Income
Tax Planning
Tax Credits
Tax Misc.
Fun Facts
100
a system, which means that as taxable income increases, the tax rate increases
What is Progressive Tax Rate
100
arranging one's affairs to minimize income tax is considered perfectly acceptable
What is tax avoidance
100
subtracted after total tax has been determined
What is tax credit
100
date to file taxes by
What is April 30th
100
country that has no tax
What is UAE
200
the highest rate that you personally pay on taxable income
What is marginal tax rate
200
violation of the law
What is tax evasion
200
designed to provide benefits for low-income individuals, it is negatively related to taxable income
What is refundable tax credits
200
the windfall accruing to an owner because property or possessions have increased in value
What is capital gain
200
percentage on the first $42,707 of taxable income
What is 15%
300
multiply your federal marginal tax rate by the provincial rate, and then add the result of that calculation to the federal rate
What is combined marginal tax rate
300
a basic principle to be considered when contemplating intrafamilial transfers of funds
What is attribution of income
300
tax credit that every taxpayer is allowed to claim
What is the basic personal amount
300
only a portion of any capital gain (currently 50 percent) is taxable
What is taxable capital gains
300
in 1650, this king of france imposed the first recorded tax in canadian history
What is king louis the XIV
400
all the income you received before anything was subtracted
What is gross income
400
registered retirement savings plans
What is RRSPs
400
greatest benefit to those with higher incomes
What are deductions
400
since money goes into plans tax-free, while any return return generated within the plan is also not taxed
What is tax-sheltered funds
400
this canadian province was the first to introduce a personal income tax
What is BC
500
your income after something has been subtracted
What is net income
500
Registered education savings plans
What is RESP
500
basic personal amount, spouse amount, and pension income are some examples.
What is non-refundable tax credits
500
a pension of $750 a month would be adjusted as follows: $750 + (750 x (0.04-0.03)) = $757.50
What is partial indexation
500
prime minister that imposed a "temporary" income tax to cover wartime expenses
Who is Robert Borden
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