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The Basics Of Taxes Answer Key

Mortgage escrow accounts: If you pay school taxes through a mortgage escrow account, you may want to contact the mortgage lender or its agent to advise them that you have switched to the STAR credit from the STAR exemption.

The Basics Of Taxes Answer Key

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This lesson will help students learn the basics of the Canadian income tax and benefit return, known as the tax return. This will help clarify the calculations done by certified tax software so students can better understand the final result of their taxes. Students will be able to test their knowledge through quizzes and practical examples.

Learning objective: Students will develop an understanding of the steps of the tax return. As a result, they will be better equipped to do their own taxes and to make sense of the calculations done by certified tax software.

Generally, the individual or company that pays you income will withhold tax at source, for example, your employer will deduct tax from your pay. The tax deducted over the course of the year helps cover the taxes you owe on your income at the end of the year.

Step 1: Explain to students that taxpayers in Canada do their taxes every year to calculate if they owe taxes (they have to pay the government) or if they are entitled to receive a tax refund (the government pays them).

Step 2: Ask students if they have ever done their own taxes or if they have seen their parents or legal guardians do theirs. For those who have, ask what they remember about the process. Give them a few moments to share their experience.

Step 3: Reassure students (particularly those who have had a negative experience, have been confused, or have had difficulties) that doing their taxes can be easy, especially once they understand the basic process.

Step 1: Inform students that the fastest and easiest way to do their taxes is electronically using certified tax software. There are many certified tax software they can choose from to do their taxes. Some of the software are free, and each is a bit different.

Explain to students that although they claim different deductions in Steps 3 and 4 of the tax return, all these deductions reduce their taxable income and, therefore, the tax they may owe on their income. Reducing the taxes they may owe could make them eligible for a refund or increase the amount of their refund.