Learning about taxes is essential for kids, too! I’ve written this guide in a five-part series on Tax Education for kids to understand taxes and the Canada Revenue Agency (CRA). Knowing the basics, kids can see why taxes are essential for our community and how the CRA helps manage them.
What Are Taxes and Why Do We Need Them?
Taxes are a small part of the money we earn or spend that we give to the government. This money helps the government give us things like schools, hospitals, and buses. When we all share a little through taxes, we help make our community better for everyone.
Getting to Know the Canada Revenue Agency (CRA)
Now, let’s talk about the CRA. It’s a group in the government that ensures everyone follows the tax rules. They collect the tax money and use it for different helpful programs.
Tax Education for Kids: Fun Ways to Learn About Taxes
Guess what? Learning about taxes can be fun! With games and activities, kids can see how taxes are figured out and learn how to pay less, called “tax deductions.”
Why Keeping Track of Money is Important
It’s also good for kids to know how much money they get (like from allowances) and what they spend it on. This helps when talking about taxes. And it’s a great way to learn about being smart with money from a young age.
Wrapping It Up: Why Learning About Taxes is Cool
Learning about taxes helps kids understand how we all work together to make our community great. The CRA is there to help with this. When kids know about taxes, they’re getting ready for the future and learning skills that will help them always.
Next week’s article will discuss Taxable Income and Non-taxable income…
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