Doing your own taxes

Question 1

What is tax

Answer 1

Money you pay to the government.

Question 2

What does government use taxes for

Answer 2

Education
Healthcare
Police
Fire Fighters
Roads
National Defence
Parks
Libraries
Garbage Collection

Question 3

Canada’s Tax System

Answer 3

Based on the Self-Assessment Principle
- You prepare your return using correct and complete info
- File by a deadline (end of April typically)
- Pay taxes when due
- Notify CRA of any pertinent changes

Question 4

No HST on:

Answer 4

Basic groceries such as milk, bread, veggies
Prescription drugs
Medical devices
Residential rents, including residence @ uni
Bus and ferry services
Legal Aid
Most Tuition Fees

Question 5

Employment and Taxes

Answer 5

• Must be completed by anyone who starts a new job.
• The employer provides the form.
• Information is used to determine how much tax to deduct.

Question 6

Paystub

Answer 6

Mandatory Deductions
- Canadian Pension Plan (CPP)
- Employment Insurance (EI)
- Income Tax

Question 7

Employment and Taxes - The T4

Answer 7

Summary of the entire year.
Employer must give by the end of February.

Question 8

Completing a Tax Return

Answer 8

Use Tax Prep Software

Use a Tax Preparation Service

Complete a Paper Return

Question 9

Completing a Tax Return

Answer 9

Step 1: Gather Documents. In order to do your taxes, you need to collect all of your tax documents.
Step 2: Know Dates. You must file your taxes by April.
Step 3: Organize Papers. Keep documents organized.
Step 4: File Taxes.
Step 5: Relax!