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A registered retirement income fund (RRIF, French: fonds enregistré de revenu de retraite, FERR) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their registered retirement savings plan. As with an RRSP, an RRIF account is registered with the Canada Revenue ...
The Canada Revenue Agency (CRA; French: Agence du revenu du Canada; ARC) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes , administers tax law and policy , and delivers benefit programs and tax credits. [ 4 ]
Canada Child Tax Benefit was eliminated in 2016 and replaced by the Canada Child Benefit (CCB), a tax-free payment targeting low- and middle-income families; those with incomes higher than $150,000 will receive less than the previous system. In 2018-19 benefit year, the CCB payments are up to $6,496 per year per child under the age of 6, and up ...
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Canada Revenue Agency collects personal income taxes for agreeing provinces/territories and remits the revenues to the respective governments. The provincial/territorial tax forms are distributed with the federal tax forms, and the taxpayer need make only one payment—to CRA—for both types of tax.
For individuals who always claim the same deduction amount as their yearly contribution, their maximum contribution is the 'deduction limit' calculated by the Canada Revenue Agency. The 'deduction limit' is a running total calculated for the next year and printed on every notice of assessment or reassessment, provided the taxpayer is aged 71 ...
A Health Care Spending Account (HCSA), or Healthcare Spending Account (HSA) is a type of flexible employee benefit program in Canada that aims to provide more flexibility than a traditional health plan. [1] As a supplemental program, it covers items that are not normally part of the traditional plan.
Health Spending Accounts (HSA) are Self-insured Private Health Services Plan (PHSP) benefits arranged by Employers for their Employees residing in Canada.Private Health Services Plans are described in Canada Revenue Agency (CRA) Income Tax Bulletin IT-339R2 [1] "Meaning of PHSP" for Health and Dental Care Expenses described in Income Tax Bulletin IT-519R2 [2] "Medical Expenses".