Tax Deductions
What type of deduction can Canadians claim for contributions made to their Registered Retirement Savings Plan (RRSP)?
RRSP Deduction
What is the name of the form that employees receive to report their annual earnings and tax deductions?
T4 Slip
What is the standard tax filing deadline for most Canadians?
April 30th
What is one of the most common mistakes people make when claiming charitable donations on their taxes?
Not keeping donation receipts
What is the standard GST rate in Canada?
5%
n Quebec, what deduction is available for residents who pay interest on student loans?
Student Loan Interest Deduction
What form must self-employed Canadians use to report their business income and expenses?
T2125 Statement of Business or Professional Activities
What is the filing deadline for self-employed individuals in Canada?
June 15th, but any balance owed is due by April 30th.
What mistake can result in penalties if Canadians forget to report?
Failing to report all sources of income
In Quebec, what is the combined GST and QST rate?
14.975% (5% GST + 9.975% QST)
What expenses can self-employed individuals in Canada deduct when using a portion of their home for business?
Home office expenses
What form do Quebec residents need to fill out to claim the Solidarity Tax Credit?
Schedule D
What is the deadline for contributing to an RRSP if you want to claim the deduction for the previous tax year?
March 1st of the following year
What is a common error people make when claiming home office expenses?
verestimating the percentage of home space used for work
What is the GST/HST credit, and who is eligible for it?
A tax-free quarterly payment to low-income individuals and families to offset the GST/HST paid on goods and services.
Which medical expenses are deductible on both Canadian and Quebec tax returns?
Prescriptions, dental work, and certain medical devices
Which form should Canadians use to report capital gains and losses?
Schedule 3
By what date must Canadians file their GST/HST return if they are annual filers?
June 15th, but any amounts owed are due by April 30th.
What common error can lead to missing out on tax credits for dependents?
Forgetting to include details of eligible dependents on the return
Which goods are zero-rated for GST/HST purposes in Canada?
Basic groceries like bread, milk, and vegetables
What is the maximum amount you can deduct for moving expenses if you move at least 40 km closer to a new job or school in Canada?
There is no maximum; you can claim eligible moving expenses as long as they are reasonable and supported by receipts.
What is the purpose of the T2202 form in Canada?
To certify eligible tuition and education amounts for students.
What is the deadline for filing the annual tax return for corporations in Canada?
6 months after the end of the fiscal year.
What mistake do self-employed individuals often make with their GST/QST filings?
Not remitting GST/QST collected from clients
What is the term for businesses who do not have to register for GST/HST because their annual revenue is below a certain threshold?
Small Supplier (threshold is $30,000)