Page 154 - The Ontario Curriculum, Grades 11 and 12: Mathematics, 2007

Grade 12, Workplace Preparation
3. Filing Income Tax
THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Mathematics
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monthly budget suitable for an individual or family described in a given case study that provides the specifics of the situation (e.g., income; personal responsibilities; expenses such as utilities, food, rent/mortgage, enter- tainment, transportation, charitable contribu- tions; long-term savings goals)
2.5 identify and describe factors to be considered in determining the affordability of accommo- dation in the local community (e.g., income, long-term savings, number of dependants, non-discretionary expenses)
2.6 make adjustments to a budget to accommo- date changes in circumstances (e.g., loss of hours at work, change of job, change in per- sonal responsibilities, move to new accommo- dation, achievement of a long-term goal, major purchase), with technology (e.g., spreadsheet template, budgeting software)
By the end of this course, students will:
3.1 explain why most Canadians are expected to file a personal income tax return each year, and identify and describe the major parts of a personal income tax return (i.e., identification, total income, net income, taxable income, refund or balance owing)
3.2 gather, interpret, and describe the information and documents required for filing a personal income tax return (e.g., CRA guides, forms, and schedules; T4 slips; receipts for charitable donations), and explain why they are required
3.3 gather, interpret, and compare information about common tax credits (e.g., tuition fees, medical expenses, charitable donations) and tax deductions (e.g., moving expenses, child care expenses, union dues)
3.4 complete a simple personal income tax return (i.e., forms and schedules), with or without tax preparation software
3.5 gather, interpret, and describe some addition- al information that a self-employed individual should provide when filing a personal income tax return (e.g., a statement of business activi- ties that includes business expenses such as insurance, advertising, and motor-vehicle expenses)
3.6 gather, interpret, and describe information about services that will complete a personal income tax return (e.g., tax preparation serv- ice, chartered accountant, voluntary service in the community) and resources that will help with completing a personal income tax return (e.g., forms and publications available on the Canada Revenue Agency website, tax prepa- ration software for which rebates are avail- able), and compare the services and resources on the basis of the assistance they provide and their cost
3.7 gather, interpret, and describe information about applications of the mathematics of personal finance in the workplace (e.g., selling real estate, bookkeeping, managing a restaurant)