Assignment 1 – Preparing a basic tax return for a single person


  • 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

Tuition slip
Donation slip
RRSP contribution

Additional Questions To Complete:

  1. What is considered taxable income? Provide 5 examples.
  2. What is considered non-taxable income? Provide 2 examples.
  3. What are tax deductions? Provide 2 examples.
  4. Please briefly describe the difference between marginal tax rate and average tax rate.
  5. What is the Federal marginal tax rate and the Ontario marginal tax rate for a taxable income of $50,000?
  6. What is RRSP? How will RRSP save taxes?
  7. 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?