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Income Tax

Income Tax. Income Tax. Self-assessment system Taxpayers are responsible for reporting their own income and deductions. Monitored by Canada Revenue Agency. Income Tax basics. All Canadians pay income tax if earn more than the basic personal amount Currently $10, 320 How taxes are deducted

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Income Tax

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  1. Income Tax

  2. Income Tax • Self-assessment system • Taxpayers are responsible for reporting their own income and deductions. • Monitored by Canada Revenue Agency

  3. Income Tax basics • All Canadians pay income tax if earn more than the basic personal amount • Currently $10, 320 • How taxes are deducted • Automatic payroll deduction, installment plans • April Assessment • An outstanding taxes owed are due annually on or before, April 30th.

  4. Filing taxes • Many people pay someone to complete their taxes • Costs at least $30 • More if you want and instant refund • Technically a loan, with fees & interest paid up front. • Not hard to do… just time consuming to do by hand • Computer programs are available to help you • Free for students!

  5. Tax Forms • Federal Government • T1 General: Summarizes all basic information • Schedules: provide specific details about your tax situation • Federal Tax, Dependent details, Tuition and education amounts etc. • Provincial Forms • Income tax, provincial credits, provincial tuition amounts

  6. Forms you should receive • T4’s: Income • statement from employer, scholarships, EI benefits • Other T- forms • Tuition, Education and Textbook amounts • Statement of Benefits • Child Care Expenses Deduction • Statement of RRSP investments • Can be made up to March 1st of each year to count for the previous year.

  7. Completing your return • Use one of the online programs • Free for students • Keep a file folder for all your paper work, it will come in at different times. • Try to be aware of new rebates or deductions • Monthly transit passes count! Keep you receipts.

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