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This video is about how taxes work in Canada for individual’s income and tips that people can use to save on tax. In the video, we learned that income taxes were first started in 1917 to help fund the war during world war one, which the government claimed would be temporary. But the government continued to impose taxes until 1948, which the government made it official that income taxes will be permanent. Taxes today are reported based on the annual income that you earned, which you must report on your tax return that determines whether you owe money to the government or if you get money back if you paid more in taxes than you need to. Income taxes also vary on your province rates and how much income you earned to determine the tax brackets that you may be obligated to. They also provide ways to reduce your income taxes like opening an RRSP, reporting any childcare expenses, union dues, and donations.

The reason why I chose to use this video because the video provided information about how taxes first started in Canada and the evolution of income taxes throughout the years. They also used information that was from the government website and explained it in a simpler way to give people a better understanding of income taxes and how the tax bracket works in different provinces. The speaker in the video was very knowledgeable and informative.

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How Taxes work in Canada | Individual Income Tax | Canadian Tax for Beginners | How to Save Tax

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On the Government of Canada website, you can find information about income tax, how income tax works in Ontario, and the different types of taxable income and non-taxable income. Examples of taxable incomes are any full-time or part-time work, rental income, investments, pensions, and self-generated income. Non-taxable income is allowances, gifts, inheritance, and school scholarships. There also information about filing your income tax returns and paying outstanding income tax before the due date of April 30th to avoid any penalties and interest on the balance owed. The government website also provides a link on how to fill your tax return on software and paper. The website also lists a lot of different resources and contact numbers if people are interested to learn more about income tax and how to file your tax return.

The reason why I choose to use this website because this website is an official government website by the Canadian government with up-to-date information about income taxes. The information is reliable and has a lot of different tips and resources that can help Canadians get a better understanding of income tax and how to file your tax return.

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Ontario.ca needs JavaScript to function properly and provide you with a fast, stable experience. To have a better experience, you need to: Go to your browser's settings Enable JavaScript Le site Ontario.ca exige JavaScript pour fonctionner comme il faut, avec rapidité et stabilité.

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This video explores the eight different ways to reduce your taxes in Canada. The first way to reduce your taxes is by donating some of your money to charity. In Canada, a donor can deduct 15% for donations of $200 and less. A person can also donate more than $200 and 29% can be deducted, as long as the donation does not exceed the maximum of $1000. If you are a first-time donor, you may be eligible for an additional 25% of non-refundable credit on up to $1000 of donations. The second way in reducing your taxes by deducting fees paid to your accountant for preparing your income tax return. The third way is salesperson expenses. If you are a salesperson, you can claim your work-related expenses like phone use, office supplies, business meal, business trips, and more. Another way is filing your vehicle expenses to commute to work. Expenses that can be claimed are gas, repairs, parking, and insurance. Other tips are contributing to a tax-free saving account called the Registered Retirement Savings Plan (RRSP), to which you can donate up to $27,830 in 2020. You can also open a Tax-Free Saving Account (TSFA), which you can contribute a maximum of $6,000 in 2020. Making a Spousal loan and claiming public transit expense which can reduce your income tax.

I chose this video because I found it to be very interesting and useful for different ways that people in Canada can reduce their taxes. I learned new ways to reduce your taxes like making a spousal loan and filing your work-related expenses.

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April 30th, the due date for personal tax returns in Canada is quickly approaching and many of you might be asking yourselves "how can I reduce my taxes?" This video will show you 8 ways in which Canadians can reduce their taxes.

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This video outlines four different ways that families can cut taxes that the Government of Canada has proposed to Canadian families to help make life more affordable. The first way that Canadians can take advantage is the “Family Tax Cut” which allows families to transfer up to $50,000 of taxable income to a spouse that has a lower tax bracket. This can provide families with tax relief up to a maximum of $2,000. Other ways that Canadian families can save on taxes is by filing their childcare expenses for that incurred for that year when they file their tax returns. The third way is the “Children’s Fitness Tax Credit”. Parents can take advantage of the “Children’s Fitness Tax Credit” if their kids are enrolled in sports and claim $1000 per year for each child. The last way that the video mentions is the “Universal Child Care Benefit” that allows parents with children under the age of 6 years old to receive $160 per month, and children 6-17 to receive $60 per month.

I decided to use this video because it is important to learn and take advantage of the tax cuts that the government proposed to Canadians. Most people overlook these benefits and are not taking advantage. This can potentially help families save thousands of dollars each year that can help make it easier for parents to provide more for their children.

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How To Save Tax For Canadians - Income Tax Tips You Should Know

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This website posted by Scotiabank, which is one of the major banks in Canada, explores 8 different tips on how individuals and businesses can pay fewer taxes in Canada. The first tip is to keep complete records of electronic copies of scanned receipts to stay organized in case if you get audited. The next tip is to file your taxes on time to avoid paying penalties and interest. Six other tips are hiring a family member, separating personal expenses, investing in RRSPs and TFSA’s, writing off losses, claiming home office expenses, and moving costs related to your business for transportation, storage fees, utilities, and realtor commissions.

I chose this website because it is helpful for those who are running small businesses and are looking to pay fewer taxes in Canada. I thought that the tip they provided about keeping your complete records of receipts is a great tip that businesses should consider because, at any time, the CRA may audit your business, and if you do not have enough evidence you can get into serious trouble. Also, it is good to keep records because losing a receipt can potentially cause you to miss out on tax deductions.

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8 ways to pay less tax in Canada

Running a business is a lot of work, and naturally, you want to keep as much of what you make as possible. So here are some tax tips to help you do just that.

Be diligent about your record-keeping to avoid lost receipts that can mean missing out on tax deductions. Keeping electronic copies of scanned receipts can help you stay organized on the go, but file your hard copies as well in case you get audited.

2. File your taxes on time

Self-employed people have until June 15 to submit taxes, but take note: if you owe money to the Canada Revenue Agency (CRA), you need to pay your tax bill by April 30 to avoid late fees. If you file after the June 15 deadline, according to the CRA website, you'll pay a 5% late penalty and 1% interest every month thereafter.

As far as tax planning goes, the benefits of hiring your spouse or child and paying them a salary are two-fold: for 2019 the first $12,069 of a family member's employment income is tax free (i.e. the "basic personal amount"), and their salaries count as a tax deduction for your business. Just make sure salaries are reasonable and you keep a paper trail to prove the work was performed.

4. Separate personal expenses

Make it a habit to pay for any business-related expenses with a separate business credit or debit card. You'll simplify your record-keeping and potentially avoid a red flag with the CRA. If an expense falls under a grey area, like bathroom issue for your home office, be sure to note how it relates to your business on the receipt.

5. Invest in RRSPs and TFSAs

Tax-advantaged savings plans are a smart way to save for retirement and lower your tax bill. A Retirement Savings Plan (RSP) will allow you to shelter your savings from tax; while a Tax-Free Savings Account (TFSA) lets you withdraw money without penalty.

If you've ever had a non-paying customer, experienced a capital loss or your business was targeted for theft, you can include those losses as legitimate tax deductions.

7. Deduct home office expenses

Things like utilities, internet charges and stamps are often missed by business owners who run a home-based business or use a home office. The CRA requires you to calculate the percentage of your home space allocated for business use to determine the portion you can claim for rent, mortgage interest, utilities and other expenses.

If you moved at least 40 km to run your business, you can claim a number of related costs including transportation and storage fees, realtor commissions, and charges for connecting or disconnecting utilities.

A final tip: an accountant can potentially save you money by identifying tax deductions you may not know about. Consider working with an accountant familiar with your particular type of business.

This information is presented for educational purposes only and should not be considered as tax advice. Be sure to consult with a qualified tax specialist to obtain tax advice specific to your business or personal situation.

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8 ways to pay less tax in Canada Running a business is a lot of work, and naturally, you want to keep as much of what you make as possible. So here are some tax tips to help you do just that.

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This website from Canadian Living provides information about different tax breaks that Canadians should use when sending their tax returns to Revenue Canada. A great tax break that website talks about is charitable donations, in which people can receive a bigger credit once they have donated more than $200. You can also claim all of your charitable donations in one year, which will give you a larger total credit and reduce your taxes more, rather than claiming small amounts every year. Another way you can reduce your taxes is by claiming any moving expenses that you have incurred when moving to a new location. Another great way for those that have a disability is “Disability Tax Credit” for those who are eligible can offset taxes payable of up to $8576 in 2020.

I chose this website because people that have a disability can use the disability tax credit to reduce their taxes so that they can put that money toward any medical needs or home care.

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If you've ever submitted a tax return with the nagging feeling maybe you forgot an important deduction, the bad news is it's all too possible you did.

There are lots of breaks we omit when sending our return to Revenue Canada, and this can cost us thousands and thousands of dollars over a lifetime of erroneous tax filing, says tax expert Evelyn Jacks, author of over 50 books on the subject. "Thankfully, the Canada Revenue Agency (CRA) allows corrections to errors and omissions for a ten year period," she says. So all's not lost.
Tax breaks you should know about:
1. Charitable donations
Be sure to collect tax receipts (which registered charities are happy to send out) when forking out at the office for the United Way campaign or sending your best friend $100 for her Run for the Cure fundraising drive. "Charitable donations result in a larger tax credit once the total value donated exceeds $200," says Nancy Williams, Ottawa-based Tax Professional at H&R Block. Since charitable donations may be saved for up to five years, compiling them for a few years and claiming them all in one year will give you a larger total credit than claiming a small amount every year, she says.

2. Your first home
If you moved into your first house or condo a few years ago and think you didn't mention it on your return, it may well be worth digging up the files and reviewing them. "If you are buying your first home, there is a non-refundable tax credit of $5,000 that may be claimed in the tax year of the purchase," Williams says. Click here to see if you are eligible. from your home
"Moving expenses are also often missed," says Jacks, and she doesn't only mean the amount you spent on a moving truck and boxes. "That's because real estate commissions - which can run into five figures -- are part of the claim, available if you moved at least 40 kilometres [by the shortest usual public route] closer to the new work, self-employment location or school and had income there," she explains. If you assume those commissions were $20,000; at a 40 per cent marginal tax rate, that's worth $8,000 to you, she says. That might pay for your legal fees and for some of the landscaping costs of your new residence, she adds.

4. Kids' activities and lessons
The federal government wants to encourage us to get our kids active. If junior is enrolled in pricey skiing lessons in the winter and soccer camp in the summer, you'll be able to get some of those costs back in the form of a credit. "The children's fitness tax credit allows parents to claim up to $1,000 of the costs for any children under 16 years of age to participate in fitness activities such as sports teams and lessons," Williams says.

5. Disability tax credit
The disability tax credit can be a lucrative non-refundable return for those families and individuals that are eligible. This amount is worth more than $7,000 as a non-refundable credit, which will offset taxes payable, says Jacks. And while that sounds abstract, this is approximately $1,500 in real money, depending on the level of the tax brackets and rates in your province of residence. "Claiming this over a ten-year period amounts to $15,000 in tax savings. This can go a long way to help those needing extra medical or home care throughout a period of chronic illness," says Jacks, who is founder and president of the Winnipeg-based Knowledge Bureau. Note that those who wish to receive the disability tax credit must apply for it before filing a tax return. You cannot claim your credit until your application is approved.

6. Other obvious tax breaks
Don't forget about public transportation passes, says Williams. Single fares don't qualify, but weekly and monthly passes do.

Know all of the refundable tax credits, Jacks advises, "The Child Tax Benefit, The GST/HST Credit, and the Working Income Tax Benefit and all their 'clawback zones' -- that is, at what income level do you lose those credits, and how RRSP planning can help," she says.

Daycare is another break, so be sure to save receipts. "Child care expenses are deductible, and [there is] a non-refundable tax credit for an eligible dependant. One can even transfer the Universal Child Care Benefit to that child to get a better tax break, but you'll have to do the numbers to be sure," Jacks says.

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The tax breaks everyone should know about | Canadian Living

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If you've ever submitted a tax return with the nagging feeling maybe you forgot an important deduction, the bad news is it's all too possible you did. There are lots of breaks we omit when sending our return to Revenue Canada, and this can cost us thousands and thousands of dollars over a lifetime of erroneous tax filing, says tax expert Evelyn Jacks, author of over 50 books on the subject.

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This website is an online Canada income tax calculator that can help provide a better sense of how much you will be paying based on your income tax. On the website, you can select the province that you live in, input your employment and self-employment income, and also other income like CERB is subject to tax. The online website calculator allows users to input any RRSP contribution, Capital gains, and dividends, which will provide you with your total taxes.

I found this website very useful because people can get an estimate about how much federal taxes, provincial taxes, and also your income tax refund for that year. The online calculator is also easy to use and has additional information about the tax bracket.

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2022-2023 Canada Income Tax Calculator | TurboTax® Canada

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TurboTax® free Canada income tax calculator for 2022 quickly estimates your federal and provincial taxes. Find out your tax refund or taxes owed plus federal and provincial tax rates.

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This image is a checklist for tax returns. It has most of the tax deductions like expenses and credits that you could claim when filing your taxes. The checklist also provides tax slips and an additional list of information that people can look at when gathering and preparing their taxes.

The reason why I chose this image because it will be very useful and convent, when gathering all your receipt and assist other when doing their taxes. You can also go along and check off the boxes to ensure you are not missing anything.

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This image shows the 2020 taxable income that displays the tax percentages of employment & self-employment income, capital gains, eligible dividends, and other dividends for the tax bracket of the province of Ontario for 2020.

I decided to use this image because it gives people are a better understanding of the tax bracket for their 2020 income.

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Hello everyone, welcome to my padlet wall. In this padlet, you will learn about income tax. Income tax is important because the government requires people to report their income every year to determine their tax obligations. This padlet will explore an in-depth detail about income taxes and some tips that you can use to help reduce your income taxes.

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This video explains how Canadians can pay fewer taxes on their income during the mist of the COVID-19 pandemic. With the COVID-19 pandemic going on and more Canadians are working from home, people can claim their home office expenses like supplies and certain phone expenses that they have incurred while working from home. This can be claimed on your income tax return that can reduce the amount that you pay for taxes on income. For business owners who had to provide face masks to staff and other expenses like protective supplies like plexiglass to help prevent the spread of the COVID-19 virus, owners can now claim this as a business expense, which can help reduce the owner’s taxes for the year.

I chose the video because, with the COVID-19 pandemic, people are facing a new challenge to work from home and are finding themselves buy equipment and supplies, which their job would have provided at the workplace. This can be expensive for people working from home. I think that Canadians should look into this because people can report their expenses on their income tax return which can help thousands of Canadians save a lot of money and make it more affordable for workers. Business owners are also having difficulty purchasing protective equipment and supplies, and sometimes are operating at a loss because of the increased expenses. If businesses report the expenses on their tax return, they can also save a lot of money.

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How to Pay Less Tax in Canada - Tax Tips for the 2020 Tax Year