TAXES RETURN BECAUSE THERE IS STILL MORE TO

TAXES RETURN!!! BECAUSE THERE IS STILL MORE TO LEARN ABOUT THEM…

QUESTION: WHAT’S A T 4?

T 4, STATEMENT OF RENUMERATION PAID • A summary of your income for the year and related deductions • Your employer must give your T 4 by the end of February following the calendar year it applies. • You need your T 4 info to complete a tax return.

Complete this as if you were an employer. Fill in… 1) A fictitious business name. 2) A fictitious name and address for an employee. 3) A fake SIN for that employee. 4) The tax year and the province of employment. The employee earned $26, 275. 00 employment income. The student enters the income and the following deductions: 1) CPP or QPP contributions of $1, 297. 28; 2) EI premiums of $493. 97; 3) union dues of $165. 00; and 4) income tax of $2917. 68.

CLASS INFO HUNT: WHAT SHOULD YOU DO IF YOU DON’T GET A T 4?

CLASS INFO HUNT: CAN YOU FILE A TAX RETURN WITHOUT A T 4?

TAX RETURNS YAAAAAAAAAAAAAY!!!

TAX RETURNS • Filed once a year • Based on self-assessment. You must report annual income. (You do it, or hire someone to do it. ) • In order to receive certain tax benefits, must file a tax return every year, even if you don’t make any money. • Taxpayers file tax returns to see if they’ve paid the proper amount of tax. • Overpaid = Refund • Underpaid = Owe money to CRA

COMPLETING A TAX RETURN

YOU NEED A T 1 GENERAL AND A SCHEDULE 1 FORM