Tax Basics
What is the deadline to file your taxes in Canada?
April 30th
What is a tax deduction?
An amount you can subtract from your total income before calculating tax.
What does GST stand for?
Goods and Services Tax
What online service can you use to file taxes?
NETFILE
What is a monthly payment to help with the cost of raising children?
Canada Child Benefit - CCB
What is the name of the agency that collects taxes in Canada?
Canada Revenue Agency- CRA
What is a tax credit?
An amount that reduces the tax you owe.
What does HST stand for?
Harmonized Sales Tax
Name one place where newcomers can get free help filing taxes.
Community Volunteer Income Tax Program - CVITP
hat is the name of the pension plan that helps workers in Canada after retirement?
Canada Pension Plan- CPP
What is the name of the form you receive from an employer to file your taxes?
T4
Name a tax credit for parents.
Canada Child Benefit - CCB
What is the tax refund available for low-income people in Canada?
GST/HST Credit
What should you do if you make a mistake on your tax return?
Submit an adjustment through CRA’s My Account.
What is EI, and when can you receive it?
Employment Insurance, when you lose your job and meet the requirements.
What happens if you don’t file your taxes on time?
You may have to pay penalties and interest.
What tax credit can you get for medical expenses?
Medical Expense Tax Credit
What is the sales tax rate in Ontario?
13%
What is one way to receive your tax refund faster?
Set up direct deposit with CRA.
What is the benefit that helps with rent and housing costs?
Canada Housing Benefit
What is the name of the document you receive after filing taxes that tells you how much tax you owe or will receive as a refund?
Notice of Assessment
What tax credit helps with education costs?
Canada Training Credit
What is a tax-free item you can buy in Canada?
Basic groceries like milk, bread, and vegetables.
What is a tax software approved by CRA to file online?
TurboTax, UFile, Wealthsimple Tax
What is the benefit for low-income seniors?
Guaranteed Income Supplement- GIS