The After-Tax Effect
Learning Objectives
After studying this section, students should be able to:
- Recognize that taxes are commonly an individual’s largest expense
- Be familiar with the importance of understanding tax in becoming financially independent
- List beneficial reasons to file your individual tax return
- Understand how income is taxed in Canada
- Calculate the effective tax rate and marginal tax rate for an individual
- Appreciate digital services accepted by Canada Revenue Agency
- Understand various parts of the T1 Income Tax and Benefit Return
