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Looking for ways to save tax? Start by understanding how
the tax system works. These tips are intended to give you
a basic grasp of what is taxable and what can be deducted.
For detailed advice on your personal situation, contact us
at info@partnersinprosperity.ca
Investment
Investment income is taxed very differently from other types
of income. These tips start you on an understanding of which
type of income is taxed at the lowest rate. Read
More...
1. Attribution of Investment Income
2. Taxation of Capital Gains
3. Capital Losses
4. Writing off Shares
5. Rental Income
Employment Income
If you get a T4 in January, this is the area to help you understand
the in and outs of taxing your employment income. Read
More...
7. Reducing Payroll Deductions
8. Do you earn a regular income from tips and gratuities?
11. Employment Benefits
Retirement Income
Some tips to help you understand how the pension income you
earn is taxed. If you need more information on RRSP’s
and saving for retirement, click
here.
Read More...
23. Old Age Security Clawback
24. Managing Your Retirement
Self Employed
Working for yourself and not yet incorporated. These tips
will help you maximize the amount of money you keep in your
jeans. Read More...
12. Home Office Expenses
13. Work in Progress for Professionals
14. Record Keeping for the Self-Employed
16. Capital Dividend for the Incorporated Self-Employed
17. Buying Capital Assets
18. Self-Employed Status
22. When Your Children Work for Your Business
Deductions and Tax Credits
Whether you ge a straight tax deduction or a tax credit these
tips are all about reducing your tax bill. Read on. Read
More...
6. Non-deductible RRSP Fees Paid
9. Union Dues are Deductible
10. Deductions When You Move for Work
15. Transferring Income Tax Credits to Your Spouse
19. Child Care Expenses
20. Medical Expenses
21. The Canadian Education Savings Grant
25. Tax Credits for Those Over 65
26. Pension Income Credit
27. Charitable Donations
Foreign Income
As more of us travel and start to invest outside Canada you
need to be aware of the tax rules in other countries. Read
More...
28. Foreign Property Reporting Requirements
29. Foreign Source Income
Filing
Commonly asked questions to help you with understanding your
filing requirements and obligations.
Looking for forms from CRA (Canadian Revenue Agency) Click
here
Read More...
30. Record Retention
31. Why File a Return?
32. Deadlines for Filing Your Tax Returns
33. Your Assessment Notice
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