Various tax planning tools include RRSPs,TFSAs,RESPs and taking advantage of the opportunity to invest in capital assets.

Question

Quizplus · Accepted Answer

These are all common tax planning tools used by individuals to reduce their taxable income and/or maximize their tax refunds. RRSPs allow for tax-deferred contributions and potential growth until withdrawal, TFSAs provide tax-free growth and withdrawals, RESP contributions can result in government grants and potential tax-free withdrawals for education expenses, and investing in capital assets can provide deductions for depreciation and potentially lower capital gains taxes.

Various Tax Planning Tools Include RRSPs,TFSAs,RESPs and Taking Advantage of the Opportunity