https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2 Covering the latest tax news, including pertinent information for 2020 taxes... en-us 2021-02-16 03:05:27 UTC 2024-05-28 12:16:15 UTC hello@padlet.com https://d1dipv7bkc8ff3.cloudfront.net/45/86/47/458647R.jpg jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1361835884 Welcome to my padlet!  TAX SEASON IS UPON US...which is why I chose the topic of Income Tax Tips and Resources...
Doing our TAXES...the necessary evil we all must undertake.  We will have to do Income Taxes our WHOLE LIVES, so why not try and understand it, make it as painless as possible, learn how to make the most of your returns and put $$$ back in YOUR pocket!]]> 2021-03-28 18:52:56 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1361835884 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1361912427 This video touches on CERB issues and benefits which many people were impacted by this past year with COVID. Points of interest:  CERB was meant to be based on NET income originally, however was miscommunicated, so they are now accepting GROSS. Many people will not have to REPAY CERB.  CERB Relief measures in place for those owing taxes until April 2022, but be careful!  (watch video to find out why)...
I chose this video as I was personally was impacted by COVID and was keen to learn how it will impact my taxes.]]> 2021-03-28 19:40:07 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1361912427 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1361953720 This website compliments the "Life in the Fast Lane" video covering CERB repayment and NET vs GROSS miscommunication issues. 
"The Canada Emergency Response Benefit Act is unclear in what is to be included in "income" in order to be eligible for CERB." 
Good news for those who may have applied and received CERB in error!]]> 2021-03-28 20:07:18 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1361953720 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1361979906 This website is a user friendly tax estimator you can use if you want to see how your tax returns may be looking for the current year.  It is a great way to see what information you will need to collect in preparation to do your taxes, as well to do a trial run yourself by plugging in the #'s and estimating a refund or amount owing.  
I tried it out and it was easy to use! A great practice platform to use before diving into your real tax returns.]]> 2021-03-28 20:26:42 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1361979906 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1361986817 This 'do it yourself' tax software website link is FREE and accredited with Canada Revenue as one of their preferred software user choices.  There are different levels of service you can choose, the free version is basic, you can also opt to may a minimal fee if you would like virtual assistance.  
I used the FREE basic version personally and found it very user friendly and sufficient for my basic returns. Would recommend giving it a try!]]> 2021-03-28 20:31:50 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1361986817 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1361994768 This website is the official government page - the 'goto' and 'how to' page where you can find detailed information on all the steps required in processing your income taxes, login link to your account, how to get ready for taxes, filing and payment due dates etc.  
I found this site extremely useful for all my tax questions!  It's easy to read and I was able to do all the step by step instructions on setting up an account and doing my own taxes!]]> 2021-03-28 20:37:36 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1361994768 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362473856 This video is a very brief and basic overview of taxes in Canada and why we pay them in a nutshell.  Why DO we pay taxes anyway???  To support our resources, roadways, schools, and government services and sustain our quality of life...
I chose this website as I appreciated it's simplicity in explaining taxes and how they evolved!  There's also some interesting history shared too, income tax act was established in 1948 (along with Leafs won stanley cup for the 7th time and cheetos were invented lol)]]> 2021-03-29 01:49:00 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362473856 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362557357 "IT'S NOT HOW MUCH $ YOU MAKE, IT'S HOW MUCH YOU KEEP"
This video covers Federal vs Provincial taxes, Income tax brackets - as your income grows so does your tax %. Did you know that almost half of your pay cheque goes to tax?!  That is why it is so important to understand how to reduce your taxable income.
There are HUGE Tax Benefits of Business and Investment Income, TAX CREDITS (tuition, medical, student loan, donation, GST/HST, 1st time homebuyer)
TAX DEDUCTIONS are key to reducing taxes, the most common and powerful one being RSP contribution.
BUSINESS EXPENSES have WAY more tax deductions than regular F/T income, so good to have multiple income streams.  Most people pay all the same expenses as a business anyway such as fuel, rent/mortgage, insurance, phone etc., so why not write them off...
I chose this article as I found the presenter to be engaging, he spoke quickly and cut to the chase with pertinent information very relevant and beneficial to taxes. I personally am planning to launch a new business venture so found these tax tips to be most helpful!]]> 2021-03-29 02:27:32 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362557357 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362632395 In this short clip an overview of eligible STUDENT CREDITS to include on your tax returns is shared.  Did you know students can claim tuition, education, and textbook costs on your taxes?  Your school should issue a Tax Form T2202A which gives the total tuition fees paid, duration of program and f/t or p/t status.]]> 2021-03-29 03:09:31 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362632395 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362644202 This chart shows how the different salary brackets impact what taxable rate you fall within.  Notice how it goes up the more you make!
I chose this image as I found it helpful in understanding what tax % bracket I may fall within. Fortunately it's not the highest bracket yet, BUT when it is I will ensure to position myself with as many tax deductions and credits as possible to offset!]]> 2021-03-29 03:15:35 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362644202 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362673741 Here you will see a sample of a T2202A Form that a school will issue so you can claim your tuition credit.  You can find an electronic copy on the Durham College website - goto  'mycampus', and login, then 'Student Services', 'Canada tax forms. I just did this recently and simply saved an electronic copy and printed a hard copy for my tax files.]]> 2021-03-29 03:31:32 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362673741 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362705113 Upon researching this topic, I discovered valuable information I was not aware of, especially concerning CERB as well as CESB (student cerb) being this is a new arena for all including the government.  There are still so many grey areas surrounding CERB, so will be interesting to see what happens this tax season once everyone files! 

Reducing your taxable income is key, so it is well worth investigating all areas in which you may be able to leverage, whether it be RSP contribution, launching a business in order to benefit the write offs, claiming all your student credits etc to name a few.  Ultimately it is figuring out how to keep as much of your hard earned $$$ IN YOUR POCKET than paying the maximum taxes!   ]]> 2021-03-29 03:49:31 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362705113 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362746260 Beware the tax man...]]> 2021-03-29 04:15:48 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362746260 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362769894 1. What did you learn about your topic that surprised you the most?
ALMOST HALF OUR PAY POTENTIALLY COULD GO TO TAX!!! IT'S SO IMPORTANT TO LEARN HOW TO OFFSET TAX, MULTIPLE INCOME STREAMS IS KEY TO WEALTH!
2. Provide a real-life example of how this topic is relevant or interesting for you.
AS A STUDENT, THERE ARE MANY CREDITS WE CAN UTILIZE, IMPORTANT TO INCLUDE T220A IN YOUR RETURNS.
3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?
"IT'S NOT HOW MUCH YOU MAKE IT'S HOW MUCH YOU KEEP".  THIS IS A GREAT STATEMENT. FIGURE OUT HOW TO GET THE MOST TAX DEDUCTIONS POSSIBLE. OPEN A BUSINESS!]]> 2021-03-29 04:32:33 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1362769894 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1365290020 2021-03-29 18:18:54 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1365290020 jossalynegiordano https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1365304342 WE ALL LOVE GETTING A REFUND CHEQUE!!!]]> 2021-03-29 18:22:19 UTC https://padlet.com/jossalynegiordano/2z0il6x64hwq2yg2/wish/1365304342