I’m 21 and don’t understand taxes or what to do with them?

[pgardner2358]

@hot2trot4christ While this is technically a valid option, many students are required and encouraged to take the college or university stream math course for their intended post-secondary education and don’t have schedule time for 2 math courses. It would be great if some of this content was included in civics and careers though - every student has to take that course to get their OSSD

 

[enia08]

@gineke anyone here have trouble accessing module 8.1.1 or some of the modules on the financial literacy toolkits?

 

[aquinas379]

@theoderic Congratulations, for doing the best thing for yourself. You chose education over avoidance, there are a lot of things in life that are going to be tedious. Keep pushing your comfort zone on these things and you will become better informed, better prepared, and more successful than most who don't.

 

[onya]

@theoderic I am a First Nation Accountant! If you did earn some income on a “Reserve” or a First Nation, you should “technically” report that as non taxable income! Depending if you are a Status First Nation aka have a Treaty Card. PM me if you have any questions!

First step is taking an interest in it! Good job!

 

[moorelake7]

@theoderic I'm a Status Indian that works for an on-reserve employer. It's a steep learning curve and it's difficult to find accurate information as a Status Indian, so many of these comments are too generalized. Some more dedicated guidance than what you find on Reddit that's familiar with Status policies on taxes (note to anyone reading this, any off-reserve income is still taxable for Status Indians and policies also vary provinicially)

Try out AFOA Canada, they are offering free remote-access tax clinics for Indigenous people. I've seen bands and friendship centers also offer tax services to support people, but it depends on your location. http://www.afoa.ca/afoa-canadas-national-virtual-tax-clinic/

People noting things like Trillium Benefits and GST credits are correct - even if you're not earning income there are benefits to filing.

 

[eian]

@moorelake7 Thanks for highlighting how being status doesn’t mean you don’t pay taxes! Key piece being income made on reserve + being a registered status Indian = non taxable income.

 

[beverly09]

@theoderic You are not alone. Well done for acknowledging the gap in knowledge. There’s a lot of resources online that you can read to begin to bridge the gap. It takes time but you’ll eventually get more comfortable and knowledgeable

 

[alama]

@theoderic Hi!

If you live on Federal land, there is a good chance that you have some special considerations that most here are unfamiliar with.

[1] You may have dual citizenship of some sort if you are part of a first nations band that spans the border.

[2] If you have status there are some benefits in tax law that non-status Canadians and Americans don't have.

Because of this I suspect you will only get the most basic of correct advice here.

I have never done income taxes for a person with first nations status, so I really don't have any specific info to give you other than this . . .

If you have special tax status, read this for background and contact a competent tax advisor who is familiar with your special issues.

 

[jjp297]

@theoderic W-2 are US version of a T4.

Only had one employee before that allowed me to collect benefits with my sin but they had passed away without giving me any record of working with them.

Do you mean employer (not employee)? What do you mean allowed you to collect benefits? Were you working and getting paid?

 

[theoderic]

@jjp297 Yeah I meant employer, and yeah working and getting paid but that was the only job I had that took out CPP and another ‘benefit’ that can’t remember

 

[jjp297]

@theoderic Do you have pay stubs? Is the business still around?

 

[theoderic]

@jjp297 No, lost track of them a couple years ago. And also no, at the time the boss was the only person and brought me under her. She had passed away so I’d say it’s not around anymore.

 

[jjp297]

@theoderic Ok, they may have submitted to CRA electronically. best is to file a tax return, sounds like for the last three tax years (since you said you lost your pay stubs a couple of years ago). You can use Simpletax (now called WaealthSimple Tax). It's free and fairly easy to use. If you have any other Tslips from other employers, enter those in.

If it sounds like you can't do it yourself, find a free tax preparer clinic near you.

 

[theoderic]

@jjp297 Why is this so damn tedious. I still don’t understand any of it. Thanks for your help though.

 

[naturist18a]

@theoderic The worst part is going through it the first time. Once you understand the basics, the rest of your life's returns will be easier.

 

[theoderic]

@naturist18a Literally all im trying to do haha, I just never had any opportunity or had a reason to learn it before. Now i'm questioning why taxes are a big deal and why i never seen certain things, like a T# slip. Im too far behind in life is all haha.

 

[oahu_grown808]

@theoderic My friend, you're only 21! You're doing great!

 

[naturist18a]

@theoderic Some people never figure it out. You're young and asking questions That's good

 

[resjudicata]

@theoderic High key the deal is that government wants a % on each dollar you earn. Its basically that. Reason why its nice to get paid in cash or pay others in cash. No paper trail equals no taxes. And then there's a paper trail, yup taxes.

 

[sally454]

@theoderic CRA will have copies of all of your tax slips on file. If you ask for them, CRA will mail them to you. You should phone the general inquiries for individuals line to request them or find out how to request them. 1-800-959-8281.

Definitely follow the advice to get information from people familiar with taxes for indigenous people.