Tax in general
A sum of money paid to the government
What is tax
Someone who is currently living in canada and spends all of their time except a 2 week vacation in Canada
What is a resident
A sum paid that is a portion of the earnings from an occupation
What is personal income tax
A registered savings account that uses after tax income as a contribution and then allows for tax free growth
What is a TFSA
The governing body that oversees the tax process in Canada
What is the CRA
Calvin has recently moved to Canada from the US. They have sold their home in Texas and purchased a home in Toronto on June 14. They also started their new job that same day. What would he be classified in terms of residency?
What is a part time resident
A sum of money paid as a percentage of a purchase
What is sales tax
The act of planning transactions and investments in such a way to reduce taxes payable
What is tax planning
The type of tax that is responsible for the largest portion of tax revenue
What is income tax
Samantha crosses the border into Canada for work. She stays in Quebec 187 days and nights of the year to work. What would she be classified in terms of residency?
What is a deemed resident
A tax on profits earned from selling an asset
What is capital gains
The act of reducing tax by omitting information or providing inaccurate information
What is tax evasion
The year in which Canada implemented income tax
What is 1917
James lives in Buffalo and works in Niagara. He goes to work 190 days of the year, but returns home every evening. What would he be classified in terms of residency?
What is a non-resident
Tax imposed on realestate holding based on its appraised value
What is property tax
A registered savings account that allows the contributer to reduce their taxable income
What is a RRSP