MCS 2100 Study Guide - Personal Financial Management, Student Loans In Canada, Home Equity Loan

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: Jian Zhou

Document Summary

Food items and prescription drugs are exempt to sales to reduce economic burden on poor. Taxes on property real estate major source of revenue for local governments. Taxes on wealth capital gains tax , sales of assets (stock or bond), transferring ownership asset, gifts or inheritance. Taxes on earnings supports a number of social benefit programs. All residents of canada for any year they have balance of taxes owing. Step 1: determining total income: employment income, net business income, taxable capital gains, other income (corporate pension plans, rrsps) Step 2: calculating net income: net income total income less deductions, deductions expenses that taxpayers are allowed to deduct from total income. Others: spousal and child support, interest paid on loans the proceeds of which are used to earn taxable investment incomes, employment expenses (ex. travel). Step 4: calculating federal taxes owing: 0 to 37,178, 37,179 to 74,357 $ Step 5: calculating net federal tax: two types of tax credits.