How are taxes spent?
Name something FEDERAL taxes might be spent on
Military, Environment, Foreign Aid, Indigenous Services, Federal Prisons
What is PST?
Provincial Sales Tax
What does EI stand for?
Employment Insurance
Name one expense you should save the receipt when doing your taxes
Daycare, medical expenses, or charitable donations
What is a tax deduction?
Something that reduces your taxable income
Name something PROVINCIAL taxes might be spent on
Healthcare, Education, Highways, or Social Services
True or False: Alberta has provincial sales tax
False
What is the minimum wage in Alberta?
$15 hr
What is gross income?
The money you make before taxes and deductions are taken off
What is a tax credit?
Something that reduces the amount of tax you owe
Name something PROPERTY TAXES (Municipal) might be spent on
Police, Fire Services, Snow Removal, Sidewalks, or Local Roads
True or False: Alberta is the only province in Canada that has no PST
True
What is the minimum wage in Alberta for students under 18 working part time?
$13/hr
Only for the first 28 hours per week during school periods.
During school breaks (summer, or spring break), the $13/hour student minimum wage applies too all hours worked
What is net income?
Income after taxes and deductions
Name one example of a tax credit
Donation tax credit, medical expense tax credit, GST/HST credit, or Canada Workers Benefit
True or False: Roads can be paid for by different levels of government
True
Municipal: Local roads, Sidewalks, etc.
Provincial: Highways and Major roads
How much is the federal Goods and Services tax? (GST)
5%
What does CPP stand for?
Canada Pension Plan
The tax code changes every year - True or False?
True
Name one example of a tax deduction
RRSP contribution, FHSA contribution, childcare expenses, or eligible employment expenses
Why do we pay taxes?
To help pay for public services
Carbon tax is a tax on fuels like gas or natural gas because they create pollution. What is the goal of a carbon tax?
To encourage people and companies to use less fuel or cleaner energy
True or False: Everyone pays the same federal income tax rate
False: Canada has "progressive" taxation
When are 2026 taxes due for most individuals?
April 30, 2027
You can still file after the deadline, but if you owe money, you may have penalties and interest.
Due date means the deadline to file and pay on time.
Why should we keep receipts for taxes?
To prove your expenses or claims if CRA asks