Understanding Taxes and Taxation in Canada
Dive into the world of taxes with this comprehensive guide covering topics such as tax basics, Canada Revenue Agency, tax history, types of taxes, income tax, CRA programs, and taxpayer responsibilities. Learn how taxes are spent, the evolution of taxation, and important facts about filing taxes in Canada.
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Presentation Transcript
Learning about Taxes with Intuit ProFile
Chapter 1 All about taxation
What are taxes? About the Canada Revenue Agency Filing a tax return In this Chapter
What are taxes? How are our tax dollars spent? Characteristics of a tax system Source: https://www.fin.gc.ca/afr-rfa/2018/report-rapport-eng.asp#_Toc525903642 4
A history of taxation 1916 Business Profit War Tax 1917 Income War Tax Act 1927 Department of Revenue 1952 Old Age Security Act 1991 GST 2007 Taxpayer Bill of Rights 5
Income tax CPP EI Sales tax Types of tax Source deductions Amounts withheld at source by employers Too much tax withheld Excess instalments Tax credits Refunds? 6
About the CRA Administer tax, benefits & programs CRA website https://www.canada.ca/en/services/taxes/income-tax.html CRA programs CCB Tuition credit RESP & RRSP 7
Employers, financial institutions, review of tax returns, assessment programs CRA information Tax filing All income earners NetFile EFILE Paper Filing options Filing obligation Paying correct amount Self-assessment Taxpayer responsibilities 8
