A Canadian tax deduction relating to taxes that are paid or payable on regular or self-employed income. The Provincial Parental Insurance Plan (PPIP) gives maternity, paternity, parental and adoption benefits to qualified persons. This aid is to support and encourage parents staying home with their children for the first year of the child's life. The province of Quebec has a different plan called the Quebec Parental Insurance Plan (QPIP). The plan is in place for the same reasons, but has differing rules, regulations and tax implications.
A type of annuity that guarantees a number of payments, even if the annuitant dies. If the annuitant passes away during the guaranteed period, a specified beneficiary will receive the rest of the payments. Alternatively, if the annuitant outlives the specified number of guaranteed payments, he or she would continue to receive income payment for life; however, no payments would be available to the beneficiary. Certain and continuous annuities are a type of guaranteed annuity where the annuity issuer is required to make payments for at least a specified number of year. A common example is a 10-year certain and continuous annuity. In this instance, monthly payments are paid to the annuitant for life in the event the annuitant dies, the designated beneficiary would receive any monthly payments for the remainder of the certain period - in this case, 10 years. Otherwise, if the annuitant lives beyond the 10-year period, he or she will continue to receive monthly payments for life; however, after the 10-year period, the beneficiary would no longer be eligible for monthly payments. Also called C&C Annuity.
An income tax that takes the same percentage of income from everyone regardless of how much (or little) an individual earns. The US and Canada do not use this system. It is quite controversial and certainly debatable whether or not this is a fair system.
A type of retirement savings contribution that allows people over 50 to make additional contributions to their 401(k) and/or individual retirement accounts. The catch-up contribution provision was created by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), so that older individuals would be able to set aside enough savings for retirement. Originally, the ability to make catch-up contributions under EGTRRA was set to end at around 2011. However, the Pension Protection Act of 2006 made catch-up contributions and other pension-related provisions permanent. Although using catch-up contributions is a great way for many people to expand their retirement savings, a report from the Vanguard Center for Retirement Research entitled "Catch-Up Contributions in 2004: Plan Sponsor and Participant Adoption" (2004) found that only 13% of eligible candidates use catch-up contributions to expand their savings.
A written tally of all of a taxpayer's personal property. This inventory will also denote how much was paid for each item and when, along with each item's current market value. Property inventories are generally used by taxpayers to calculate gain or loss on sale of property, as well as to report losses of property to insurance companies. Every taxpayer would be wise to keep a property inventory in order to facilitate tax and insurance reporting. This inventory should be updated periodically and kept in a safe place, such as a bank deposit box. Keeping an online inventory is also a convenient way to track one's property inventory.
A type of fund, commonly found in Australia, that is formulated for conservative investors seeking preservation of capital and reasonable investment returns. The portfolio managers of cash plus funds invest in a mixture of high-yield, fixed-income securities and money market securities. The success of these funds is commonly compared to the UBS Australian Bank Bill Index and the fees are generally very low.
An appraisal document that is created, signed and dated by a qualified appraiser and meets the requirements set forth by the Internal Revenue Service (IRS). A qualified appraisal is made no sooner than 60 days before a piece of property is donated. The document is used to notify the IRS that the value of a piece of property is in excess of $5,000. A qualified appraisal is attached to Form 8283 and filed with a tax return if a deduction is being requested. Determining the value of a piece of property is especially important when making a donation, since an improper valuation can result in either a deduction lower than what the property could bring or a red flag by the IRS for a valuation that seems too high.
The method of funding any type of qualified profit-sharing or stock bonus plan. Cash or deferred arrangements allow employees to contribute a portion of their salaries to the plan so that their savings can grow tax-deferred. The most common type of CODA is a cash bonus which is paid into their 401(k) plan, but it could also be a salary reduction. Employees who participate in cash or deferred arrangements may still contribute to traditional or Roth IRAs as well. However, they may not receive the full deduction from a traditional IRA contribution if their incomes are above a certain level. CODA plans allow the individual to fund their retirement and avoid immediate taxation on the diverted contributions.
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