What you need to know about tax

Time frame: 60 min

Audience: Newcomers to Canada who want to understand the Canadian tax system.

Learning objectives for participants:

• understand why there are taxes, how the Canadian tax system works, and how Canadians’ taxes are used
• learn what taxes need to be paid, and how to pay them
• learn how to reduce taxes, and how to gain benefits today and in the future
• learn how to file a tax return and what happens once you’ve filed

Outline:

• why we pay taxes
• overview of the Canadian tax system
• Canada Revenue Agency – what it is and what it does
• where our tax dollars go
• who pays taxes
• what is taxed – Canadian and foreign
• why file a tax return
  • eligible benefits that are received
  • available deductions and credits
• preparing and filing tax returns
• what happens after a tax return is filed
• enrolling in the CRA “My Account” for online filing and communications
• good tax practices
  • seek good/professional advice
  • understand tax avoidance vs. tax evasion
• resources
• Q&A 

Learning materials:

• Document Organizer Worksheet
• Sample Paystub
• Sample T4
• Sample Notice of Assessment
• My Account – Your personalized CRA account cra-arc.gc.ca/myaccount
• CRA’s Fairness and Taxpayer Bill of Rights cra-arc.gc.ca/gncy/frnss/menu-eng.html

Questions?

For answers to your questions, please email us.

Proudly sponsored by Canada Life, our National Development Sponsor.

Want a session in your area?

We will provide a CPA volunteer to lead the session with a prepared presentation, activities, handouts and worksheets.

Note: If more than one session is needed, please fill out a second form and submit.

Request guidelines:

• 8 weeks’ notice is needed to set up a session.
• If more than five sessions are needed, please contact us directly.

For more information, visit setting up a financial literacy session.