VANIER COLLEGE- BUSINESS ADMINISTRATION PERSONAL FINANCIAL PLANNING-FALL 2020 TEACHER: R. BLOOM SECTION 0001 Chapter 4 Assignment on Personal Taxes Using general information you know and referring to your book as necessary, please answer the following questions with full/complete responses. Please use proper APA font and font size. 1- Explain the difference between personal taxes, sales and service taxes and municipal taxes. 2- Under what circumstances would you report a Capital gain? a. If you report a capital gain, how much of it is taxable? b. Where do you include a capital gain in a tax return? 3- What is the difference between TOTAL INCOME AND NET INCOME? 4- What is TAXABLE INCOME? 5- List 3 common sources of income. 6- List and explain 4 deductions in arriving at Net income. 7- What it the difference between refundable and non- refundable tax credits? 8- Your little sister asked you what the BASIC PERSONAL AMOUNT" is in her tax return. Explain it to her in layman's terms. 9- What is the difference between RRSPs and RESPs? 10- List the eligibility criteria for the GST/HST tax credit