Only 2 things are sure in life – death and taxes.

Remind me again…  What are the 3 statutory deductions?

Doh!  What does income tax pay for again?

 A form given to the Canadian government to show how much taxes a person needs to pay.

 Income tax forms are paid every around February or March.  They are due to the government by April 1 st.  You can be given a fine or put in jail for not submitting your income taxes. Though, this is uncommon.

 Ahhhhh yeah boy!  Not so fast you might get money back or you might owe more money.  Let’s use an example: Carlos paid $5,000 in income tax. His T1 tax form shows he owes $6,000. What do you think will happen?

 This is the form used to do all the calculations. It looks like a giant math worksheet.  It looks like this…

T4 slips  For every job you have you get a T4 slip. This is slip of paper from your workplace showing how much money you were paid last year.  Why last year?

Informaiton on a T4  The amount of income earned during that year.  The amount of income tax, CPP, and EI paid that year.  Other deductions (remember you know these…).

Questions?