COMMERCE 4FP3 Chapter Notes - Chapter 4: Registered Retirement Savings Plan, Spreadsheet, Turbotax
23 Jan 2017
School
Department
Course
Professor
Document Summary
Overview: refer to page 100 in the textbook. Gst (federal tax; 5%) + pst (provincial tax; inapplicable in alberta; 8%) = Food and prescription drugs exempt from hst. Low-income individuals may be eligible for a refund of a portion of sales taxes paid. Excise tax: a tax imposed on specific goods and services (ie. gasoline, cigarettes, alcohol, tires, air travel: property. Major source of revenue for local governments. Based on the assessed value of land and buildings: wealth. Capital gains tax: tax on a capital asset that has increased in value at the time of sale or transfer: earnings. Income taxes used to fund social benefit programs (ie. old age security pension, canada pension plan, and employment insurance) Filing your income tax return (7 steps): determine if you must file an income tax return. Residents of canada and non-canadians who have been present 183 days (half of a year) or more must file an income tax return.
