Learning about Taxes with Intuit ProFile

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Presentation transcript:

Learning about Taxes with Intuit ProFile

Chapter 1 All about taxation

In this Chapter What are taxes? About the Canada Revenue Agency Filing a tax return In this Chapter

How are our tax dollars spent? What are taxes? How are our tax dollars spent? Characteristics of a tax system Refer to Page 7-8 and discuss - Who collects tax The programs paid by direct taxation Refer to Page 9 and discuss - Characteristics of a tax system Source: http://www.fin.gc.ca/afr-rfa/2017/report-rapport-eng.asp#_Toc492557458

A history of taxation Business Profit War Tax Income War Tax Act 1916 Business Profit War Tax 1917 Income War Tax Act 1927 Department of Revenue 1952 Old Age Security Act 1991 GST 2007 Taxpayer Bill of Rights Refer to Page 10-11 and discuss History of world taxes Canadian taxation before confederation 1916: Business Profit War tax 1917: Income War Tax Act 1927: Department of Revenue founded 1952: Old Age Security Act 1991: GST implemented 2007: Taxpayer Bill of Rights

Types of tax Source deductions Refunds? Income tax CPP EI Sales tax Amounts withheld at source by employers Source deductions Too much tax withheld Excess instalments Tax credits Refunds? Refer to Page 11 and discuss Different types of tax Source deductions defined What triggers refunds? Too much tax withheld Excess instalments Tax credits Refer to Page 12 and discuss - Characteristics of a tax system

About the CRA CRA website CRA programs Administer tax, benefits & programs About the CRA CRA website CCB Tuition credit RESP & RRSP CRA programs https://www.canada.ca/en/services/taxes/income-tax.html Refer to Page 13 and discuss About the CRA Administers tax, benefits and programs CRA website CRA programs

Taxpayer responsibilities Employers, financial institutions, review of tax returns, assessment programs CRA information All income earners Tax filing NetFile EFILE Paper Filing options Filing obligation Paying correct amount Self-assessment Taxpayer responsibilities Refer to Page 15 and discuss How CRA obtains information Employers, financial institutions Review of tax returns Assessment programs Refer to Page 16 and discuss Who should file a tax return Filing options include Paper; NetFile and EFILE Refer to Page 17 and discuss what happens after you file Notice of Assessment Four – Six weeks if paper filed Two weeks if electronically filed Refer to Page 18 and discuss taxpayer responsibilities Obligation to file and pay tax Self-assessment