MCS 2100 Chapter Notes - Chapter 3: Personal Financial Management, Foreign Tax Credit, Canadian Taxpayers Federation
Document Summary
Taxes on property: real estate property tax is a major source of revenue for local governments, based on the assessed value of land building. Increasing amount is a major concern of homeowners retired people with fixed incomes may encounter financial difficulties: provincial and municipal governments may assess taxes on the value of automobiles, boats, furniture and farm equipment. Filing your federal and provincial income tax return: determine whether you are required to file a return. Identify what form you must complete most often, t1 general income tax and benefit. Return for a particular province, and any necessary schedules or supplementary forms: decide whether to complete a paper return, file by telephone or file electronically. Income tax fundamentals: taxable income: the net amount of income, after allowable deduction, on which income tax is computed. Security); spousal and child support payments; research grants; other education-related payments in excess of .