Tax 101 Presentation Fact SheetWednesday March 11th 2015: Thomas Lounge in Ryerson’s Student Centre

Warning: Protect Yourself The CRA is warning Canadians that fraudlent emails and phone calls claiming to

be from their agency are currently being reported.

Personal Income Tax in Canada In Canada, tax is based on residency and total worldwide income from all sources.

-Note that you are a resident for tax purposes by living in Canada, even if you do not have immigration status or SIN number

It is a mandatory self-assessment system using different tax rates according to how much income you make (called “tax brackets”).

Each taxpayer is allowed to determine how much tax they owe (if any) by using all available credits and deductions that are allowed.

Why file a tax return?Most Common Reasons:

• The CRA asked you to file• You owe tax on income or property• To claim for any refunds• To apply for benefits, or to continue receiving benefits (GST/HST Credit,

Ontario Trillium Benefits)• Contribute to social benefit programs that you may need in future: i.e. EI,

CPP premiums • You can carry-forward tax credits from your student years to future taxable

income years

Ontario Trillium Benefit A refundable tax credit that combines the following three:

• Ontario Sales Tax Credit• Ontario Energy and Property Tax Credit• Northern Ontario Energy Credit

If you are living on a low to moderate income, you are likely eligible. • Basic benefit is $281/year • Maximum benefit is $3372/year

GST/HST CreditA quarterly payment that helps individuals and families with low or modest incomes offset all or part of the GST or HST that they pay

• Basic credit is about $60 every 3 months• Maximum amount is about $300 every 3 months

Financial Literacy Workshop

When are Taxes Due?

Personal: By April 30th of the following year

Self Employed: By June 15th of the following year