I am Noah. We have our T4 slips, our tuition receipts, and our software ready to go. Today we are finishing the job and actually filing our Canadian income tax return. This is where the preparation pays off and you get to see the final results of your financial year. Filing your taxes using modern software is a step by step process that ensures accuracy and speed. First, you enter your personal information, including your full name, address, and your Social Insurance Number. This number is your unique identifier with the government, so keep it safe and never share it over email. Most modern software can actually connect to the Canada Revenue Agency and auto fill your information. This is a huge pro because it imports your T4 slips and tuition forms automatically, which reduces the chance of making a typo. If you choose to do it manually, you just look for Box 14 on your T4 and type that number into the corresponding spot in the software. This is your total employment income, and it is the starting point for everything else in your return. I love telling the story of my year through these numbers because it shows exactly how hard I have worked.I am Liam. I love coming up with new ideas, but when it comes to taxes, I stick to the plan. I will show you how to enter your employment income accurately. It is just about matching the numbers in the boxes on your paper T4 to the boxes on your computer screen. Beyond your main job, you might have other income to report, like interest you earned in a savings account or money you made from a side hustle. All of this goes into the total income section. This is where the government sees the big picture of your financial life. Even though it might seem like a lot of data, the software handles the heavy lifting by adding it all up for you. The pro of using technology is that it calculates your tax brackets automatically, so you do not have to be a math genius to get it right. We are making sure that every dollar is accounted for so that your return is solid and responsible.I am Chloe. I love finding out facts, and the best facts on a tax return are the credits. We are going to look at how your school tuition from the T-twenty-two-zero-two form can drastically change the amount of tax you owe. Once your income is entered, the software will calculate your total tax. But remember what we talked about regarding credits! This is where you enter those tuition amounts. If you paid five thousand dollars in tuition, that credit acts like a financial shield. It tells the government that because you spent money on education, you should not be taxed as much as someone else. As you add these, you will see the refund number on the screen change in real time. A refund happens when the tax your employer took out of your paycheque all year is more than the tax you actually owe. It is essentially the government giving you back your own overpayment. It is a very satisfying moment to see that number grow.I am Maya. I am a great planner, and I will wrap up with the most important part: the deadline and what happens after you click submit. In Canada, the deadline to file your taxes for most people is April 30th. If you miss this deadline and you owe the government money, they will charge you interest and late filing penalties. However, even if you do not owe any money, you should still file on time. Why? Because many government benefits, like the G-S-T and H-S-T credit or the Canada Child Benefit, are based on your tax return. If you do not file, those payments might stop coming to you. Filing on time is a responsibility of every citizen, and it ensures the entire system works smoothly for everyone. When you are finished, you click a button called Netfile to send your return directly to the Canada Revenue Agency. You could have your refund in your bank account in as little as eight days if you use direct deposit. It is the final step in a job well done.Even if you are doing a simple return, it is very useful to understand the form behind the software. This form is called the T-1 General. The first section lists all your different types of income. The second section is where you subtract your deductions to find your net income. The third section is where the math happens to find your taxable income. Finally, the credits are applied to find your total tax payable. If your total tax is five hundred dollars, but your boss already sent the government seven hundred dollars from your paycheques, you get a two hundred dollar refund. The pro of understanding this process is that you are no longer confused by the system; you are in control of your own financial data. You can justify every number on that form because you kept the records and did the work. It is a powerful feeling to be tax literate.Let us look at some specific lines on that form. Line 101 is your employment income. Line 236 is your net income after deductions like moving expenses or union dues. Line 435 is your total tax payable. If you are a student, you might find that your total tax payable is zero because of your tuition credits. This means you will get back every single penny of income tax that was taken out of your paycheque all year! This is why gathering your documents is so important. Without that tuition form, the government would keep that money. By being organized and using software, you are making sure your financial plan stays on track. You are prioritizing your future by keeping your money in your own pocket.When you click that submit button, make sure you save a digital copy of your return and all your supporting documents. The government requires you to keep these records for six years in case they have questions later. This is another key principle of sound financial planning: record keeping. Most software will allow you to save a P-D-F of your entire return. Put this in a safe place along with your T4 slips and receipts. Being a responsible adult means being able to prove your claims if you are ever asked. It also makes filing next year much easier because you can just look back at what you did this year. You are building a history of financial responsibility that will serve you well as your income grows and your life becomes more complex.Congratulations! You have just completed one of the most important annual tasks of adulthood. You have managed your records, understood your credits, and filed your return with confidence. Motivation comes from knowing that you are financially literate and capable of handling your own affairs without being overwhelmed. You have seen how your budget, your income, and your taxes are all connected. In our next video, we will put everything together to build a master transition plan for your move from high school to your future career. We will look at how budgeting, interest, debt, and taxes all work together in the real world to help you reach your biggest goals. Use the tax software simulator in the lesson below to practice a fake return for a student. You will see just how easy it is when you have the right skills and the right plan. We will see you in the next session to build your roadmap to success!
