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.

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.

Request a session

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