What you need to know about tax
Understand the Canadian tax system and learn good tax practices.
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:
- 12 weeks’ notice is needed to set up a session.
- Requests must be submitted by the request deadline.
- If more than five sessions are needed, please contact us directly.
For more information, visit setting up a financial literacy session.