78 Tax Tips for Canadians for Dummies

by Henderson, Christie; Quinlan, Brian; Schultz, Suzanne

• ISBN13: 9780470676585
• ISBN10: 0470676582
• Format: Paperback
• Copyright: 2010-03-22
• Publisher: For Dummies

Summary

Compiled by an expert team of accountants, 78 Tax Tips For Canadians For Dummies offers practical tax planning strategies. These individual tips offer straightforward advice and insight that will save readers aggravation and money.

Author Biography

Christie Henderson is a managing partner with Henderson Partners LLP.

Brian Quinlan is a partner with Campbell Lawless Professional Corporation.

Suzanne Schultz is a financial planner with RBC Dominion Securities.

Table of Contents

Introduction.

Part I: Tips for Everyone.

#1: Understand the Essentials.

#2: Understand the Different Types of Taxes.

#3: Get Free Money from the Government.

#4: Set Up a Good Recordkeeping System.

#5: Know When Your Tax Return Is Due.

#6: Choose the Preparation Option That's Best for You.

#7: Figure Out How to File Your Return.

#8: Know Where to Turn for Help.

#9: Reduce Your Tax by Giving to Registered Charities.

#10: Take Advantage of Special Rules for Charitable Donations.

#11: Be Wary of Charity Fraud and Charity Tax Shelters.

#12: Respond Promptly to Requests from the CRA for Information.

#13: Avoid Interest and Penalties.

#14: Pay Your Tax by Instalments.

#15: Change Your Return After You Have Filed.

Part II: Tips for Employees and Business Owners.

#16: Determine Whether You're Self-Employed or an Employee.

#17: Save for Your Retirement.

#18: Take Advantage of Employee and Shareholder Loans.

#19: Understand Your Stock Options.

#20: Don’t Be Surprised by Other Taxable Benefits.

#21: Negotiate Non-Taxable Benefits.

#22: Deduct Employment Expenses.

#23: Get Your GST Rebate.

#24: Give Yourself Credit: More Tips for Employees.

#25: Plan for a Loss of Employment.

#26: Claim Your Moving Expenses.

#27: Take Advantage of Special Employment Situations.

#28: Cover the Self-Employment Essentials.

#29: Choose the Right Business Ownership Structure.

#30: Make the Most of Incorporation.

#31: Sell Your Business in a Tax-Savvy Way.

#32: Maximize Your Capital Cost Allowance (CCA) Claim.

#33: Be a Tax Winner Even When You Realize a Loss.

Part III: Tips for Investors.

#34: Minimize Tax on Your Investment Income.

#35: Pay Less Tax on Your Stock Investments.

#36: Know the Rules on Foreign Investments.

#37: Consider Tax-Advantaged Investments.

#38: Minimize Tax on Capital Gains.

#39: Make the Most of Capital Losses.

#40: Use Insurance Products as Investments.

#41: Invest in a Tax-Free Savings Account.

#42: Invest in an RRSP.

#43: Manage Your RRSP and RRIF Withdrawals.

#44: Manage the Tax on Property Investments.

#45: Know the Implications of Purchasing U.S. Property.

#46: Pay Less on the Sale of Personal-Use Assets.

#47: Know When to Deduct Investment-Related Expenses.

#48: Make and Keep Interest Deductible.

Part IV: Tips for Families.

#49: Know What Tax Credits Are Available for You and Your Family.

#50: Income Split for Family Tax Savings.

#51: Fund Your Child’s Education Tax-Effectively.

#52: Know What Benefits Are Available for Your Children.

#53: Understand the Tax Implications of a Marriage Breakdown.

#54: Claim Childcare Expenses.

#55: Make the Most of Your Family Home.

#56: Claim Credit for Tuition and Textbooks.

#57: Know What Education Income Is Tax-Free.

#58: Study the Other Deductions and Credits Available to Students.

Part V: Tips for Special Tax Planning Circumstances.

#59: Make the Most of Your Medical Expenses.

#60: Claim All the Medical Expenses of Your Family.

#61: Claim the Disability Tax Credit Amount and Disability Supports Deduction.

#62: Reduce Your Taxes by Claiming Tax Credits Regarding Another’s Disability.

#63: Make Use of Registered Disability Savings Plans (RDSPs).

#64: Make the Most of the Old Age Security (OAS) Program.

#65: Know When to Take Your CPP/QPP Retirement Pension.

#66: Be Smart in Receiving Other Types of Pension Income.

#67: Maximize the Age Amount and Pension Income Amount Tax Credits.

#68: Reduce Your Family's Tax Bill by Sharing CPP and Pension Splitting.

#69: Know That the U.S. Internal Revenue Service May Have an Interest in You.

#70: Be Aware of U.S. Estate Tax Implications on Death.

#71: Undertake Estate Planning.

#72: Reduce Income Tax at Death.

#73: Use Trusts in Your Tax and Estate Planning.

#74: Reduce Probate Fees at Death.

#75: Make Charitable Donations Part of Your Estate Plan.

#76: Prepare a Power of Attorney and a Will.

Part VI: The Part of Tens.

#77: Top Ten Year-Round Tax-Saving Strategies.

#78: Top Ten Ways to Reduce the Risk of a CRA Audit.