This lesson is set up to address the application of the relevant taxation laws, including but not limited to:

• The relevant income and expenditure items that might be applicable to individuals, where they originate from in the Income Tax Act, as well as how they fit into the tax return, such as

• Types of income that will be taxed, as well as those that will not be taxed (remuneration, investment income, trading income)
• Deductions, rebates and credits available to individuals

• A brief coverage of the administrative rules and the responsibility of individuals regarding submissions

Key Topics Covered:

• Taxable vs. non-taxable income (remuneration, investments, trading)

•  Deductions, rebates, and tax credits for individuals 

• How income and expenses fit into your tax return 

• Administrative rules and filing responsibilities

• Auditors 

• Audit clerks

• Employees, freelancers, and small business owners 

• Students and first-time taxpayers 

• Anyone looking to better understand personal tax obligations