TFSA
What does TFSA mean?
Tax Free Savings Account
What does RESP mean?
Registered Education Savings Plan
What does RRSP mean?
Registered Retirement Savings Plan
Who must file taxes in Canada?
Everyone - who earns money or gets benefits
How many levels of government are in Canada?
3
Who can start a TFSA account?
Anyone over 18 yrs old and has a SIN
Who can start an RESP?
Anyone with a SIN
Who can start an RRSP?
Anyone with a SIN
What is the deadline for filing your taxes?
April 30
Which government is concerned for the whole of Canada?
Federal
When can you withdraw money from the TFSA?
Anytime
When can you withdraw money from an RESP?
When the child has started post-secondary school
When can you withdraw money from you RRSP?
After you retire
True or False
You can file your own income tax.
True
Which government is concerned for Alberta?
Provincial
What can you uses your TFSA money for?
Anything
What can you use the money from an RESP for?
tuition, book, supplies, educational costs
What can you use the money from an RRSP for?
anything - it replaces your work income
True or False
If you have no income, you do NOT file income tax.
False
Which government is concerned for the city?
Municipal
What is the contribution limit for TFSA for 2023?
$6500
What happens if you use the RESP money for something not education?
You must pay back the government grants that were put into the account.
True or False
You will NOT be taxed on money withdrawn from an RRSP.
False
What is the government department that collects the tax?
CRA - Canada Revenue Agency
What is the name of a law, before it becomes a law?
Bill