78 Tax Tips For Canadians For Dummies^?

by Christie Henderson; Brian Quinlan; Suzanne Schultz

• ISBN13: 9780470677681
• ISBN10: 0470677686
• Format: eBook
• Copyright: 2010-01-01
• Publisher: Wiley

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.

Table of Contents

Introduction

Tips for Everyone

Understand the Essentials

Understand the Different Types of Taxes

Get Free Money from the Government

Set Up a Good Recordkeeping System

Know When Your Tax Return Is Due

Choose the Preparation Option That's Best for You

Figure Out How to File Your Return

Know Where to Turn for Help

Reduce Your Tax by Giving to Registered Charities

Take Advantage of Special Rules for Charitable Donations

Be Wary of Charity Fraud and Charity Tax Shelters

Respond Promptly to Requests from the CRA for Information

Avoid Interest and Penalties

Pay Your Tax by Instalments

Change Your Return After You Have Filed

Tips for Employees and Business Owners

Determine Whether You're Self-Employed or an Employee

Save for Your Retirement

Take Advantage of Employee and Shareholder Loans

Understand Your Stock Options

Don't Be Surprised by Other Taxable Benefits

Negotiate Non-Taxable Benefits

Deduct Employment Expenses

Get Your GST Rebate

Give Yourself Credit: More Tips for Employees

Plan for a Loss of Employment

Claim Your Moving Expenses

Take Advantage of Special Employment Situations

Cover the Self-Employment Essentials

Choose the Right Business Ownership Structure

Make the Most of Incorporation

Sell Your Business in a Tax-Savvy Way

Maximize Your Capital Cost Allowance (CCA) Claim

Be a Tax Winner Even When You Realize a Loss

Tips for Investors

Minimize Tax on Your Investment Income

Pay Less Tax on Your Stock Investments

Know the Rules on Foreign Investments

Consider Tax-Advantaged Investments

Minimize Tax on Capital Gains

Make the Most of Capital Losses

Use Insurance Products as Investments

Invest in a Tax-Free Savings Account

Invest in an RRSP

Manage Your RRSP and RRIF Withdrawals

Manage the Tax on Property Investments

Know the Implications of Purchasing U.S. Property

Pay Less on the Sale of Personal-Use Assets

Know When to Deduct Investment-Related Expenses

Make and Keep Interest Deductible

Tips for Families

Know What Tax Credits Are Available for You and Your Family

Income Split for Family Tax Savings

Fund Your Child's Education Tax-Effectively

Know What Benefits Are Available for Your Children

Understand the Tax Implications of a Marriage Breakdown

Claim Childcare Expenses

Make the Most of Your Family Home

Claim Credit for Tuition and Textbooks

Know What Education Income Is Tax-Free

Study the Other Deductions and Credits Available to Students

Tips for Special Tax Planning Circumstances

Make the Most of Your Medical Expenses

Claim All the Medical Expenses of Your Family

Claim the Disability Tax Credit Amount and Disability Supports Deduction

Reduce Your Taxes by Claiming Tax Credits Regarding Another's Disability

Make Use of Registered Disability Savings Plans (RDSPs)

Make the Most of the Old Age Security (OAS) Program

Know When to Take Your CPP/QPP Retirement Pension

Be Smart in Receiving Other Types of Pension Income

Maximize the Age Amount and Pension Income Amount Tax Credits

Reduce Your Family's Tax Bill by Sharing CPP and Pension Splitting

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

Be Aware of U.S. Estate Tax Implications on Death

Undertake Estate Planning

Reduce Income Tax at Death

Use Trusts in Your Tax and Estate Planning

Reduce Probate Fees at Death

Make Charitable Donations Part of Your Estate Plan

Prepare a Power of Attorney and a Will

The Part of Tens

Top Ten Year-Round Tax-Saving Strategies

Top Ten Ways to Reduce the Risk of a CRA Audit

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