- Learn how to use the tax software.
- Study tax summary, tax return page 1, 2, 3, 4.
- Understand tax concept – taxable income, tax deductions and tax rates.
- Google, download and install the current version of Studio Tax Enterprise or TaxCycle onto your laptop.
- Input the personal information, you can just use your social insurance number and address.
- Input all tax slip (Attached to the bottom of this page).
- Read and study tax summary, T1 return pages 1,2,3,4
- Learn and try to understand tax concepts – taxable income, tax deductions and tax rates
Documents for Assignment
Additional Questions To Complete:
- What is considered taxable income? Provide 5 examples.
- What is considered non-taxable income? Provide 2 examples.
- What are tax deductions? Provide 2 examples.
- Please briefly describe the difference between marginal tax rate and average tax rate.
- What is the Federal marginal tax rate and the Ontario marginal tax rate for a taxable income of $50,000?
- What is RRSP? How will RRSP save taxes?
- How much is the tax saving by contributing $1000 into RRSP for clients with taxable income of $10,000, $30,000, $50,000 and $100,000?