This document provides information about filing income taxes in Canada. It discusses what is involved in the tax filing process, who should file taxes, benefits of filing taxes such as tuition credits and refunds, and practical information about the SCSU's free tax filing program including dates, required documents, and responsibilities after filing.
This document provides information about an income tax filing info session for first time and returning filers at Scarborough Campus. The session will cover what is involved in filing taxes in Canada, upcoming tax clinic dates and locations to get help filing, responsibilities after filing, and common questions. Topics that will be discussed include the self-assessment system, tax return deadlines, credits and benefits available, and documentation needed for the free tax filing clinic run by the Scarborough Campus Students' Union.
This document provides information for international students about filing Canadian income taxes. It discusses what is involved in the tax filing process, the benefits of filing taxes such as potential refunds and credits, what documents and information are required, how taxes can be filed either online or through an accountant, where to send the completed tax return, what happens after filing, and includes some online resources for additional information.
This document provides information about how to file an income tax return in Canada. It begins with introducing the workshop objectives, which are to learn about the Canadian tax system, the tax return filing process, and how to get help with taxes. It then defines tax-related vocabulary and discusses the different types of taxes paid in Canada at the federal, provincial, and municipal levels. The document explains why taxes are paid and what common benefits are funded by taxes. It also outlines the tax bracket system and shows examples of federal and provincial tax rates. The steps for filing a tax return are described, including how to get tax forms, submit information either online or on paper, and receive refunds or set up direct deposit. The document concludes by
Income from salary, deductions and tax planning (2)Snigi1289
The document discusses taxation provisions for salaried employees in India. It outlines key requirements like mandatory income tax return filing. It details tax slabs and cess rates. It provides the due date for filing returns as July 31 every year. It discusses tax planning strategies like salary restructuring and investing in tax saving devices. It elaborates on various tax saving techniques available under sections like 80C, 80D, 80E, 80G, etc. that allow deductions and exemptions. Finally, it emphasizes the importance of filing returns for benefits like refund claims, loans, visas, and as income proof.
The document provides information on income tax rates and slabs for the financial year 2013-2014 in India. It also discusses various tax deductions that can be claimed under sections like 80C, 80D, 80DD, 80E, 80G, 80U, HRA exemption, home loan interest deduction, LTA exemption and more. It emphasizes the importance of financial planning, setting financial goals, asset allocation, retirement planning, building a balanced investment portfolio, and getting suitable insurance covers. The key advice includes starting investments early, systematic investing, maintaining an emergency fund, and reviewing one's portfolio periodically.
This document provides information about filing taxes in Canada. It begins with introducing the workshop objectives, which are to learn about the Canadian tax system, the tax filing process, and how to get help with taxes. Various tax-related terms are defined. The document then discusses the different types of taxes Canadians pay, including income, sales, and property taxes. It explains why taxes are paid and what common benefits are funded by taxes, such as social services, healthcare, education, and public services. The document outlines the tax filing process and how to determine your taxable income and tax bracket. It provides details on getting tax forms, filing options, deadlines, and setting up direct deposit. Tax credits are described and information given on where
The document defines various basic terms related to income tax:
1. A person can be an individual, HUF, company, firm, association or body of individuals, local authority, or artificial juridical person.
2. Income includes all earnings such as salary, rent, commission, etc.
3. An assessee is a person liable to pay tax. Assessment is the process of determining a person's tax liability based on their income.
Kentucky Individual Income Tax Installment Agreement Request - Form 12A200taxman taxman
The document provides instructions for Kentucky taxpayers to request an installment agreement to pay delinquent taxes over time. Taxpayers should complete Form 12A200 and attach it to their tax return, specifying their proposed monthly payment amount. Payments can be made by credit card, electronic check by attaching a voided check, or by mailed check. The agreement is subject to approval, and interest and penalties will continue to accrue during the installment period.
This document provides information about an income tax filing info session for first time and returning filers at Scarborough Campus. The session will cover what is involved in filing taxes in Canada, upcoming tax clinic dates and locations to get help filing, responsibilities after filing, and common questions. Topics that will be discussed include the self-assessment system, tax return deadlines, credits and benefits available, and documentation needed for the free tax filing clinic run by the Scarborough Campus Students' Union.
This document provides information for international students about filing Canadian income taxes. It discusses what is involved in the tax filing process, the benefits of filing taxes such as potential refunds and credits, what documents and information are required, how taxes can be filed either online or through an accountant, where to send the completed tax return, what happens after filing, and includes some online resources for additional information.
This document provides information about how to file an income tax return in Canada. It begins with introducing the workshop objectives, which are to learn about the Canadian tax system, the tax return filing process, and how to get help with taxes. It then defines tax-related vocabulary and discusses the different types of taxes paid in Canada at the federal, provincial, and municipal levels. The document explains why taxes are paid and what common benefits are funded by taxes. It also outlines the tax bracket system and shows examples of federal and provincial tax rates. The steps for filing a tax return are described, including how to get tax forms, submit information either online or on paper, and receive refunds or set up direct deposit. The document concludes by
Income from salary, deductions and tax planning (2)Snigi1289
The document discusses taxation provisions for salaried employees in India. It outlines key requirements like mandatory income tax return filing. It details tax slabs and cess rates. It provides the due date for filing returns as July 31 every year. It discusses tax planning strategies like salary restructuring and investing in tax saving devices. It elaborates on various tax saving techniques available under sections like 80C, 80D, 80E, 80G, etc. that allow deductions and exemptions. Finally, it emphasizes the importance of filing returns for benefits like refund claims, loans, visas, and as income proof.
The document provides information on income tax rates and slabs for the financial year 2013-2014 in India. It also discusses various tax deductions that can be claimed under sections like 80C, 80D, 80DD, 80E, 80G, 80U, HRA exemption, home loan interest deduction, LTA exemption and more. It emphasizes the importance of financial planning, setting financial goals, asset allocation, retirement planning, building a balanced investment portfolio, and getting suitable insurance covers. The key advice includes starting investments early, systematic investing, maintaining an emergency fund, and reviewing one's portfolio periodically.
This document provides information about filing taxes in Canada. It begins with introducing the workshop objectives, which are to learn about the Canadian tax system, the tax filing process, and how to get help with taxes. Various tax-related terms are defined. The document then discusses the different types of taxes Canadians pay, including income, sales, and property taxes. It explains why taxes are paid and what common benefits are funded by taxes, such as social services, healthcare, education, and public services. The document outlines the tax filing process and how to determine your taxable income and tax bracket. It provides details on getting tax forms, filing options, deadlines, and setting up direct deposit. Tax credits are described and information given on where
The document defines various basic terms related to income tax:
1. A person can be an individual, HUF, company, firm, association or body of individuals, local authority, or artificial juridical person.
2. Income includes all earnings such as salary, rent, commission, etc.
3. An assessee is a person liable to pay tax. Assessment is the process of determining a person's tax liability based on their income.
Kentucky Individual Income Tax Installment Agreement Request - Form 12A200taxman taxman
The document provides instructions for Kentucky taxpayers to request an installment agreement to pay delinquent taxes over time. Taxpayers should complete Form 12A200 and attach it to their tax return, specifying their proposed monthly payment amount. Payments can be made by credit card, electronic check by attaching a voided check, or by mailed check. The agreement is subject to approval, and interest and penalties will continue to accrue during the installment period.
1) The document describes small-scale graben (extensional faults) discovered on the Moon using images from the Lunar Reconnaissance Orbiter Camera.
2) Some graben are located near lobate scarps (contractional faults), while others are found in mare basalts and in the highlands.
3) The graben crosscut small impact craters, suggesting they formed recently, within the last 50 million years. This indicates the Moon has experienced recent extensional tectonic activity.
Emma from www.betsandbobs.co.uk and Lyndsey from www.whatyousow.co.uk share PR tips and their experience with the Brighton Etsy group of designer makers.
The document introduces univariate and multivariate data analysis. Univariate analysis uses one variable to describe an item while multivariate analysis uses two or more variables that may or may not be dependent on each other to measure an item. An example of each type of analysis is provided to illustrate the difference between univariate and multivariate data.
Hieu Nguyen is a software engineer with experience working with frameworks like Zend, Symfony, and Laravel. He has worked on projects involving e-commerce, networking management, and travel booking. Nguyen graduated from the Industrial University of Ho Chi Minh City in 2015 with a degree in Computer Science. His skills include PHP, Java, HTML/CSS, JavaScript, and system administration basics.
This document provides information about an income tax filing session for first time and returning filers. It discusses what is involved in filing taxes in Canada, including completing a T1 General tax return. It outlines the Scarborough Campus Students' Union's free tax filing program and the benefits of filing taxes such as tax credits. The presentation covers important dates, required documents, and identification numbers. It provides tips for international students applying for an Individual Tax Number and explains the auditor process.
The summary provides information about an upcoming tax filing information session being held at the Scarborough Campus Students' Union (SCSU) on February 15th. The presentation will cover what is involved in filing taxes in Canada, SCSU's free tax filing program, and information about filing taxes such as important dates and documents needed. It will also discuss tax credits and benefits students may be eligible for such as GST/HST credits and tuition credits. International students will have an opportunity after the presentation to complete applications for Individual Tax Numbers.
This document provides information about filing income taxes in Canada for first time and returning filers. It outlines what is involved in the tax filing process including completing a T1 tax return, important deadlines, required documentation, and benefits of filing such as tuition tax credits. International students are instructed on applying for an Individual Tax Number if they do not have a Social Insurance Number. The presentation also advertises an upcoming Income Tax Clinic hosted by the Scarborough Campus Students' Union to assist with filing.
This document provides information and guidance for international students filing Canadian income taxes for the first time. It outlines various tax credits and benefits students may be eligible for, including GST/HST credits, Ontario sales tax credits, and Ontario property tax credits. Examples are given for credits received by a student living in campus residence versus off-campus housing. Requirements and documentation needed for filing are also listed, such as T4 slips, rental receipts, and SIN information. Filing addresses, processing times, and important reminders about record keeping are additionally noted.
Benefits of Filing Income Tax for UTSC International StudentsUTSCISC
This document provides information for international students about filing Canadian income taxes. It discusses what is involved in the tax filing process, the benefits of filing taxes such as potential refunds and credits, what documents and information are required, how taxes can be filed online or through free clinics, where to send the filing, what happens after filing, and online resources for more information. The goal is to help international students understand and navigate the Canadian tax system.
1. The document provides a summary of 12 tax deductions that are often overlooked or missed by taxpayers, including employment expenses, fitness and arts tax credits for children, transit passes, optimizing deductions with a spouse, the equivalent to spouse exemption, tuition, moving expenses, the home buyers plan (RRSP), income splitting, the disability tax credit, premiums on group health benefits, and interest paid.
2. It also discusses in more detail what each of these deductions are and provides examples to help taxpayers understand if and how they could claim these deductions to reduce their taxes.
3. The document encourages taxpayers to use a tax expert who has the knowledge, experience, and judgment to help ensure taxpayers claim all deductions they
This document discusses how taxes and paying taxes can affect your credit score. It notes that late or unpaid tax payments may result in IRS liens that can negatively impact your credit for many years. However, properly filing for extensions, payment plans, or settling tax debts can avoid damage to your credit. The document recommends working with a tax professional to ensure accurate filing and to navigate any tax issues that could interconnect with personal credit.
This document discusses how taxes and paying taxes can affect your credit score. It notes that late or unpaid tax payments may result in IRS liens that can negatively impact your credit for many years. However, properly filing for extensions, payment plans, or settling tax debts can avoid damage to your credit. The document recommends working with a tax professional to ensure accurate filing and to navigate any tax issues that could interconnect with personal credit.
This document provides information about source deductions for payroll, including:
1) As an employer, you are responsible for remitting CPP contributions, EI premiums, and income tax deducted from employee pay, as well as the employer portion of CPP and EI. Remittances are due on or before the due date, which depends on the type of remitter.
2) Remitter types include regular, threshold 1, threshold 2, and quarterly, depending on average monthly withholding amounts. Due dates are the 15th, 10th, or 3rd of the month.
3) New employers must register with the CRA and are initially considered regular remitters.
This document provides guidance to help people better prepare for income tax season. It outlines several tax regulation changes from the last year that can be taken advantage of, including increased base amounts, allowable tax refunds for public transit and home renovations. It also includes a tax checklist of common documents and information needed to file taxes, such as T4 forms, medical receipts, rent payments, and records of government assistance. The document encourages people to create an online CRA account to track their tax refund status.
There are nine reasons to file your income tax returns: 1) To claim a tax refund if excess taxes were deducted from your income. 2) To carry forward or set off losses to offset future taxes. 3) Banks require tax returns when applying for loans. 4) Some countries require tax returns for visas. 5) It's best to file early to avoid penalties and rush filing. 6) Filing late incurs penalties only if taxes are owed; otherwise only interest applies. 7) Failure to file by March 31, 2016 results in a Rs. 5,000 penalty. 8) Filing each year creates a tax history that is useful for loans, visas, and investments. 9) Tax returns prove a
This document provides a comparative study of taxation systems in India and Australia. It discusses key aspects such as residential status, income from salaries, income from house properties, and computation of tax liabilities. Residential status rules and tax rates differ between the two countries. While both countries have income taxes deducted from salaries, Australia uses a PAYG system while India uses TDS. Deductions also vary for income from house properties. Overall tax rates tend to be higher in Australia, but a similar standard of living would require higher income due to differences in costs of living between the two countries.
2024 Canadian Tax Deductions not to be missedLakshay Gandhi
2024 Canadian Tax Deductions Not to be Missed! 💰🇨🇦
Welcome to our channel where we dive into the world of taxes and help you maximize your deductions! In this video, we're highlighting essential Canadian tax deductions for 2024 that you simply can't afford to overlook. From upcoming tax deadlines to commonly claimed business expenses, we've got you covered. Let's get started! In this video, you can witness key tax deduction strategies, like upcoming tax deadlines, commonly claimed business expenses, commonly missed tax deductions, ineligible tax write offs, and Recordkeeping tools and how to avoid audit.
📅 Upcoming Tax Deadlines: Stay ahead of the game by marking your calendars with key tax deadlines for 2024. Whether it's filing deadlines or installment payments, knowing when to submit your documents can save you from unnecessary penalties.
💼 Commonly Claimed Business Expenses: As a business owner, understanding which expenses are deductible is crucial. We'll walk you through commonly claimed business expenses such as office supplies, travel expenses, and advertising costs. Don't miss out on these deductions that could significantly lower your taxable income.
❌ Commonly Missed Tax Deductions: Did you know that many Canadians overlook valuable deductions each year? We'll uncover some of the most commonly missed tax deductions, including charitable donations, medical expenses, and home office deductions. By identifying these often-missed deductions, you can maximize your tax savings.
🚫 Ineligible Tax Write-Offs: Not all expenses are eligible for tax deductions. We'll help you distinguish between eligible and ineligible tax write-offs to avoid any potential issues with the Canada Revenue Agency (CRA). Understanding what you can and can't claim will keep you on the right side of the tax law.
📝 Recordkeeping Tools: Keeping accurate records is essential for cclaiming deductions and avoiding audits. We'll introduce you to some recordkeeping tools and techniques to streamline your tax preparation process. From digital apps to traditional filing systems, finding the right method for you is key to staying organized.
🔍 How to Avoid Audit: No one wants to deal with a tax audit. We'll share practical tips on how to minimize your chances of being audited by the CRA. From double-checking your calculations to maintaining thorough documentation, taking proactive steps can help you steer clear of audit triggers.
Don't let valuable deductions slip through the cracks! Join us as we navigate the complex world of Canadian taxes and ensure you're making the most of every opportunity to save money. Remember to like, share, and subscribe for more tax tips and financial advice!
#TaxTips #TaxDeductions #TaxDeadlines #CanadianTaxes #BusinessExpenses #TaxSavings #MoneyMatters #FinancialAdvice #RecordKeeping #TaxPreparation #AvoidAudit #SmartMoney #FinancialFreedom
This document summarizes key information from a workshop on tax issues for self-employed individuals and small businesses. It discusses self-assessment requirements, the difference between being a sole trader or limited company, annual tax compliance including filing and payment deadlines, allowable business expenses and deductions, VAT registration thresholds, and tax relief programs like SURE and the Home Renovation Scheme. The workshop covers registration for ROS (Revenue Online Service) to file taxes electronically.
1) The document describes small-scale graben (extensional faults) discovered on the Moon using images from the Lunar Reconnaissance Orbiter Camera.
2) Some graben are located near lobate scarps (contractional faults), while others are found in mare basalts and in the highlands.
3) The graben crosscut small impact craters, suggesting they formed recently, within the last 50 million years. This indicates the Moon has experienced recent extensional tectonic activity.
Emma from www.betsandbobs.co.uk and Lyndsey from www.whatyousow.co.uk share PR tips and their experience with the Brighton Etsy group of designer makers.
The document introduces univariate and multivariate data analysis. Univariate analysis uses one variable to describe an item while multivariate analysis uses two or more variables that may or may not be dependent on each other to measure an item. An example of each type of analysis is provided to illustrate the difference between univariate and multivariate data.
Hieu Nguyen is a software engineer with experience working with frameworks like Zend, Symfony, and Laravel. He has worked on projects involving e-commerce, networking management, and travel booking. Nguyen graduated from the Industrial University of Ho Chi Minh City in 2015 with a degree in Computer Science. His skills include PHP, Java, HTML/CSS, JavaScript, and system administration basics.
This document provides information about an income tax filing session for first time and returning filers. It discusses what is involved in filing taxes in Canada, including completing a T1 General tax return. It outlines the Scarborough Campus Students' Union's free tax filing program and the benefits of filing taxes such as tax credits. The presentation covers important dates, required documents, and identification numbers. It provides tips for international students applying for an Individual Tax Number and explains the auditor process.
The summary provides information about an upcoming tax filing information session being held at the Scarborough Campus Students' Union (SCSU) on February 15th. The presentation will cover what is involved in filing taxes in Canada, SCSU's free tax filing program, and information about filing taxes such as important dates and documents needed. It will also discuss tax credits and benefits students may be eligible for such as GST/HST credits and tuition credits. International students will have an opportunity after the presentation to complete applications for Individual Tax Numbers.
This document provides information about filing income taxes in Canada for first time and returning filers. It outlines what is involved in the tax filing process including completing a T1 tax return, important deadlines, required documentation, and benefits of filing such as tuition tax credits. International students are instructed on applying for an Individual Tax Number if they do not have a Social Insurance Number. The presentation also advertises an upcoming Income Tax Clinic hosted by the Scarborough Campus Students' Union to assist with filing.
This document provides information and guidance for international students filing Canadian income taxes for the first time. It outlines various tax credits and benefits students may be eligible for, including GST/HST credits, Ontario sales tax credits, and Ontario property tax credits. Examples are given for credits received by a student living in campus residence versus off-campus housing. Requirements and documentation needed for filing are also listed, such as T4 slips, rental receipts, and SIN information. Filing addresses, processing times, and important reminders about record keeping are additionally noted.
Benefits of Filing Income Tax for UTSC International StudentsUTSCISC
This document provides information for international students about filing Canadian income taxes. It discusses what is involved in the tax filing process, the benefits of filing taxes such as potential refunds and credits, what documents and information are required, how taxes can be filed online or through free clinics, where to send the filing, what happens after filing, and online resources for more information. The goal is to help international students understand and navigate the Canadian tax system.
1. The document provides a summary of 12 tax deductions that are often overlooked or missed by taxpayers, including employment expenses, fitness and arts tax credits for children, transit passes, optimizing deductions with a spouse, the equivalent to spouse exemption, tuition, moving expenses, the home buyers plan (RRSP), income splitting, the disability tax credit, premiums on group health benefits, and interest paid.
2. It also discusses in more detail what each of these deductions are and provides examples to help taxpayers understand if and how they could claim these deductions to reduce their taxes.
3. The document encourages taxpayers to use a tax expert who has the knowledge, experience, and judgment to help ensure taxpayers claim all deductions they
This document discusses how taxes and paying taxes can affect your credit score. It notes that late or unpaid tax payments may result in IRS liens that can negatively impact your credit for many years. However, properly filing for extensions, payment plans, or settling tax debts can avoid damage to your credit. The document recommends working with a tax professional to ensure accurate filing and to navigate any tax issues that could interconnect with personal credit.
This document discusses how taxes and paying taxes can affect your credit score. It notes that late or unpaid tax payments may result in IRS liens that can negatively impact your credit for many years. However, properly filing for extensions, payment plans, or settling tax debts can avoid damage to your credit. The document recommends working with a tax professional to ensure accurate filing and to navigate any tax issues that could interconnect with personal credit.
This document provides information about source deductions for payroll, including:
1) As an employer, you are responsible for remitting CPP contributions, EI premiums, and income tax deducted from employee pay, as well as the employer portion of CPP and EI. Remittances are due on or before the due date, which depends on the type of remitter.
2) Remitter types include regular, threshold 1, threshold 2, and quarterly, depending on average monthly withholding amounts. Due dates are the 15th, 10th, or 3rd of the month.
3) New employers must register with the CRA and are initially considered regular remitters.
This document provides guidance to help people better prepare for income tax season. It outlines several tax regulation changes from the last year that can be taken advantage of, including increased base amounts, allowable tax refunds for public transit and home renovations. It also includes a tax checklist of common documents and information needed to file taxes, such as T4 forms, medical receipts, rent payments, and records of government assistance. The document encourages people to create an online CRA account to track their tax refund status.
There are nine reasons to file your income tax returns: 1) To claim a tax refund if excess taxes were deducted from your income. 2) To carry forward or set off losses to offset future taxes. 3) Banks require tax returns when applying for loans. 4) Some countries require tax returns for visas. 5) It's best to file early to avoid penalties and rush filing. 6) Filing late incurs penalties only if taxes are owed; otherwise only interest applies. 7) Failure to file by March 31, 2016 results in a Rs. 5,000 penalty. 8) Filing each year creates a tax history that is useful for loans, visas, and investments. 9) Tax returns prove a
This document provides a comparative study of taxation systems in India and Australia. It discusses key aspects such as residential status, income from salaries, income from house properties, and computation of tax liabilities. Residential status rules and tax rates differ between the two countries. While both countries have income taxes deducted from salaries, Australia uses a PAYG system while India uses TDS. Deductions also vary for income from house properties. Overall tax rates tend to be higher in Australia, but a similar standard of living would require higher income due to differences in costs of living between the two countries.
2024 Canadian Tax Deductions not to be missedLakshay Gandhi
2024 Canadian Tax Deductions Not to be Missed! 💰🇨🇦
Welcome to our channel where we dive into the world of taxes and help you maximize your deductions! In this video, we're highlighting essential Canadian tax deductions for 2024 that you simply can't afford to overlook. From upcoming tax deadlines to commonly claimed business expenses, we've got you covered. Let's get started! In this video, you can witness key tax deduction strategies, like upcoming tax deadlines, commonly claimed business expenses, commonly missed tax deductions, ineligible tax write offs, and Recordkeeping tools and how to avoid audit.
📅 Upcoming Tax Deadlines: Stay ahead of the game by marking your calendars with key tax deadlines for 2024. Whether it's filing deadlines or installment payments, knowing when to submit your documents can save you from unnecessary penalties.
💼 Commonly Claimed Business Expenses: As a business owner, understanding which expenses are deductible is crucial. We'll walk you through commonly claimed business expenses such as office supplies, travel expenses, and advertising costs. Don't miss out on these deductions that could significantly lower your taxable income.
❌ Commonly Missed Tax Deductions: Did you know that many Canadians overlook valuable deductions each year? We'll uncover some of the most commonly missed tax deductions, including charitable donations, medical expenses, and home office deductions. By identifying these often-missed deductions, you can maximize your tax savings.
🚫 Ineligible Tax Write-Offs: Not all expenses are eligible for tax deductions. We'll help you distinguish between eligible and ineligible tax write-offs to avoid any potential issues with the Canada Revenue Agency (CRA). Understanding what you can and can't claim will keep you on the right side of the tax law.
📝 Recordkeeping Tools: Keeping accurate records is essential for cclaiming deductions and avoiding audits. We'll introduce you to some recordkeeping tools and techniques to streamline your tax preparation process. From digital apps to traditional filing systems, finding the right method for you is key to staying organized.
🔍 How to Avoid Audit: No one wants to deal with a tax audit. We'll share practical tips on how to minimize your chances of being audited by the CRA. From double-checking your calculations to maintaining thorough documentation, taking proactive steps can help you steer clear of audit triggers.
Don't let valuable deductions slip through the cracks! Join us as we navigate the complex world of Canadian taxes and ensure you're making the most of every opportunity to save money. Remember to like, share, and subscribe for more tax tips and financial advice!
#TaxTips #TaxDeductions #TaxDeadlines #CanadianTaxes #BusinessExpenses #TaxSavings #MoneyMatters #FinancialAdvice #RecordKeeping #TaxPreparation #AvoidAudit #SmartMoney #FinancialFreedom
This document summarizes key information from a workshop on tax issues for self-employed individuals and small businesses. It discusses self-assessment requirements, the difference between being a sole trader or limited company, annual tax compliance including filing and payment deadlines, allowable business expenses and deductions, VAT registration thresholds, and tax relief programs like SURE and the Home Renovation Scheme. The workshop covers registration for ROS (Revenue Online Service) to file taxes electronically.
The PA Educational Improvement Tax Credit (EITC) provides tax credits to businesses that donate to scholarship organizations or educational improvement organizations. Businesses can receive a state tax credit equal to 90% of their donation if they commit for 2 years or 75% for 1 year. For example, a $10,000 donation with a 2-year commitment would provide $9,000 in tax credits each year, effectively reducing the cost to the business to $650. Eligible businesses must apply to the PA Department of Community and Economic Development (DCED) and funds are granted on a first-come first-served basis each year.
This document provides information for a tax professional on important tax changes and provisions to watch for the 2021 tax filing season. Key points include the American Rescue Plan Act provisions making the first $10,200 of unemployment benefits non-taxable and increasing the child tax credit. It also discusses COVID-19 related credits, PPP loan deductions, mileage rates, bonus depreciation, excess business loss limitations, and many expiring tax provisions to be aware of. Locations and contact information for the tax preparation service are also included.
This document provides information on credit reports, credit scores, student loans, retirement options, and high-yield savings accounts. It defines key terms like subsidized and unsubsidized student loans. It also lists the three major credit reporting agencies and notes some factors that can help or hurt your credit score. Recommendations are made for online banks that offer high-yield savings accounts.
Human Resource & Payroll Services And Solutions - Houston, Dallas, Austin - Texas www.hrp.net. Although the IRS delayed the start of tax filing season due to the "fiscal cliff" legislation, it's now time to get ready to file. This presentation explains some of the changes you may notice on your 2012 Form 1040, which is due on Monday, April 15, 2013.
Similar to Benefits session presentation 2013 for website (20)
1. Income Tax Filing Info
Session for First Time &
Returning Filers SCSU
DATE
Kaleab Mulatu
SR ASSOCIATE
2. Scarborough Campus Students’
Union (SCSU)
Elected Student Body Manage Student Center
Own Rexes Den
Advocate for YOU! Services
• Extended health & dental plan
• Scupons Lockers
• Discount TTC Metropasses
4. AGENDA
What is involved in filing taxes in Canada?
SCSU’s FREE Tax Filing Program
Who should file taxes?
Why file taxes in Canada?
How do you file my taxes?
When do you file taxes?
What do you need to file my taxes?
What happens after you file my taxes and what are your
responsibilities to CRA?
Questions
5. What is involved in filing taxes in
Canada?
Legislated by the Federal Government through the CRA
Self Assessment System
Individuals complete their tax return to:
report their annual income
calculate whether they owe tax or will receive a refund from
the Canadian government
In March 2013, we will file for the previous tax year (from
January 1, 2012 to December 31, 2012)
6. What is involved in filing taxes in
Canada?
Completion of a T1 General
2012 income tax package
What is this?
4-pg booklet
schedules
7. SCSU’s FREE Tax Filing Program
FREE Program to assist UTSC Students with the process of filing their
taxes
DATE– March 4TH – 15TH, 2013
LOCATION – BV Computer Labs
TIME – 11am-5pm daily (until 7pm Wednesdays)
First-come first-served basis
Allow for 45 minutes – 1 hr per tax year
8. Who should file taxes?
ALL undergraduate students at UTSC
International students are considered temporary residents due
to ‘significant ties’ to Canada
I.e. attending university in Canada
belongings, clothes, furniture in Canada
ALL Residents of Canada, are required to file their taxes
9. Why Should You File Your Taxes?
No income ? (Jan 1st 2012-Dec 31st 2012)
Still eligible to claim certain credits:
GST/HST Credits for being low income
Tuition Credits
Ontario Property Credits if you rent or live on-campus
Ect…
10. Benefits of Filing Taxes
GST/HST Tax Credit
Eligibility
Be at least 19 years of age before April 1, 2013
What’s in it for you
$60-$100 FOUR times per year!
Paid every quarter in 2013 (July, October, January, April)
Ontario Sales Tax Credit (OSTC)
Be at least 19 years of age before April 1, 2013
Paid every quarter in 2013 (July, October, January, April)
11. Benefits of Filing Taxes cont.
Tuition Credits (T2202A)
Using your tuition credits to eliminate or reduce the
amount of taxes you have to pay when filing your taxes
in the future
Useful if you plan on working in Canada after
graduation! Save on taxes payable to the
Canadian government!!
12. Property Tax Credits
Off-
Campus Campus
Residence
(renting)
you are eligible to
claim a portion of
You will receive an
the rent you have
automatic $25
paid for the tax year
refundable credit when To be eligible for
when you file your
filing your taxes the property tax
taxes
credit, you must
Typically students have rental
No need to keep you receive a $200- receipts from
receipts as this $400 refundable your landlord that
information is available credit depending are recognized by
through ROSI on total rent paid in the Canadian
2011 Revenue Agency
(CRA)
13. Sample Rental Receipt
Name of Amount and of rental
Address
tenant(s) whodate of reach
unit
the receipt payment
applies to received for any
rent/rental
Name of the
deposit to the
landlord landlord
Signature of the
landlord
14. How Will They Know Who I Am?
A 9-digit number to Identify you for tax purposes
A Social Insurance Number (SIN#)
An Individual Tax Number (ITN#)
Must enter either SIN or ITN
as identification for CRA
15. Identification – First Time Filers
Canadian residents are required to have a SIN number to
file taxes
International students who do not have a SIN, must apply
for an Individual Tax Number (ITN) immediately
this takes 4-8 weeks to received from CRA by mail
16. First Time International Filers ONLY
If you are not eligible for a SIN
Apply for an Individual Tax Number (ITN)
Form T1261
17. Identification – Returning Filers
Expired SIN Cards may still be used for tax filing purposes
ONLY
If you have obtained a SIN Card recently and you filed your
taxes using an ITN last year, you will have to include a letter
with your return informing the CRA of this change
If you have lost your SIN or ITN, please contact the ISC for
further instruction
19. When Must I File My Taxes?
Taxes are filed on an annual basis
All tax forms are due on or before April 30th of every year
If you owe the Canadian government money and are late in paying:
you will be charged interest of 5% on your payments
PLUS 1% for each month up to 12 months
20. What do I bring to the SCSU Income
Tax Clinic
1. Uof T student T-Card
2. Passport (only required for International Students at UTSC)
3. Individual Tax Number (ITN) letter or Social Insurance Number (SIN)
card
4. Direct Deposit Information or VOID Cheque (Account #, Branch #, &
Institution #)
5. Your Canadian mailing address for the Summer 2013
6. Rental receipts for any off-campus housing or a copy of
cancelled/returned cheques/money orders/bank drafts you used to
pay your landlord
21. What do I bring to the SCSU Income
Tax Clinic
7. T2202A – 2011 (printed from ROSI under “tax forms”)
8. T5 Slips
9. TTC Monthly Passes,TTC Weekly Passes, or Go Transit Monthly Passes
and receipts
10. T4 Slip
11. Any receipts of charitable donations you made
12. 2010 Notice of Assessment (if you filed your income tax return last
year)
13. Your CRA Netfile access code
*if you have previously
filed your taxes before and
want to file electronically
22. Bank Deposit Information
Call your bank and ask for:
Your Account Number
Branch Number
Institution Number
OR
Brink us a photocopy VOID Cheque
23. SCSU Income Tax Clinic
Dates: March 4th – 15th, 2013
Time: 11am – 5pm weekdays (open until 7pm Wednesdays)
Location: BV Computer Labs
24. IMPORTANT REMINDER!!!
The Canadian Revenue Agency can choose to review your file for
up to six (6) years from the time you file your taxes.
It is important that you keep all copies:
Tax returns
All documents that you submit
up to six (6) years from the time your taxes are filed.
25. BE AWARE!!!
You can be audited up to 6 years after filing your taxes .
If you can not produce proof and receipts you will be asked to:
pay back any credits and refunds
PLUS interest from the date the money was issued to you by CRA
27. International Students
ITN Application form
Site: http://www.cra-arc.gc.ca/E/pbg/tf/t1261/t1261-12e.pdf
28. Certified Copy of Passport for ITN
Application
Bring your original passport, Study Permit AND completed ITN
application to a Professor at UTSC
Ask them if they would be willing to make a photocopy for you
The Prof. must then sign the photocopy saying it is a “true copy of the
original passport”
The Prof. must also sign and date the photocopy stating their
position at UTSC
NOTE: this should be free of charge BUT all professors may not have time
or access to a photocopier to do this for you.
You may also pay a lawyer or Notary Public $30-100 to
make each “certified copy” – contact the ISC for a list
of local lawyers and Notary Public officials you can
use
29. Mailing my ITN Application
From: Student’s Full Name
Address
Toronto, Ontario
M1C 1A4 <postal code>
Canada
To: International Tax Services Office
Returns Processing Division
Standard Letter Costs 2204 Walkley Road
$0.59
Ottawa ON K1A 1A8
-
- Canada
Greenpath students should still attend5 info sessions, but only have to attend oneAny undergraduate students are eligible
Speak about SCSU
Promote associate positionLooking for 2nd years+ but 1st years don’t be discouraged
Required to file taxesYou have no choiceDescribe tax for previous year Only beginning of 2012, so we need to file taxes for the previous year, which is 2011Any relevant receipts from January 1 – Dec 31, 2011 should have been kept for tax filingThe government utilizes a self-assessment systemTrust that the document sent to them is truthfulIf it is not, you are to pay it back + extra charges
Must be completed and signed before you put it in the mail to send to CRAOnce you signed, it is assumed that all the information is truthful
Amalgamation of the ISC and SCSU tax clinicsISC in previous years only took international studentsSCSU in previous years helped domestic and PR studentsThis year, we are helping all international, domestic, and PR students Last time we take someone is 4pm (6:00pm Wednesdays)If later, we will not accept them because it takes about 30-45 minutes to file taxes
Required, no choiceAnyone with substantial ties to Canada are subject to filing their taxesBeing a student at UTSC, it is enough
Get money back act as a reward and incentiveHow much depends on individual case
Do not need to keep all your receipts because government has a calculation to determine how much you have spentBe getting a total of 8 payments a year just for spending an hour to file your taxes
- Use credits to reduce taxes
Can’t lie because government knows if you live in residence or living off campusDescribe the propertyhand outShould not be paying in cash; should be paying in cheque, money order, email transfer, etc.ONE important point to remember here is that if someone does decide to claim rental credits – then they must keep their rental receipts for AT LEAST 5 years as the government can audit any person at anytime
Legally required to give youEven if you did pay cash for your rent, you are entitled to a receiptAsk your landlord for it
Canadian citizen and permanent residence will use their SIN to file taxesCan’t get a SIN card until you get your work permit, can’t get work permit until residing in Canada for 6 months
If you are not eligible for SIN card, you will need to apply for an ITN number to file your taxesStay till the end to learn how to complete your ITN form
T1261 handout, fill it out and you’ll get a 9 digit number in the mail, starts with 09SIN card starts with a 9 for international studentsITN acts as a temporary number until you get your SIN cardTake 4-8 weeksIf have ITN and SIN => Bring both and we merge
Due on April 30th every yearDon’t let a stranger file for you unless they are certified, because eventhough they are doing it for you, you are still liable for what you mail to CRANo such thing as getting more back, only if they lieIf the government figures out, its you that repaysIf you want to file yourself and not use the free clinic, we will help you find a certified CA or CGA to file it for you
Need entry and exit informationITN and SINBank can print you a piece of paper that include these informationCheques will come in a brown envelop that says CRA with a Canadian flag beside itHave a Canadian mailing address because it will be sent out during summer
T2202A can be found on ROSI after FebT5 slip => interest income, auto print + mailed to youTTC => if earned, can offset taxes payable => usually useful for those who earn income Non-for-profit + registered charitable organization => used to offset and use as creditNotice of AssessmentCRA netfile access code => if previously filed taxes and want to file electronically this year