Our Classroom economy

Our banking begins the first day of school. Students will earn a
paycheck. Students are given bank books. They will learn to
make deposits and withdrawals. There will also be fines and
banking fees so students have the experience of budgeting and
withdrawing money. We will use class work and homework as
incentives to earn money. Student will learn to add and subtract
decimals. They will learn to write cheques.
Classroom bankers will earn wages for performing banking
duties and wages will be deposited into their accounts. Bankers
will handle all transactions for the Bank including all deposits and
withdrawals, collecting classroom fines, rent and tax collection on
April 30th, 2016.
Store: The classroom store will be held at the end of each month
and the students can spend their earnings on items
Banking Fines and Fees:
homework on time ($10.00)
project and reports ($10.00)
reading assigned reading ($5.00)
FINES
breaking one of the three rules (HANDS OFF, FEET OFF,
WORDS OFF) ($20.00 and up depending on the offence and
severity)
Improper use of grammar, such as can Megan and Me use
the Smartboard? ($5.00)
Disrespect of someone or their property ($50.00)

TAXES: On April 15th, 2016, the students will add up all their cash,
cheques and money in their saving account. Its time to pay their
classroom taxes. Students will compute their itemized
deductions, fill in a T-1, read the TAX table and file their tax
return. Their tax advisor (the parents) will check over their
work and help if necessary. Taxes need to be filed with the CRA
(Classroom Revenue Agency) on or before April 30 th , 2016.
Classroom Rent: To gain experience with income and expenses,
students will earn money and pay expenses. They will have to
rent their desk, chair and locker monthly. They will be given a
statement each month and have the opportunity to pay their fees.
This gives the students the practice of writing cheques and
balancing their ledger.
EARNING EXTRA MONEY: Students have the chance to earn
extra money by completing challenges $10.00, doing acts of
service $20.00, and $10.00 for speaking French out of the
classroom, such as the hallways with peers.

Dbit/Crdit
Date: __________________
Nom: _________________
montant
monnai
e
chques
TOTAL
Dbit/Crdit
Date: __________________
Nom: _________________
montant
monnai
e
chques
TOTAL
Dbit/Crdit
Date: __________________
Nom: _________________
montant
Monnai

e
chques
TOTAL

1
1

1
1

1
1

1
1

5
5

5
5

5
5

5
5

10

10

10
10

10
10

10
10

10
10

10

10

20

20

20
20

20
20

20
20

20
20

20

20

50

50

50
50

50
50

50
50

50
50

50

50

100

100

100
100

100
100

100
100

100
100

100

100

Classroom Revenue Services (CRS)

T1 GENERAL 2015

Income Tax and Benefit Return for 4H

Personal
Information
First name
Student Number

Last name
Date

Income
1. Total income this term (see line 1 of T4).
2. Itemized deductions (see line 9 of Itemized deduction form)
If no deductions, enter 0
3. Subtract line 2 from line 1. This is your taxable income.

Payment and Taxes

4.

Enter your income tax withheld (line 2 of your T4)

5. Tax. Use the amount on line 3 of the EPKK tax table. Then enter the tax from the
table on this line.

Refund
6. If line 4 is larger than line 5, subtract line 5 form line 4. This is your Refund.

Amount you owe

7.

If line 5 is larger than line 4, subtract line 4 from line 5. This is your amount
owing. Please clip your remittance slip to this form.

Sign Here
I certify that the information given on this return and in any documents attached is correct, complete,
and fully discloses all my classroom income.
______________________________________
_____________________________________
Signature
Date
It is a serious offence to make a false return.
Fifth grade teacher, Mr. Brent Coley, is the creator of these tax forms. They were customized for our students at cole Pere Kenneth Kearns School.
Visit his incredible website at http://www.mrcoley.com/taxes.htm

Classroom Revenue Services (CRS)

Itemized form for 4H
Name shown on T1 form

Travel

Medical/Dental

Dependents

Parlez franais

Acts of service

Challenge work

Add deductions
Total deductions

attach to T1 form

Student number

1. Have you walked to or from school an average of

3 times per week this year? If so, enter 2 in the
box to the right. If not, enter 0 in the box to
the right.
2. Have you been to the dentist, orthodontist,
doctor or eye doctor this year? If so, enter the
number of trips you have made to the dentist or
doctor in the box to the right (maximum
deduction of 3). If you havent been to the dentist
or doctor this year, enter 0 in the box to the
right.
3. Do you have any younger brothers or sisters? If
so, multiply the number of younger siblings by 2,
and enter the product in the box to the right. If
you are an only child, enter 0.
4. Have you been a classroom banker this year? If
so, enter 1 in the box to the right if you have
been a banker for one term. Enter 3 if you have
been a banker for two or more terms. If you have
not been a banker, enter 0
5. Have you earned an act of service coupon this
year? If so, enter 3 in the box to the right. If
not, enter 0.
6. Have you earned any Challenges this year? If you
have earned 1-5 challenges, enter 1 in the box
to the right. If you earned 6-10, enter 2. If you
have earned more than 10 challenges, enter 3.
If you did not earn any Challenges yet, enter 0.
7. Add itemized deductions from lines 1-6.
Multiply the deductions from line 7 by 10 and enter the
product in the box to the right. This is the amount of
your deductions. Also enter this amount on line 2 of the
T1Form.

Fifth grade teacher, Mr. Brent Coley, is the creator of these tax forms. They were customized for our students at cole Our Lady of Perpetual Help School.
Visit his incredible website at http://www.mrcoley.com/taxes.htm

2015 Tax Table

Use this table to determine the amount of tax you owe.
Enter your tax owed on form T1 line 5.
If you taxable income is:
At least
But less than
0
100
101
200
201
300
301
400
401
500
501
600
601
700
701
800
801
900
901
1000
1001
1100
1101
1200
1201
1300
1301
1400
1401
1500
1501
1600
1601
1700
1701
1800
1801
1900
1901
2000

Your tax is:

15
30
45
60
75
90
105
120
135
150
165
180
195
210
225
240
255
270
285
300

If your taxable income is:

At least
But less than
2101
2200
2201
2400
2401
2600
2601
2800
2801
3000
3001
3200
3201
3400
3401
3600
3601
3800
3801
4000
4001
4200
4201
4400
4401
4600
4601
4800
4801
5000
5001
10 000

Your tax is:

330
360
390
420
450
480
510
540
570
650
700
750
800
850
900
1500

Example:
Michael is filing his classroom income tax return. If his taxable income is $2,925, Michael should look in the at least $2,801 to
but less than $3,000 columns. He will see that his tax is $450.

Official Copy-Please attach to T1 Form

2015-2016 T4
4H Income statement
Name
Total Income
________+_________=___________
Cash
checking
total amount
Income tax withheld

Student
number
1.

2.

If you did not prepay your taxes this year, enter 0

Official Copy-Please attach to T1 Form

2015-2016 T4
4H Income statement
Name
Total Income
________+________=___________
Cash
checking total amount
Income tax withheld
If you did not prepay your taxes this year, enter 0

Student
number
1.

2.

Official Copy-Please attach to T1 Form

2015-2016 T4
4H Income statement
Name
Total Income
________+_________=___________
Cash
checking total amount
Income tax withheld
If you did not prepay your taxes this year, enter 0

Student
number
1.

2.