what is the difference between a t3 and t5 tax slip?
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The difference between a T3 and a T5 is determined by the type of mutual fund. If a mutual fund is a trust, you will receive a T3. If a mutual fund is a corporation, you will receive a T5. If you 'cash out' an investment you may receive a T5008 slip, or alternatively an account statement from your investment company.
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Unlike employment income, investment income and property income, WCB are non-taxable benefits. Even though they're considered non-taxable, you must still claim them on your tax return. ... The CRA says you must receive a T5007 tax slip if you're injured at work, even if you don't receive a payment.
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The main difference between an RRSP and TFSA is the timing of taxes: An RRSP lets you defer taxes – an advantage if your marginal tax rate. As your income rises, so does your tax rate. ... With a TFSA, you've already paid tax on the money you contribute – an advantage if your marginal tax rate.
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TDS is deducted while making the payment whereas WHT is deducted in advance: For the different income sources, payer of the income deducts TDS at the time of making the payment but the withholding tax is deducted beforehand i.e. even before the payment is made to the payee in order to clear off the liability towards ...
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Q Could we tax a car and then drive it straight away? A Yes. A buyer can use the new keeper slip (V5C/2) to tax online or by phone 24 hours a day, seven days a week.
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The T4 and T5 designations signify which of the two gasoline engines your XC40 is equipped with. Both models have four cylinders and a displacement of 2.0 liters. The major difference here is that the T4 is equipped with a turbocharger while the T5 comes with a supercharger. The T4 gets you around 187 horsepower.
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The big difference between tax deductions vs. tax credits is that deductions chip away at the income you'll pay taxes on, which then reduces your taxes, while credits directly reduce the amount of taxes you owe. ... These are known as “refundable” tax credits. Tax credits are always refundable or nonrefundable.
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This TCS can be claimed as a credit by the buyer at the time of payment of taxes computed as per the income tax act of the buyer. The Credit so claimed by the buyer is also required to be disclosed in the income tax return.
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But what's the difference? The T5 is available in front-wheel drive and all-wheel drive models, while the T6 is only available in all-wheel drive models. The T5 is turbocharged, while the T6 is twin-charged, meaning that it is both turbocharged and supercharged, and can offer more power.
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An 0T code gives you no tax free pay, but unlike BR, D0 or D1 codes it is not a flat rate. ... For a basic rate taxpayer it will produce the same result as a BR code (a flat rate 20% deduction), but for a higher or additional rate tax payer, the 0T code will charge tax at 40% and 45% as income increases.
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You can check the latest tax slabs in my latest post “Latest Income Tax Slab Rates FY 2019-20 (AY 2020-21)“. ... 15G or 15H are self-declaration forms that can be furnished by individuals to state that their income is BELOW the taxable limit and hence no TDS should be deducted.
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Form 15G and Form 15H are forms you can submit to prevent TDS deduction on your income, if you meet the conditions mentioned below. For this, PAN is compulsory. ... Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for everybody else. Form 15G and Form 15H are valid for one financial year.
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At the beginning of each year, you receive a T5007 slip showing the social assistance payments you have received in the previous year. ... However, if you received social assistance payments for a foster person and for other people in your home, you have to report a portion of the payments on your income tax return.
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RL-1-T. The RL-1 slip must be filed by any employer or payer that paid amounts such as salaries, wages, gratuities, tips, fees, scholarships or commissions. The information on the RL-1 slip is used by individuals to complete the personal income tax return (TP-1-V).
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Tax Treatment of Income From Treasury Bills (T-bills) Treasury bills, or T-bills, are purchased at a discount from maturity value. The difference between maturity value and purchase price is taxed as interest income. If the T-bill is sold prior to maturity, a capital gain or loss will result.
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A basic calculation for Net Income from a T4 is to subtract from Box 14 any amounts included in Boxes 20 and Box 44. This is not exact for tax purposes of Line 236 as it will not include other income (T5, T3) or deductions (RRSP etc) but it will give you a basis to start from.
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The amount in box 5 is LESS THAN the amount in Box 1 (or Box 2, whichever is filled in on your 1098-T), then you can use the expenses as a deduction or credit. Subtract Box 5 from Box 1 (or Box 2). The difference is generally the amount that was paid out of pocket and that can be reported on your return.