This is part six of the example about how to calculate Capital Cost Allowance (CCA).
How to calculate Capital Cost Allowance (CCA) – an example – part six
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Month: October 2013
How to calculate Capital Cost Allowance (CCA) – an example – part five
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This is part five of the example about how to calculate Capital Cost Allowance (CCA). Click here for part four.
How to calculate Capital Cost Allowance (CCA) – an example – part four
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This is part four of the example about how to calculate Capital Cost Allowance (CCA).
Acronyms for registered retirement plans
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The following is a list of acronyms used related to registered retirement plans:
Annuitant of an RRSP or RRIF
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An annuitant of an Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) is the person for whom the plan or fund provides a retirement income.
Registered Retirement Income Fund (RRIF)
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A registered retirement income fund is a tax deferred retirement plan registered with the Canada Revenue Agency (CRA). It is usually used to hold property transferred from an RRSP and RPP. Establishing a RRIF can be done at anytime, but must be done no later than the year the annuitant turns 71.
Tax-Free Savings Account (TFSA) dollar limit by year
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The following is the annual tax-free savings account (TFSA) dollar limit by year:
CCA Class 10
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The CCA rate for Class 10 is 30%. The followings belong to Class 10:
Spousal or common-law partner RRSP
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Spousal or common-law partner RRSP is an RRSP that you establish to pay yourself income at maturity, but that your spouse or common-law partner contributes to.
How to deduct employment expense – travelling expenses
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Travelling expenses include food, beverages and lodging expenses but not motor vehicle expenses.