Filing Income Taxes
What would be a situation in which somebody would receive more than one T4 slip?
If somebody works more than one job
Calculate the amount of tax on a pair of shoes that cost $75.95 in Ontario
$9.87
Calculate the amount of tax on a purse that costs $49.99 purchased in Saskatchewan.
$5.50
Calculate the cost of a sweater that costs $64.95 with 20% off.
$51.96
Why are beer and cigarettes taxed on top of HST?
People who drink and smoke are more likely to use healthcare services which is funded through taxes.
What is the name of the form that is issued by your employer and summarizes your yearly income?
T4
Calculate the total cost for a car that cost $25000 + tax in Ontario
$28,250
Calculate the total for a manicure that costs $45 + tax in Alberta.
$47.25
Calculate the cost of a pair of jeans that are regular price $82.95, on sale for 30% off.
$58.07
$55.43
What is the name of the form completed and issued by banks that summarizes interest earned during the past year?
T5
List 2 examples of HST exempt items (they cannot both be food)
basic groceries, health + medical expenses, child care, tutoring, prescription drugs
Calculate the amount of savings on a laptop purchased in Nova Scotia instead of New Brunswick that costs $689.95 + tax
No savings, both provinces have a 15% tax rate
Calculate the cost of a guitar that costs $325, on sale for 15% off.
$276.25
Determine the beer tax included in the purchase of a 2.3 L pitcher of beer.
$1.67
What is the name of the form that includes records of child care expenses, moving expenses, and RRSP contributions?
Receipts
Calculate the total cost for a case of pop being sold $12.75 + tax in Ontario.
$14.41
Calculate the total savings on a video game purchased in Manitoba instead of Newfoundland that costs $87.95 + tax.
Manitoba - $98.50
Newfoundland - $101.14
Savings - $2.64
Calculate the cost of a straightener that costs $235.99, on sale for 20% + tax.
$213.33
Determine the gasoline tax included in the purchase of a 50 L of gasoline.
$7.35
What is the name of the form mailed to individuals who filed income tax returns the previous years?
T1 General Forms
Calculate the total cost for 3 lbs of ground beef if it costs $5.13/lbs + tax.
$15.39
Calculate the amount of savings on a necklace purchased in Alberta instead of Ontario that costs $75.00 + tax.
Ontario - $84.75
Alberta - $78.75
Total Savings - $6.00
Calculate the cost of a $324.95 lawn mower on sale for 30% off + tax.
$257.04
Determine the beer tax included in the purchase of a case of 24 cans of 355 mL
$7.65