The Canadian personal income tax system seems very complex. So complex, in fact, that many Canadians feel overwhelmed by the idea of trying to complete their own income tax return. What is the result? They pay a professional and then sign their return without having any understanding of how they are taxed. Does this sound like you? Using instructions, explanations, case examples and videos, financial planner Penelope A. Ellison (MBA) will provide the tools and information you need to
Take Control of Your Taxes.
After completing this seminar, you will:
- Understand the process of calculating your federal tax refund or balance due.
- Know the different ways of submitting your return.
- Understand the four Ds of tax planning.
- Understand how each source of income is taxed at the federal level.
- Know where to find the information you require to summarize your total income.
- Be familiar with the attribution rules that specify what income must be declared by each family member.
- Know the types of deductions that may be claimed to derive net income and how to calculate them.
- Be familiar with the non-refundable tax credits that apply to your situation.
- Understand the role that tax planning plays in the overall context of financial planning.
- Know the particular tax planning strategies that apply to the employed, students and the retired.
This seminar includes links to The Federal Tax Guide, federal tax packages and various tax topics. It also contains information on provincial taxes, an interactive federal tax calculator and an online tax topic glossary.
There is no reason why you cannot file your own tax return and feel confident that you have paid no more federal income tax than is absolutely necessary. After all, personal tax is probably your biggest single expense, and one that you should pay attention to.