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Difference between revisions of "How Can I Save on My Taxes?"
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How Can I Save on My Taxes? (view source)
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===Registered Education Savings Plan (RESP)=== | ===Registered Education Savings Plan (RESP)=== | ||
A Registered Education Savings Plan (RESP) is a special savings <span class="noglossary">account</span> that helps you save for post-secondary education. You can open a RESP at a bank, credit union or investment company. The government does not tax this money while it is in your RESP. It can grow tax | A Registered Education Savings Plan (RESP) is a special savings <span class="noglossary">account</span> that helps you save for post-secondary education. You can open a RESP at a bank, credit union or investment company. The government does not tax this money while it is in your RESP. It can grow tax free. When the money pays for education, the money is taxed in the student’s name. Since many students have little or no other income, they can usually withdraw the money tax free. | ||
===Tax Free Savings Account (TFSA) === | ===Tax-Free Savings Account (TFSA) === | ||
The Tax Free Savings Account (TFSA) helps you save for your future. You can open a TFSA at a bank or credit union or investment company. You can contribute up to $5,000 annually to a Tax Free Savings Account. | The Tax-Free Savings Account (TFSA) helps you save for your future. You can open a TFSA at a bank or credit union or investment company. You can contribute up to $5,000 annually to a Tax-Free Savings Account. | ||
* Any money you make in this <span class="noglossary">account</span> is tax | * Any money you make in this <span class="noglossary">account</span> is tax free. | ||
* Any money you withdraw from this <span class="noglossary">account</span> is tax | * Any money you withdraw from this <span class="noglossary">account</span> is tax free. | ||
{{REVIEWED | reviewer = [[People's Law School]], 2011}} | {{REVIEWED | reviewer = [[People's Law School]], 2011}} | ||
