Income and Income Tax Review Canada | Baamboozle - Baamboozle

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MEL 4E tax return

Study Slideshow

What is a T1?

Canadian Income tax RETURN.

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Is the Canadian income tax system progressive or regressive

PROGRESSIVE - the more you make the higher the percentage tax you pay.

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Is the H.S.T. tax a progressive or regressive tax system

REGRESSIVE because everyone pays the same percentage (13%) regardless of income.

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Who pays property tax?

HOME OWNERS, landlords and buisness.

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Who should file and income tax return?

EVERY ONE over 18 yrs. in Canada

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You have no income but you file an income tas return. Why

BENEFITS

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Tara pays $100/month in after school care for her son. Should she keep the receipt?

KEEP in her shoebox. It is a tax deduction.

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Mo Taha paid $20000 a year for 4 years at medical school. Should he claim this on his tax return?

CLAIM a credit on his tax return which he can carry forward to future years when he is makin the big bucks - he will have credit and pay less tax.

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Mavis's net pay was $367 and she paid $89 in deductions. What was her gross pay?

$456

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You got $200 interest on your savings last year. Does this go on your income tax return?

yes. Your bank sends you a T5 which and you must include this as income on your income tax return.

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What percentage of investment profit is taxed?

50%

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When is the last day to file an income tax return in Canada if you owe money?

Apr. 30th.

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You got $500 interest on your savings in you Tax Free Savings Account, should you add the interest to your income

NO "Tax FREE savings account

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