Business Administration - Financial Planning RFC122 Lecture Notes - Lecture 1: Capital Loss, Child Care
11 Dec 2016
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Document Summary
Three rules: you make money, you pay taxes, you spend money to make money (tax deductible, you only pay taxes once a year, or you"ll enjoy tax benefits once. T-4 shows how much you"ve made in the year and how much taxes are being withheld. Cpp/ei is on t4 (everyone must pay) T-5 is interest you make in savings accounts, gics. You are required to file income tax. Residents (183 days in canada) must pay taxes; file tax return first. Businesses are due june 15th, but do it in case you owe money. Property - investment income (rental, interest, dividends, capital) Other - pension:retired income; rrsp in included in pension withdrawal; research grant. Capital loss carryover (lost money in past but made money now to cover) Div c" (sub e subtract sub c = net income) *** total income - total deductions (net income) = taxable income *** Personal amount (non-refundable if you have no income) - ,000.
