Definitions
What is INCOME?
Income is money that you receive from work or other sources.
Name 1 benefit for filing a tax return.
If you owe income tax, it is the law to file an income tax return.
Even if you don't owe tax, you may get money back.
TRUE or FALSE
1/3 of tax filers (over 9.1 million people) pay no income tax in Canada.
True!
What is INCOME TAX?
Income tax is money that people may pay the Canada Revenue Agency when they have income.
Name 2 barriers to filing income tax returns.
Not aware of how to file
Finding it overwhelming/confusing
Not knowing what forms you need
TRUE or FALSE
According to a 2017 report, a strange but legitimate deduction is a home swimming pool that could help with a medical condition.
True!
What is an INCOME TAX RETURN?
Filing an income tax return lets the government know what your income was in the past year so they can assess whether or not you've paid the right amount of taxes.
Name 1 document you will need to file an income tax return.
social insurance number
identification
receipts
tax information slips
TRUE or FALSE
20% of those between 18-34 say they enjoy filing their taxes.
False! 52% say they enjoy filing their taxes
What is a TAX DEDUCTION?
Tax deductions reduce your taxable income, or income on which you might pay income tax.
Name 1 online software you can use to file taxes.
TurboTax
SimpleTax
Ufile
TRUE or FALSE
CAMH has a free tax clinic.
True!
What is a TAX CREDIT?
Tax credits reduce your taxes that you owe, or the amount of tax you are supposed to pay.
Name 2 ways you can file your taxes.
- online
- by phone
- at a tax clinic
- with an accountant
TRUE or FALSE:
Taxes date back to at least ancient Egypt.
True!
There are documented records of taxation all the way back to ancient Egypt, sometime around 3000 to 2800 BCE