Session Objective
Better understand Canada’s tax system and minimize the amount of tax paid.
Learning Outcomes
- develop effective strategies to minimize the amount of tax paid
- understand basic tax law
- understand the three main categories for tax planning:
- reducing income subject to tax
- maximizing deductions
- using all allowable tax credits
- learn simple tips and tools to save money
Session Outline
- understand tax laws
- tax planning
- keep detailed records
- how to achieve tax goals
- reduce taxable income
- tax deductions versus tax credits
- increase deductions
- use tax credits
- resources
- Q&A
Learning Materials
- Document Organizer Worksheet — organizer and tracker of all documents needs for taxes
- Tax Rate tables — tax rates by province
- CPA Canada’s Personal Tax Planner Guide — comprehensive resource for tax planning strategies
- CRA’s Fairness and Taxpayer Bill of Rights — specifies the rights and obligations of the tax payer, and the commitments of the CRA
Photo credit: Getty Images
Session Level
Basic
Topics Covered
Tax
Financial Planning
Managing Finances
Personal Finances
Credit
Who Should Attend
Adults, workplace
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