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100

General Deadline for filing your Individual tax return?

  • April 30, 2020 – the deadline for most Canadians
  • June 15, 2020 – the deadline if you or your spouse/common-law partner are self-employed (but if you owe money on your taxes, you should file and pay your bill by April 30, or you’ll be charged interest)
100

What Happens If You File your Taxes After the Deadline?

  • If no balance is owed, no penalty and no interest will be charged
  •  but if balance is owed,
  • penalty- 5% of your balance owing + 1% of your balance owing for each full month that your return is late, to a maximum of 12 months.
100

How do you notify CRA of a change in your address?

  • By using the MyCRA and MyBenefits CRA mobile web apps,
  • by calling the CRA at 1-800-959-8281
  • filling out Form RC325, Address change request and send it to your tax centre.
100

Are Canadian residents obliged to pay tax for their income in other countries?  

Yes, they must pay tax on worldwide income from all sources.

100

how long do you keep personal tax records in canada?

6 Years

200

What’s Tax Evasion?

  • Tax evasion is illegal.
  • It could mean not declaring your true income, claiming tax credits and/or expenses that are not applicable to you, knowingly putting false information on your return, or not filing your tax return at all.
  • it is considered a crime.

 

200

What’s Tax Avoidance?

Tax avoidance is legal.

It involves reducing your taxes within the limits of the law, by taking advantage of the loopholes in the law.

however, it’s considered “inconsistent with the overall spirit of the law.”

200

What’s Tax Planning?

Tax planning is when you are using legitimate methods to reduce your taxes owed, while upholding the spirit of the law

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What’s Tax Deductions?

Tax deductions are expenses that can be deducted from your gross income, such as union dues, RRSP contributions, business expenses, childcare expenses, etc.

200

What’s Capital gains tax?

Capital gains tax applies when you sell a taxable investment such as stocks, ETFs, or a rental property for a higher price than what you paid for it.

300

Name 2 benefits of doing your taxes

  • Canada child benefit,
  • GST/HST credit,
  • guaranteed income supplement
  • tax refund
  • and many more.
300

What’s Tax Credit?

  • Tax credits are amounts that reduce the tax you pay on your taxable income.
  • Examples:
  • Donations and gifts
  • Tuition, education, and textbook amounts transferred from a student
  • Interest paid on your student loans
300

How do I sign up for direct deposit?

  • online through My Account
  • by using the MyCRA mobile web app
  • by filling out and mailing a Canada Direct Deposit Enrolment Form and
  • by calling 1-800-959-8281
300

What is a progressive tax?

  • A progressive tax imposes a higher rate on the rich than on the poor.
  • It's based on the taxpayer's income or wealth.
  • Like income and property Tax.
300

How can you get a copy of your notice of assessment or reassessment?

  • using certain NETFILE-certified software products after submitting your return. (For eg- UFile)
  • In My CRA Account
400

Tax Refund vs. Tax Return: Are They the Same Thing?

  • A tax refund is the money you get after you file your taxes if you overpaid on your taxes.
  • A tax return is simply the term used for filing your taxes, either by filing a paper tax return or using an online tax software like UFile.
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How Long After I File Will I Get My Tax Refund

  • For electronically filed returns- within 2 weeks.
  • paper return- at least 8 weeks.
400

Do deceased people pay taxes?

  • Yes, that person still must pay tax of final year. 
  • when someone dies, their personal representative (also known as an executor) is normally required to file a tax return for the deceased by later of April 30 of the following year or 6 months after death date.
400

Where can you get help with your income tax and benefit return?

OUR CLUB + local community organizations and their volunteers host free tax preparation clinics through the Community Volunteer Income Tax Program.

400

What is regressive tax?

  • A regressive tax is a type of tax that is assessed regardless of income, in which low- and high-income earners pay the same dollar amount.
  • Like GST and PST.
500

What’s the different between refundable tax credits and non-refundable tax credits?

  • refundable tax credits can reduce your tax owed below zero, thus making you eligible for a tax refund.
  •  Non-refundable tax credits, which are more common, will not reduce your tax owed below zero (so no refund for you!).
500

How do you know how much you owe or where your refund is?

  • By logging into My Account or the MyCRA mobile web app.
  • calling Tax Information Phone Service (TIPS) at 1-800-267-6999
500

Are Gifts from An Employer Taxable?

  • Yes
  • A gift or award that you give an employee is a taxable benefit from employment, whether it is cash, near-cash, or non-cash. However, we have an administrative policy that exempts non-cash gifts and awards in some cases
500

If you File My Taxes and Forgot a Tax Deduction, Credit or Made a Mistake, Is It Too Late?

  • For individuals’ changes can be requested through the CRA website by using the My Account service, by mailing Form T1-ADJ,” T1 adjustment Request”
  •  by sending a letter detailing the adjustment requested
500

How many Tax return do you think approximately were filed in 2019? 

  • 15 million
  • 10 million
  • 70 million
  • 28 million

Ans. 28 million

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