Canada's Tax System
This is the abbreviation for the Harmonized Sales Tax
What is HST
This is the acronym for Registered Education Savings Plan
What is RESP
This is the acronym for Registered Retirement Savings Plan
What is RRSP
What is Social Insurance Number
This is the acronym for Tax Free Savings Account
What is TFSA
This benefit is made possible through taxes and allows Canadians to visit their family doctor for free.
What is OHIP
The GST/HST credit is a tax-free payment that is paid out in this frequency
This is the maximum age a person can hold an RRSP
What is 71
This document is given to you from your employer that reports the income you earned
What is a T4
This is the maximum contribution amount for 2021
What is $6000
This body administers tax laws for the Government of Canada
What is the CRA
You may be eligible to claim this much percent of federal credit for tuition fees paid at the post-secondary level
What is 15%
You must convert an RRSP to a maturity option such as THIS or an annuity by the end of the year in which you turn 71
What is a RRIF (Registered Retirement Income Fund)
Your child has to be under this age in order to qualify for a Moving Expense deduction
What is under 16 years of age
**trick question** This is the maximum age that contributions can be made to your TFSA
What is no maximum (age)
If it's not tuition, it's one of these three options that you could receive from your school to fund your education and these could be tax-free
What are scholarship, fellowship and bursaries
This percentage of the previous year's earned income in included in the calculation of the new contribution room each year
What is 18%
If you are eligible for a tax refund you can sign up for THIS through My Account, otherwise a cheque will be mailed to you.
What is direct deposit
The amount of withdrawals is added to the contribution room starting in this time
What is the following calendar year
This is a tax-free monthly payment made eligible to families to help them with the cost of raising children under 18 years of age
What is the Canada Child Benefit (CCB)
What is EAP (Educational Assistance Payment)
When you withdraw from RRSP you are subject to withholding tax except for certain plans like these
What are the Home Buyers' Plan (HBP) and Lifelong Learning Plan (LLP)
Bonus question: To get more details on taxes for students both international and domestic, it is best to seek this person
What is a tax professional
Excess contributions are subject to a penalty tax of this percentage per month