MCS 2100 Chapter Notes - Chapter 3: Excise, Capital Asset, Tax Avoidance

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: Ken Mark

Document Summary

Income taxes are used by the federal government to support social benefit programs including old age. Did you know: personal taxes paid in canada in 2007 totalled . 76 billion. Filing your federal and provincial income tax return: determine if you are required to file a return, identify which basic form you need to complete (most often the t1 general income tax and benefit. Who must file: all residents of canada must file a federal income tax return for any year in which they have a balance of taxes owing. Income tax fundamentals: the process of paying income taxes involves computing taxable income, determining the amount of income tax owed and comparing this amount with the income tax payments withheld or made during the year. If you are not eligible for the education amount, you need to report the part of the scholarship, fellowship or bursary that is more than .