Author: Cory

Notes on Withdrawing Funds from RESPs

When the RESP beneficiary (the child) is ready to attend post-secondary education, you can easily start withdrawing money from the account, though there are important notes to remember to a provider like heritage education funds RESP.

Before we dig deeper into this topic, it’s important to clarify some terms in relation to RESP accounts.
• Contribution Amount – this refers to the total amount of all the contribution you made to the account through the years.
• Accumulated Income – this refers to the combined grants, capital gains, interests, and dividends, among others, earned in the account. Basically, any money other than contributions falls under this category.

Why is the distinction important?
Differentiating between the two terms is important largely because of tax considerations:
• Contribution withdrawals are NOT taxed.
• Educational assistance payments (EAPs), which come from the accumulated income portion of the plan, are taxed as income under the student’s name.
Students who receive funds from RESPs should claim their EAPs as income. However, depending on individual circumstances, they may not be required to pay any income tax on this amount. You must consult with your RESP provider about such taxation rules and ask for a T4A slip for such purposes.

You also have to consider the limit on the amount you can withdraw from each portion:
• Contribution: no cap on the amount you can withdraw once the child is attending post-secondary school.
• Accumulated Income: Only $5,000 can be withdrawn from this portion of the RESP in the first 13 weeks of school. After the 13 weeks, the limit is removed.

Required Documents for Withdrawal Requests
Upon withdrawal request, your heritage RESP provider will seek official proof of enrollment before they issue EAPs. Thus, you must ensure your child is attending an approved post-secondary school.
You might also have to provide some receipts for school purchases for the heritage RESP provider to decide if the money is spent on allowable educational expenses. They will also decide what is considered as “reasonable expense,” or those that can be paid for with the savings.

Timing the Withdrawal
It’s wise to withdraw as much accumulated income as you can tax free.
Let’s say the child has just started going to post-secondary school, only finishing up around two months. The student probably won’t have much income for the year, making it a good time to maximize the payments from the accumulated income part of the heritage RESP plan.
On the flip side, if the student has more than one work term and just one school term in a year, it’s better to withdraw from the contributions portion of the plan.

And if the child doesn’t go to school…
You will have to wait a little longer before collapsing the RESP and paying some serious taxes. The account remains open for as long as 35 years after you opened it. You can hope the beneficiary changes his or her mind about not going to school. Perhaps you can still use the RESP later on.
If you decide to collapse the plan, the accumulate income will be added on your gross income for taxation purposes. Aside from that, the accumulated income will suffer a 20% tax. The contribution amount, however, is not taxed.

4 Tips on Workplace Safety Labels

Companies that deal with hazardous chemicals need to have measures in place to alert its employees of the potential hazards posed by the chemicals in the workplace. To do this uniformly across the globe, the GHS classification was formed. The GHS pictograms stipulate the observance of several workplace safety practices as indicated below:

1. GHS Labels

GHS Labels should meet specific standards. The labels should ideally be in two languages, either English or French, depending on your country of operation. This is to avoid confusion and to enable its use internationally. The GHS labels have a conventional structure and use a highly standardized approach to communicate the details of the safety labels. The label will usually contain hazard pictograms, hazard statements, precautionary statements as well as other essential elements. They also have a self-laminating option that helps in maintaining the legibility of the text for longer.

2. The use of GHS Pictograms

GHS Pictograms are visual symbols usually made up of a black symbol placed on a white background and then set inside a red diamond-shaped border. They are intended to visually warn the persons who come in contact with the dangerous chemicals of the threat they pose and to alert them to take any protective measures they may need to prevent themselves from any harm. They appear on the chemical labels of the hazardous chemicals as well as on the safety data sheet (SDS) that usually accompanies them. Each pictogram is unique, and its use depends on the type of threat posed by the dangerous chemical. Pictograms that are blacked out on the label are an indication that they do not apply to the chemical contained whereas pictograms that are red are an indication of a threat posed by the hazardous chemical. For more information, please visit ICC Compliance Center to find additional resources.

3. The use of hazard statements

Hazard statements are brief sentences which provide more information on the specific danger posed by the specific chemical. They are usually short direct statements. Examples include: Highly Flammable gas, Fatal if inhaled, Causes skin irritation, Can cause cancer, among many others. The wording of the hazard also assists in indicating the degree of the danger. For instance, “May cause skin irritation” poses a bigger threat than “Suspected to cause skin irritation.”

4. The use of precautionary statements

These statements advise on how best to prevent adverse effects caused by exposure to hazardous products, improper storage or handling of the dangerous product. The statements address issues concerning first aid, product handling, protective equipment, and emergency measures to take. Their wording is standardized and harmonized. They are mainly five types: general, prevention, response (including first aid), storage, and disposal. Examples of these statements are: Wear protective clothing, If exposed, get medical attention, and Protect from sunlight. Their wording also indicates the degree of the threat posed by the chemicals.

A Final Thought:

As an employer, you should consider these work safety practices. Ensure your business is GHS safety compliant if your company handles hazardous chemicals. This will ensure you and your employees are safe from harm.

Four Ways Ontario Teacher Training Helps Students to Succeed

When a teacher has been in the classroom for a long time, some additional training from a teachers college could help to make their educational efforts more successful. An Ontario teacher training program helps new, seasoned, and highly experienced teachers alike to expand their skills and offer more to their students. Consider these four benefits of teacher additional qualifcations delivered by a professional training program.

1. Teachers Learn More Techniques

After participating in a training program, teachers will learn more techniques that can be put to use in the classroom. This could be helpful because not all students learn in the same way. If a teacher has primarily focused his or her efforts on visual aids, a training program could help to explore hands-on methods of learning new material, audio methods and other techniques that could benefit children who learn in non-traditional ways. Additional resources can be found at University of Western Ontario Faculty of Education.

2. Increased Knowledge About Educational Research

Training programs also help teachers to increase their level of knowledge about what is going on in educational research. Studies into different educational methods provide key pieces of information about what works and what does not work well. Teachers may be able to learn about how different educational methods benefit certain types of students, such as which methods work best in children with sensory or communications disorders. If a teacher works with children who have special needs, this could revolutionize classroom success.

3. Use of Technology in the Classroom

Up-to-date training could also help teachers to expand their use of technology in the classroom. For example, if a teacher is used to making photocopies of worksheets or adding up grades with a calculator or a spreadsheet, this could be time-consuming. By bringing technology into the classroom, teachers could save time, reduce resource use and more easily connect with their students. Teachers could incorporate lessons on notebook computers, tablets and other devices that allow for individualized learning speeds. In a classroom where children are at different reading or math comprehension levels, this could help the teacher to provide individualized instruction more efficiently.

4. Educators Gain Increased Understanding of Student Dynamics

Today’s teacher training programs also delve into a student’s home situation and family dynamics. Teachers learn how to be alert to the signs of a student who is being bullied or who is not being cared for in an appropriate way at home. This allows a teacher to reach out to a student or connect with a social worker and get the student set up with helpful resources. Teachers may also be able to provide personalized help to students who are homeless, living in a shelter or who have other special family circumstances.

Four Reasons People Are Talking About Big Data Certification

Without question, this is the era of Big Data. People who utilize data collection properly are poised to establish extremely durable professional reputations. In the Canadian business world, proper utilization of Big Data is something that can benefit companies in virtually all major industries. Without further ado, here are four reasons people are talking about Big Data certification more than ever before:

1. Data Is Becoming More Complex
Each year, data gathering becomes more complex on a macro and a micro level. On the macro level, the sheer amount of data gathered in modern life is staggering. Private and public organizations are pulling data from a complex array of sources. On the micro level, almost every private home in North America produces massive amount of data as well. The public sphere is now virtually saturated with data-gathering devices and mechanisms. Traffic light cameras and security cameras are going up at a steady rate, creating video data that documents a vast swathe of public spaces.

2. Data Reserves Are Growing Into Massive Edifices
With the advent of the cloud and affordable online storage, a good deal of generated data is uploaded online at one point or another. Without doubt, a lot of this data is copied remotely, often multiple times. This means that historical data will eventually become a massive, imposing edifice. To meet their commercial goals, North American businesses may ultimately have to process and manage historical data while keeping abreast of incoming data. Employees with Big Data training have more tools for prioritizing data in accordance with foremost needs and goals.

3. Big Data Courses Produce Innovators
Whatever exact Big Data definition you use, the term is highly relevant. In the competitive world of modern business, it feels as if there is a cult-like desire for new ways to use data. While originality is certainly useful in business, it takes more than originality to make an impact in North America. To truly stand out from competitors, you need to innovate in a way that meets the demands of the market halfway. Though you’ll want to do more than slavishly follow trends, intelligence on your target market can certainly help you remain contemporary and of-the-moment.

4. Big Data Courses Are A Great Corporate Investment
The employees in your company with Big Data training are typically those best able to engage in big data analytics. The best data certifications feature prerequisites that are selected to weed out less capable candidates. If you can properly analyze incoming data, you can almost certainly learn how to develop your products in a sensible manner. People who successfully complete Big Data courses gain the context needed for insights into the corporate zeitgeist. When you secure Big Data university courses for your company employees, you are making a well-founded investment. You can always learn more at the Schulich School of Business website.

The Top Reasons that Caribbean Medical School Might Be the Perfect Fit for You

If you are interested in going to medical school, you know how long the application process can take. Not only do you need to get all of the essential materials in order, but you also need to make sure that you meet the application deadlines and meet the proper requirements for submission.

Additionally, we all understand how expensive medical school can be. This is a cause for concern among many students who may already have loans and bills from pre-med school.

Many potential medical students may struggle with this entire process, and in the end, they may not end up finding a good medical school at all. This is unfortunate, but there is a solution.

Caribbean medical schools can offer potential medical students what United States schools cannot. Here are the best reasons to choose a Caribbean medical university for your medical studies.

1. The process of admissions is more holistic than in the United States.

Everyone learns differently and at their own pace. If you’ve had trouble finding a medical school in the United States, you may have better luck being accepting in the Caribbean. Schools are smaller and focus more on the individual. They also take a holistic approach to accepting applications, which means that they look at the whole person instead of just looking at MCAT scores and college GPAs.

2. You’ll get to learn in an absolutely beautiful area of the world.

Learning in the Caribbean as opposed to the stuffy classrooms and lab settings of the United States can be a major blessing. All around the Caribbean, you’ll have beaches within walking distance, plenty of room to roam and amazing people to work with and befriend. It’s an absolutely gorgeous place to get a degree, and even after you graduate, you’ll be sure to come back to visit.

3. You’ll be in smaller classes, which will promote a closer-knit community.

Most of the schools in the Caribbean are less expensive than American schools, which means that you’ll get a lot more for your money and won’t graduate with hundreds of thousands of dollars in loans.

4. You’ll be able to get clinical experience in a number of different hospital settings.

Finally, at Caribbean medical schools, you’ll have the opportunity to work in tons of different medical settings. Furthermore, clinical work in real life settings starts much earlier at Caribbean medical schools, so you’ll also get more experience overall.

These are all wonderful reasons to go to school in the Caribbean, and there are more where these came from. As you try to meet medical school requirements and prepare your med school applications, keep all of these advantages in mind, and consider school in the Caribbean.