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Income and Income Tax Review Canada

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