Financial Literacy 20, 30

(a)	Determine an individual’s responsibilities with respect to filing and paying income tax.
(b)	Recognize the purpose of a Social Insurance Number (SIN) with respect to income tax.
(c)	Describe the relationship between tax brackets and tax rates.
(d)	Compare marginal and effective tax rates.
(e)	Differentiate between a tax credit (e.g., basic personal amount, dependent children and tuition and education amounts) and a tax deduction (e.g., child care expenses and Registered Retirement Savings Plan contribution).
(f)	Discuss benefits and credits such as the Goods and Services Tax (GST) credit, child tax benefit and working income tax benefit.
(g)	List the sources of income on which income tax is levied, including: wages/salaries; interest, dividends and capital gains; self-employment; property rental; royalties on intellectual property; and, other incomes such as alimony, prizes or gambling winnings.
(h)	Research how various sources of income are taxed differently and at different rates.
(i)	Complete an income tax return for self or for various scenarios.
(j)	Explore the role of an income tax specialist (e.g., an accountant) in helping individuals and businesses make sound financial decisions to minimize taxes.