Financial Literacy 10 (2026 FINAL)
FL10.5
Investigate the role of taxes and their effect on finances.
Indicators for this outcome
| (a) | Identify services funded by tax revenue (e.g., healthcare, education, infrastructure). |
| (b) | Differentiate between types of taxes (e.g., income tax, sales tax, property tax). |
| (c) | Examine how sales taxes (e.g., Provincial Sales Tax [PST], Goods and Services Tax [GST]) are applied to new and used purchases. |
| (d) | Explore how taxation applies to Indigenous Peoples in Saskatchewan, including the eligibility criteria for exemptions related to income tax and sales tax. |
| (e) | Discuss the importance of accurate tax reporting and the consequences of tax fraud or evasion. |
| (f) | Explore the process of filing a tax return and the role of tax software, Canadian Revenue Agency [CRA] services and deadlines. |
| (g) | Identify the documents and information required to calculate taxes on income (e.g., TD1, TD1SK, T4, T2202, Notice of Assessment [NOA], Social Insurance Number [SIN], receipts). |
| (h) |
Explore factors that influence how income taxes are calculated, such as:
|
| (i) | Critique the statement “Working overtime or receiving a raise could actually result in earning less money overall.” |
| (j) | Create a basic personal income tax return using a simple sample T4 employment form. |
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