#3 Canada Taxation System

s2s · May 2, 2023
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Canadian Taxation System for International Students

Learning Objective:
This lesson aims to provide international students with a clear and concise understanding of the Canadian taxation system, focusing on essential topics such as the Social Insurance Number (SIN), tax rates and slabs, types of taxes including HST and income tax (both federal and provincial), and the process of filing tax returns and obtaining refunds. By the end of this lesson, students will be equipped with the knowledge needed to manage their tax responsibilities in Canada.

Understanding the Canadian Taxation System

Social Insurance Number (SIN)

  • Importance of obtaining a SIN for working and filing taxes in Canada
  • How to apply for a SIN as an international student

Tax Rates and Slabs

  • Overview of Canadian tax rates and income slabs
  • Differences between federal and provincial tax rates
  • How tax rates apply to different income levels

Types of Taxes in Canada Income Tax

  • Federal income tax: Overview and rates
  • Provincial income tax: Overview and rates for different provinces
  • How income tax is calculated and deducted from earnings

Harmonized Sales Tax (HST)

  • Explanation of HST and its application
  • Differences between HST, GST, and PST
  • Examples of goods and services subject to HST

Filing Tax Returns Tax Filing Requirements

  • Who needs to file a tax return
  • Necessary documents and information for filing taxes
  • Important deadlines for tax filing

Process of Filing Tax Returns

  • Step-by-step guide to filing tax returns
  • Online tools and resources available for tax filing
  • Common mistakes to avoid

Tax Refunds and Benefits

  • Understanding tax refunds: Eligibility and process
  • How to check the status of your tax refund
  • Overview of benefits and credits available to international students

International Student-Specific Tax Topics Residency Status for Tax Purposes

  • Determining your residency status
  • Implications of residency status on tax obligations

Income from Foreign Sources

  • Reporting foreign income
  • Tax implications of foreign income

Practical Tips

Keeping Records

  • Importance of maintaining accurate financial records
  • Recommended practices for record-keeping

Seeking Help and Resources

  • Where to find assistance with tax-related questions
  • Resources provided by the Canada Revenue Agency (CRA)

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Course Includes

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