Term
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Definition
| 1) Maximize deductions. 2) Look to capital gains. 3) Shift income to family member sin lower tax brackets. 4) Look to dividends rather than interest income. 5) Defer taxes to the future. |
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Term
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Definition
| A fiduciary agreement in which one individual holds property for the benefit of another person. |
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Term
| Registered Education Savings Plan (RESP) |
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Definition
| A tax deferred savings plan that is designed to help Canadian taxpayers save fr their children's post-secondary education. |
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Term
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Definition
| A government plan that allows for tax-free withdrawals from an RRSP to purchase a first home. You can withdraw a maximum of $20,000. And you have to pay it back in annual installments over a max of 15 years. |
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Term
| Life-long Learning Plan (LLP) |
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Definition
| Tax-free withdawals from an RRSP used for full time training or higher education. A maximum of $20,000 can be withdrawn. and it has to be paid back 10 years after you finished school. |
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