TAXES RETURN!!! BECAUSE THERE IS STILL MORE TO LEARN ABOUT THEM…

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Presentation transcript:

TAXES RETURN!!! BECAUSE THERE IS STILL MORE TO LEARN ABOUT THEM…

WHAT’S A T4? QUESTION:

T4, STATEMENT OF RENUMERATION PAID A summary of your income for the year and related deductions Your employer must give you your T4 by the end of February following the calendar year it applies. You need your T4 info to complete a tax return.

Complete this as if you were an employer. Fill in… 1)A fictitious business name. 2)A fictitious name and address for an employee. 3)A fake SIN for that employee. 4)The tax year and the province of employment. The employee earned $26, employment income. The student enters the income and the following deductions: 1) CPP or QPP contributions of $1,297.28; 2) EI premiums of $493.97; 3) union dues of $165.00; and 4) income tax of $

WHAT SHOULD YOU DO IF YOU DON’T GET A T4? CLASS INFO HUNT:

CAN YOU FILE A TAX RETURN WITHOUT A T4? CLASS INFO HUNT:

TAX RETURNS YAAAAAAAAAAAAAAAAAAAAAAAAAY!!!

TAX RETURNS Filed once a year Based on self-assessment. You must report annual income. (You do it, or hire someone to do it.) In order to receive certain tax benefits, must file a tax return every year, even if you don’t make any money. Taxpayers file tax returns to see if they’ve paid the proper amount of tax. Overpaid = Refund Underpaid = Owe money to CRA

COMPLETING A TAX RETURN

YOU NEED A T1 GENERAL AND A SCHEDULE 1 FORM