What is RESP ? A Registered Education Saving Plan (RESP) is a tax-sheltered investment plan that helps you save for your children post-secondary education. It is one of the powerful saving tool to use for your child’s higher education. The earlier you open this plan, the more time your investment will have to grow to …
Dividend or Salary which one will save more for a corporation?
Determine Your Residency What to Consider Tax rules How it effects Who are they Status a.Residential Ties Physically present, have established residential ties No effect. Regular filing. Required to disclose world income Ordinary resident Resident a. Residential ties b. Calendar year Have not established residential ties or severed residential ties. Physically present in Canada for …
Popularly known as GST is a 5% tax on taxable supplies of goods and services in Canada; this is also known as value added tax because as goods and services move, transfer or transfigure from one shapes to the other their value increased and GST as well. GST/HST is consumption tax as the final product …
Common Definitions that you need to know: Earning are dollar amounts that constitute employee’s pay. Benefit are dollar amounts paid by an employer on behalf of an employee. Allowances are usually fixed dollar amount paid to an employee through payroll cheque and therefore subject to source deduction. Expense Reimbursement on the other hand is paid through Account …
If you have started your post-secondary education in Canada, regardless you are a resident or international student, you probably know by now tuition fees are costly and so as other education related cost. Here are some tax credits that are available for students: Tuition Tax credit Tuition fees are the big chunk of your school years spending. …
Climate Action Incentives Saskatchewan, Ontario, Manitoba and New Brunswick – these are the 4 provinces failed to introduce a carbon pricing scheme on their own; as a result Federal government initiate on its own carbon tax measure in these provinces. The climate action incentives tax credit for 2018 tax return is designed to offset the …
As we age, our forms of income change, which can affect our returns. Here, some pointers to help you master your taxes. 1. Get Organized When it is tax time, more you organized easier your tax processing will be. Keep all your receipts for medical items such as prescriptions and dental work. Best way to …
