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Hand dropping coin in to piggy bank painted as the Canadian flag

What you need to know about tax

Understand the Canadian tax system and learn good tax practices.

Time frame: 60 min

Audience: Newcomers to Canada who want to understand the Canadian tax system.

Learning objectives for participants:

  • understand why there are taxes, how the Canadian tax system works, and how Canadians’ taxes are used
  • learn what taxes need to be paid, and how to pay them
  • learn how to reduce taxes, and how to gain benefits today and in the future
  • learn how to file a tax return and what happens once you’ve filed

Outline:

  • why we pay taxes
  • overview of the Canadian tax system
  • Canada Revenue Agency – what it is and what it does
  • where our tax dollars go
  • who pays taxes
  • what is taxed – Canadian and foreign
  • why file a tax return
    • eligible benefits that are received
    • available deductions and credits
  • preparing and filing tax returns
  • what happens after a tax return is filed
  • enrolling in the CRA “My Account” for online filing and communications
  • good tax practices
    • seek good/professional advice
    • understand tax avoidance vs. tax evasion
  • resources
  • Q&A 

Learning materials:

  • Document Organizer Worksheet
  • Sample Paystub
  • Sample T4
  • Sample Notice of Assessment
  • My Account – Your personalized CRA account cra-arc.gc.ca/myaccount
  • CRA’s Fairness and Taxpayer Bill of Rights cra-arc.gc.ca/gncy/frnss/menu-eng.html

Questions?

For answers to your questions, please email us.

Proudly sponsored by Canada Life, our National Development Sponsor.

Want a session in your area?

We will provide a CPA volunteer to lead the session with a prepared presentation, activities, handouts and worksheets.

Note: If more than one session is needed, please fill out a second form and submit.

Request guidelines:

For more information, visit setting up a financial literacy session.