Tax / CRA / IRS
Starting points for mastering Tax / CRA / IRS concepts.
Tax Deduction
Depth 0An expense that reduces how much of your income gets taxed
Cost Basis
Depth 0What you originally paid for an asset
Gross Income
Depth 0All money you earned before taxes or deductions
Tax Bracket
Depth 1The rate applied to different portions of your income
Capital Gains
Depth 2Profit made from selling something for more than you paid
Tax Credits
Depth 2A direct reduction in the tax you owe
Adjusted Gross Income
Depth 2Your income after specific deductions — the number used for most tax calculations