101 Tax Secrets for Canadians 2007 : Smart Strategies That Can Save You Thousands

by Tim Cestnick

• ISBN13: 9780470840467
• ISBN10: 0470840463
• Format: Paperback
• Copyright: 2007-02-01
• Publisher: Wiley

Summary

Top secrets from Canada's foremost tax expert. Nothing can better protect hard-earned income and help accumulate wealth than savvy tax strategies. Written by Tim Cestnick, Canada's foremost tax expert, 101 Tax Secrets For Canadians: Smart Strategies That Can Save You Thousands, shows readers how they can best build a successful game plan that will reduce their taxes and maximize after-tax investment returns. The recent federal budget has resulted in a multitude of changes to Canada's tax code, but it's up to taxpayers to educate themselves. Cestnick unravels these changes and what they really mean for Canadians, including how to: o How to use new the tax rates and credits for family income splitting o How to take advantage of the universal child care benefit o How students can claim textbook tax credit o How to take advantage of the pension income tax credit o and much more! Cestnick's simple and easy-to-understand advice will make 101 Tax Secrets for Canadians an essential resource for all Canadians seeking to accumulate wealth and protect their income.

Author Biography

Tim Cestnick (Burlington, ON) is a frequent guest in the national media, regularly writing in The Globe and Mail, as well as appearing on Canada AM, ROB TV, CBC Newsworld and many other investment programs across Canada. Tim is also the bestselling author of Death & Taxes, Winning the Estate Planning Game, and Winning the Tax Game (978-0-470-83810-5), from Wiley.

Table of Contents

Acknowledgments	p. vii
Tax Planning Tip Sheet	p. viii
Foreword: Stepping Up to the Plate	p. xv
Changes Making the Headlines	p. xix
Pre-Game Warm-Up: The Basics of Tax Planning	p. 1
Playing by the Rules	p. 2
Knowing the Numbers Game	p. 3
Timing Your Taxes	p. 7
Fighting When You're Right	p. 12
Home Team Advantage: Tax Planning for the Family	p. 18
Splitting Family Income	p. 19
Educating the Family	p. 40
Heading for Home	p. 49
Claiming Family Care Costs	p. 53
Surviving Separation and Divorce	p. 59
Signing with the Team: Strategies for Employees	p. 69
Optimizing Employment Benefits	p. 70
Claiming Employment Deductions	p. 89
Driving Automobiles on the Job	p. 94
Deferring Compensation	p. 101
Calling It Quits	p. 105
Becoming a Free Agent Strategies for Self-Employment	p. 108
Jumping on the Bandwagon	p. 109
Choosing Your Business Structure	p. 112
Claiming Business Deductions	p. 119
Adding Up the Tax Hits	p. 133
Bulls, Bears, and Baseball: Strategies for Investors	p. 136
Investing in a Tax-Smart Manner	p. 137
Understanding Tax-Smart Strategies	p. 151
Sheltering Income with Life Insurance	p. 166
Borrowing to Invest: Leveraging	p. 172
Earning the Gold Glove: Strategies for Retirement	p. 182
Understanding RRSP Basics	p. 183
Contributing to Your RRSP	p. 193
Withdrawing from Your RRSP	p. 211
Benefiting from RRIFs and Annuities	p. 222
Understanding Registered Pension Plans	p. 226
American League Rules: United States' Connections	p. 231
Reporting Your U.S. Income	p. 232
Profiting from U.S. Real Estate	p. 234
Cutting Your Gambling Losses	p. 239
Staying Canadian	p. 241
Considering U.S. Estate Taxes	p. 243
A League of Their Own: Provincial Tax Issues	p. 245
Walking to a Different Drummer	p. 246
Understanding the Quebec Difference	p. 256
Bottom of the Ninth: Planning for Your Estate	p. 263
Knowing What to Expect	p. 264
Giving It Away Today	p. 265
Giving It Away at Death	p. 268
Providing Tax-Free Death Benefits	p. 279
Planning for U.S. Estate Taxes	p. 282
Glossary of Abbreviations	p. 287
Tax Facts	p. 228
Marginal Tax Rates for 2006	p. 288
Federal Personal Tax Rates for 2006	p. 294
Provincial Personal Tax Rates for 2006	p. 295
Federal Personal Tax Credits for 2006	p. 295
Additional Federal Tax Credits	p. 296
Canada Pension Plan Contributions 2006	p. 297
Employment Insurance Premiums 2006	p. 297
Dividends	p. 297
Old Age Security Benefits	p. 298
Canada Pension Plan Benefits	p. 298
RRSP Contribution Limits	p. 299
Minimum Annual RRIF Withdrawals	p. 299
Index	p. 301
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