INCOME TAX. Income Tax  Self-assessment system  Taxpayers are responsible for reporting their own income and deductions.  Monitored by Canada Revenue.

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Presentation transcript:

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  Automatic payroll deduction, installment plans  April Assessment  An outstanding taxes owed are due annually on or before, April 30th.

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!

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

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.

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.