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Income and Income Tax Review Canada
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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
When is the last day to file an income tax return in Canada if you owe money?
Apr. 30th.
What percentage of investment profit is taxed?
50%
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.
Mavis's net pay was $367 and she paid $89 in deductions. What was her gross pay?
$456
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.
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.
You have no income but you file an income tas return. Why
BENEFITS
Who should file and income tax return?
EVERY ONE over 18 yrs. in Canada
Who pays property tax?
HOME OWNERS, landlords and buisness.
Is the H.S.T. tax a progressive or regressive tax system
REGRESSIVE because everyone pays the same percentage (13%) regardless of income.
Is the Canadian income tax system progressive or regressive
PROGRESSIVE - the more you make the higher the percentage tax you pay.
What is a T1?
Canadian Income tax RETURN.
Is it a good idea to complete your own taxes?
NO get help from a free CRA clinic or pay a professional.
True or False... Most employers in Ontario pay overtime after 40hrs.
TRUE
By law in Ontario when must an employer start paying OT rate of time and a half?
After 44hrs.
Eli's earns $28/hr. gets paid OT at time and a half. He worked 6 hours OT last week. How much extra did he make in OT.
$252
Alice's gross pay is $900 and her deductions are $175. What is her net pay?
$725
Tom gross pay is $2000 . His net pay is $1650. How much are his deductions?
$350
Bruno Mars earns $25/hr. and works 40 hrs per week. What is his gross pay?
$1000
Should you declare TIPS from your server job as income?
YES. Tips are income.
What is the "Climate Action Incentive"
REBATE for Canadians to help reduce the pain of Carbon Taxing.
Who completes a TD1?
YOU, when hyou start a job. You give to your employer
What is the Ontario provincial B.P.A. in 2024?
Tax credit of $12 399
What is the federal B.P.A. in 2024?
credit of $15 705.
When do you get a T4?
FEB after the year you worked
Sam is paid $58/hr. OT is paid at time and a half. What is their overtime rate?
$87
What number do you need to get a job in Canada?
S.I.N.
Fred donated $500 to the Green Party of Canada. He gets 75% tax credit. How much is Fred's credit?
$375


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