Rental Property and Travel Expenses
Travel Expense And Rental Property
Tax and Benefits
WHY SHOULD YOU BUY RESP??
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 …
Residency Status
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 …
Did you receive Taxable benefits?
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 …