Tax Time!
Someone in this profession can help you prepare your tax return
an accountant
This is all the money you make during the year
income
Your employer sends this tax form to you in February
T4
This benefit helps families with the cost of raising children.
CCB (Canada Child Benefit)
You ___ file your taxes every year.
must / have to
must
This is the number you need to work and pay taxes in Canada.
SIN (Social Insurance Number)
This is the form you fill out to report your income.
tax return
This is money that you give to a non-profit organization that you can use as a tax credit
a charitable donation
This benefit helps parents who stay home to care for a new baby.
maternity or parental benefits (EI)
You ___ pay a fee to file taxes at a free tax clinic.
don’t have to / must not
don't have to
This is the date taxes are usually due each year (for most people).
April 30
This government agency collects taxes in Canada.
CRA (Canada Revenue Agency)
This word means “money you earn from your own small business.”
Self employment income
This is the money you earn before tax.
This is the money you keep after tax.
gross income, net income
Parents ___ report their children on their tax return.
must / don’t have to
must
This word means “money the government gives back to you after you file taxes.”
Refund
This investment helps lower the amount of tax you have to pay, and you can save it for when you are older and not working.
RRSP (Registered Retirement Savings Plan)
You must keep your tax records for this many years.
6 years
If you invest in this you won't pay any taxes on the money it makes
TFSA (Tax Free Savings Account)
True or False
You don’t have to keep your receipts for medical expenses.
False
This slip shows money you earned from interest at the bank.
T5
This account lets you save money for your child’s future education and may give you government grants.
RESP ( Registered Education Savings Plan)
A family member who lives with you and depends on you for money or care
(a child, a spouse without a job, or an elderly parent living with you)
dependents
This is the document you need to keep to file taxes next year.
Notice of Assessment
True or False
The CRA will never ask for your SIN, banking information, or money through text or email.
True