Income tax- Tips and Resources by Jimmy toor https://padlet.com/jimmytoor007/3bkmdiy8qmv7 Jatinderpal Singh en-us 2019-04-01 16:27:25 UTC 2025-10-23 12:04:19 UTC hello@padlet.com Tax jimmytoor007 https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347277046 Taxes are amount of money collected by government to run the government services.
Income taxes are those which are applied to the income of a person]]> 2019-04-01 16:39:57 UTC https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347277046 Total ncome jimmytoor007 https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347280511
  • It is important to calculate income for the calculations of tax. These following things are added in calculation of the total income: -
    • Salary 
    Wages 
    Commissions 
    Interest income 
    Dividend income
    Capital loses and gains
    Tips, prizes and awards.
    ]]>     2019-04-01 16:45:00 UTC https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347280511     Deductions jimmytoor007 https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347285025 Some of the deductions, which are exempted from income tax are: -
    Registered Pension Plan
    Registered Retirement Pension Plan
    Union/Professional Due
    Child care expense 
    Support payments
    Carrying Charges]]>     2019-04-01 16:53:09 UTC https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347285025     Taxable Income jimmytoor007 https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347289239 To calculate the taxable income deductions should be subtracted from the total income.]]> 2019-04-01 17:00:15 UTC https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347289239 Tax Credits jimmytoor007 https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347291408 One can reduce the burden of the tax by use of tax credits.
    Some of them are Refundable or Non-refundable.]]>     2019-04-01 17:04:18 UTC https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347291408     How to reduce tax jimmytoor007 https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347295863 Tax Planning should be done in order to record activities and transactions. It helps in the elimination of the taxes.
    Save money in the Tax Free Saving Account.
    Maximize RRSP that is Registered Retirement Saving Plan.
    Deduct employment expenses from your personal income.
    Borrow money to invest in our Business. 
    Purchase tax free houses.
    Claim your Medical expenses.
    Split the income among family.
    Tax- file should be on time.
    Always maintain a record of each and everything.]]>     2019-04-01 17:11:36 UTC https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347295863     Resources jimmytoor007 https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347315828 There are several resources for the income tax. These resources are provided by government as well as private companies. Some of the resources are:-
     ]]>     2019-04-01 17:46:38 UTC https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347315828     More Resou jimmytoor007 https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347320078 2019-04-01 17:55:05 UTC https://padlet.com/jimmytoor007/3bkmdiy8qmv7/wish/347320078