Taxes (Canada)

What is the difference between total income and taxable income?

• Total income is the sum of all sources of income, while taxable income is the portion of total income that is subject to taxation after deductions and exemptions.
• Total income is the income that is not subject to taxation, while taxable income is the income that is subject to taxation.
• Total income is the income after deductions, while taxable income is the income before deductions.
• Total income is the income before deductions, while taxable income is the income after deductions.

What does the government of canada use net income for?

• Determining eligible benefits

• Determining how much taxes you owe

• Determining how much tax you paid

• net income = taxes owed

In canada, when are personal taxes due?

• June 30th
• March 15th
• April 30th
• May 15th

What happens if you do not pay your taxes on time and you owe money?

• You will be exempt from future taxes
• You may face penalties, interest charges, and potential legal action.
• Nothing. Just pay when you can.

• You will automatically go to prison

What happens if you do not pay your taxes on time and you have a refund?

• You will be exempt from future taxes
• You may face penalties, interest charges, and potential legal action.
• Nothing. file when you can.

• The government will invest your return for you and pay you interest once you do file.

When should you receive your T4 slip?

• By the end of January
• By the end of March
• By the end of February
• By the end of April

What information is not found on your T4 slip?

• Tax refund

• Total wages for the year

• Total deductions for the year

• SIN

What source of income do you not need to pay taxes on?

• Gifts

• Tips

• Investment Income

• Money from side hustles

What deduction is not taken off a typical paycheck?

• Income tax
• Employment Insurance

• insurance

• CPP

Why should you file your taxes even is you had no income for the year?

• In order to qualify for governmental programs

• To avoid paying taxes in the future
• Because it's optional
• To receive a tax refund