their languages of choice.

Here’s a sample:

Glossary of common investment terms

What is an RRSP?

Questions and answers on global investing

How to raise financially savvy kids