1. Do I have to file an Income Tax return?

2. The FEPS (Financial Empowerment and Problem Solving) Program is generously funded by the Ontario Ministry of Community and Social Services and delivered in partnership with:
These FEPS training materials and support documents created by West Neighbourhood House for the FEPS program.

3. West Neighbourhood House - February 2016
Why YES?
Because if your income is low, you will get a credit for all the times you paid 5% GST/HST when you bought something.
This is the Goods and Services Tax/Harmonized SalesTax (GST/HST) credit
If your income is low, you will get also a credit for all the times you paid 8% PST when you bought something.
This is the Ontario Sales Tax Credit (OSTC)
If you paid rent or property taxes, you also will get a credit
You will get the Ontario Energy and Property Tax Credit (OEPTC)
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4. West Neighbourhood House - February 2016
How much $$$$$ will I get back? X
Why I didn’t get a refund this year?
West Neighbourhood House - February 2016

5. West Neighbourhood House - February 2016
Why when I prepared my income tax, the volunteer told me that my TTC passes and my medical expenses would not make any difference in my tax return?
Why the same volunteer told my sister and two of my friends that their TTC passes will help them in getting some money back?
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6. West Neighbourhood House - February 2016
Four
important
concepts
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7. West Neighbourhood House - February 2016
Exemptions
Deductions
Refundable tax credits
Non-refundable tax credits
West Neighbourhood House - February 2016

8. Exemptions
Exemptions: The ‘forget about it’ card – you don’t have to report exempted money

9. West Neighbourhood House - February 2016
Deductions
Deductions: A special personalized ‘coupon’ since the value of deductions differs based on tax paid by individuals
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10. West Neighbourhood House - February 2016
Refundable tax credits
Refundable credit:
A ‘gift card’ redeemable for anything in the store – in this case, Canadian money.
West Neighbourhood House - February 2016

11. West Neighbourhood House - February 2016
Non-refundable tax credits
Note: Child fitness tax credit is now Refundable Tax Credit as of 2015 tax year.
Non-Refundable credit: a general ‘coupon’ since the value of a credit of equal value is the same for everyone who pays tax and worthless for those who don’t.
West Neighbourhood House - February 2016

12. West Neighbourhood House - February 2016
You will get a refund if:
you paid more tax during the year than what you had to pay
you had excess contributions to CPP
you had excess contributions to Employment Insurance
you are eligible for a refundable medical expense supplement
If you have employment income over $3,421 but less than $49,379
if you were a resident of Canada throughout 2015
if you pay for medical expenses
you are eligible for the Working Income Tax Benefit (WITB)
you have paid for children’s fitness or art activities:
Ontario children’s activities tax credit
Children’s fitness tax credit (Federal)
Ontario political contribution tax credit
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13. West Neighbourhood House - February 2016
For the GST credit:
When did you turn 19 years of age?
When did you become a resident of Canada?
For Child Tax Benefit
When did you become a Convention Refugee or a Permanent Resident?
When did your child start residing with you?
When does your child turn 18?
GST Credit Payments
Trillium
Benefit
Child Tax Benefit
Based on your
income in Year
2014
January X
2012
February
March
April
May
June
July
2013
August
September
October
November
December
2015
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14. West Neighbourhood House - February 2016
What do you need to prepare your Income Tax return?
You need:
Social Insurance Number
If you had income, you need your T4, T5, T4A or T5007
Information about the rent you paid: how much, where, to whom…. Or
the amount of property taxes you paid during the year 2015
If you were a student, you have to have your T22O2A
If applicable, receipts for childcare, donations, medical expenses, union dues,
public transit, etc.
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15. T4 – Statement of Remuneration Paid
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16. West Neighbourhood House - February 2016
Other Income Information
Very Important for Post-Secondary Students
West Neighbourhood House - February 2016