摘要: A special tax law created in 1986 imposed on individuals under 17 years old whose earned income is more than an annually determined threshold. Any extra income earned above of the threshold is taxed a[阅读全文:]
摘要: An insurance product that features a predetermined periodic payout amount until the death of the annuitant. These products are most frequently used to help retirees budget their money after retirement[阅读全文:]
摘要: A provision applicable to the Canadian Registered Retirement Savings Plan (RRSP). The plan allows RRSP contributors a non-taxable temporary withdrawal of up to $20,000 from their accounts in order to [阅读全文:]
摘要: A federal initiative whereby a person is eligible for a non-refundable credit for a specific amount spent on higher education tuition and fees during the year.
These fees can be for the [阅读全文:]
摘要: A tax deferred exchange that allows for the disposal of an asset and the acquisition of another similar asset without generating a tax liability from the sale of the first asset. This can include the [阅读全文:]
摘要: Any two assets or properties that are considered to be the same type, making an exchange between them tax free. To qualify as like kind, two assets must be of the same type (e.g. two pieces of residen[阅读全文:]
摘要:
A person who is involved in a limited liability company but does not actively manage it. One benefit of being a limited entrepreneur is not having to pay self-employment tax. LLC owners must be car[阅读全文:]
摘要: A U.S. tax law, passed by Congress on May 23, 2003, that lowered the maximum individual income tax rate on corporate dividends to 15%. The act also reduced the long-term individual income tax rate on [阅读全文:]
摘要: One of the tests administered by the IRS that potential dependents must pass in order to be claimed as such by another taxpayer. The joint return test stipulates that no dependent can file a joint ret[阅读全文:]
摘要: A tax return filed on behalf of both the husband and wife, resulting in a combined tax liability.
In most cases, filing a joint return results in a lower tax liability than filing separa[阅读全文:]