Income Tax: Tips and Resources By Asia Renaud by

Introduction

asiarenaud — 2023-11-24 18:56:34 UTC

Welcome to my Padlet where you can learn all about income taxes and some tips to manage them. Income tax is a type of tax governments apply on income generated by individuals and businesses. These deductions are used to fund our community such as government obligations, goods for citizens, and public services. The federal and provincial governments both charge taxes therefore different provinces may have different rates. Enjoy learning more about where your money goes.

asiarenaud — 2023-11-24 19:11:21 UTC

asiarenaud — 2023-11-24 19:59:23 UTC

This website Wealthsimple explains income taxes in-depth, from history, purpose, structuring, rules, how-tos, and much more. The website starts by explaining how income taxes were introduced in 1917 to fund WW1. Then it goes into showing how income taxes work and the returns you receive after doing your taxes. The website later explains deadlines and tutorials to help people know how to get their taxes done. Also, the income tax rates get broken per income and percentage as well as things that are non-taxable and ways to reduce your income tax.

I chose this website because it informs you about all aspects of income taxes in an easy and organized way. It also gives tips and resources to help someone learn about the topic better. I found the introduction helpful because it did a deep dive into the history and factors of income tax and not just a brief confusing overview on this topic.

asiarenaud — 2023-11-24 20:01:44 UTC

This webpage is from Fidelity and explains how taxes are deducted from your paycheck. The website breaks down the tax deductions such as CPP and EI and any other employer deductions. It describes how payroll deductions work and paycheck information. In addition to that the website lists a few tips when it comes to reducing income taxes and how exactly CPP and EI work.

I chose this website because it specifically focuses on paycheck deductions from your employer and breaks it down in a more understandable way. Other websites have not done this and have skipped over employer deductions.

asiarenaud — 2023-11-24 20:02:29 UTC

This website is an income tax calculator as well as a tax information site. In this section of the website, you are able to calculate the amount of taxes you owe based on your income and other contributions. The website breaks down the income taxes to show provincial and federal as well as premiums and other information. The website has an option to change your province and insert any other income you accrued that year.

I selected this website because the income tax calculator is very helpful when calculating your income. Also, most people would like to see the breakdown of the income taxes which this website kind of does. Unlike the other websites listed, TurboTax offers an easy-to-use calculator to assist the average person in calculating their income tax.

asiarenaud — 2023-11-24 20:05:05 UTC

This website was created by the Canadian government and shows a database of all deductions and credits that you can use to reduce your income taxes. The website starts off with an introduction and then has the option to filter topics such as Family, Education, Disability, Pension, Employment, and more. The website then shows a list of all of the possible credits with the information line you need for your tax return and the qualifications.

Overall I chose this website because it shows directly through the government what exact credits you can claim, and if you are qualified. I find this database easy to navigate and understand. I find that this website is different from others because it is directly from the Canadian government and shows factual information. The filter option is awesome because you can get straight to the topic of the credit you want to see, which makes it super easy to get the information you need from this website.

asiarenaud — 2023-11-24 20:07:47 UTC

This video explains how income is taxed in Canada and the different types of taxable income. The video starts off by explaining the tax basics with an introduction. Then it goes into how exactly income is taxed and the percentage breakdown. Then it explains the different tax brackets based on a person's income. After that, it breaks down Capital gains taxes, dividend taxes, and interest taxes.

I chose this video because it focuses on income taxes as well as other taxable income that is good to know about. Not many videos have shown the other taxable incomes, but any interest you earn over a certain amount is taxable as well as dividends and capital gains. Therefore this video shows more in depth what is taxed and at what point.

asiarenaud — 2023-11-24 20:13:54 UTC

This video created by Turbo Tax explains how to do your taxes in a short and simple video. It starts off by explaining the due dates and deadlines for taxes, then it explains what personal information you need to file your taxes and what forms you need to use. Then it goes into expense receipts and how to file with Turbo Tax.

I selected this video because it is a good simple video for someone to learn the basics about filing taxes. Considering your taxes reflects what taxes you pay and what tax credits you receive.

asiarenaud — 2023-11-24 20:16:54 UTC

This video is more directed toward students to help them navigate their tuition and taxes. This video starts off by explaining the income tax basics, and then she moves on to explain the different types of tuition documents you may need to help file your taxes. After that, she then talks about who is eligible for these credits and how to calculate these credits. Lastly, because she is a resident she explains how to reduce her taxable income which can apply to others in similar working/studying situations.

I chose this video because as a student it is good to know how I can get tax credits for my paid tuition and how to navigate my tuition documents. This is different from other videos because it explains taxes for students specifically and how to reduce your income taxes due to being a student.

asiarenaud — 2023-11-24 20:33:23 UTC

This picture shows where your income taxes are allocated and dispersed throughout the community. Although this chart is dated it shows a good baseline for where Canadian dollars go and how many cents per dollar go to what.

I chose this image because I think it is useful to see where our money really goes and how it is broken down. This is an image that is not found around the internet, it is unique to see exactly how our money is broken down, in such a simple photo.

asiarenaud — 2023-11-24 21:12:40 UTC

What did you learn about your topic that surprised you the most?

What surprised me the most about Income tax is the amount of money Canadians pay to the government. Although there are tax credits and refunds Canadians still shell out large amounts of money in taxes. Especially for higher incomes someone making $100,000 / year is taking home more in the $80,000s. Overall it is shocking but understandable considering our free health care and good public services.

Provide a real-life example of how this topic is relevant or interesting for you.

This topic is relevant and interesting to me because I recently turned 19 and am a taxpayer and previously have had a brief understanding of income taxes. This topic is interesting because I was able to learn how to get better tax returns and make the most of my income taxes through my RRSP, TFSA, Charities, Tuition costs, and much more. I enjoyed learning about this because I now have a better understanding of how taxes work and where my money really goes.

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?

I think if I were to pass on information it would be about tax refunds and credits. Most people probably miss a lot of credits they are eligible for because they just do not know about them. Therefore I would educate my family and friends on ways to reduce their taxes and increase their tax refunds to get the best value for their dollar.

asiarenaud — 2023-11-25 17:02:26 UTC

This is a photo of what a T4 slip looks like. It explains the basic information needed for taxes and can help someone reference their T4 to this example.

I chose this image because I think it is important for people to know what their T4 looks like and how to navigate it. This is a good reference for someone to read their T4.

asiarenaud — 2023-11-27 18:09:40 UTC

This is another video by Turbo Tax video which explains more about income taxes. This video specifically goes into an introduction to taxes and tax deductions. Then it explains taxes and what expenses self-employed workers can claim and cannot claim. Then the video goes into more of an explanation about what income tax credits are and what are non-refundable tax credits and refundable tax credits.

I selected this video because it explains options for self-employed individuals whereas many other videos have not. Also, this video just shares its information clearly and efficiently considering the video is 1 min 45 sec.