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Introduction
Chapter 1 Key Reasons Why Canadians Pay Too Much Tax
David, the typical one-source income earner. Taking a strategic
view to saving taxes. Multiplying income sources. Using
legitimate tax-savers. Understanding tax audit risk.
Chapter 2 How to Tax Cost Average
Mary, the sales agent. Timing income. Deferring income.
Making retroactive tax adjustments. Using carry-over provisions.
Beware the CPP. Proprietorships vs. incorporation.
Chapter 3 How to Start a Tax-Efficient Small Business
Marlen, the gourmet cook. When does a hobby become a
business? Is there potential for profit? Meeting the onus
of proof. Your Business Start Plan and Daily Business Journal.
Classifying expenses. Claiming losses.
Chapter 4 Write Off More Deductions Without Changing Your Life
Julie and Janet, artist and writer. What is a genuine tax-deductible
expense? Statement of Business Activities. Current vs. capital
expenses. Restricted and mixed-use expenses. Avoiding penalties.
Chapter 5 Simple Rules for Writing Off Asset Purchases
Jared, the computer whiz. Capital Cost Allowance claims. Fast
computer write-offs. Are expenses repairs or improvements?
Buy or lease? Half-year rules. Adjusting returns on time.
Chapter 6 Maximize Home Office and Auto Expense Benefits
Tom, the skilful woodworker. The second income. Keeping an
auto log and worksheet. Calculating your home workspace.
Calculating claims for the business portion of the expenses.
Chapter 7 Profiles of the Self-Employed
Marcie, her babysitting business and other occupations. Sole
proprietorship or partnership? Artists and writers. Child care
providers. Farmers, expenses and special provisions.
Chapter 8 How to Put Your Family to Work and Write It Off!
Raj and the family restaurant. Employing family members. Your
obligations as an employer. Tax-free benefits for family members.
Chapter 9 Often-Missed and Little-Known Family Tax Deductions
The Hampton family’s enterprises. Income splitting and
diversification. Various ways to increase your family’s income—
RRSPs, RRIFs, RESPs. Tax credits and write-offs.
Chapter 10 How to Create Serious Wealth
Thomas and his software company. Planning to maximize
benefits from the capital gains deduction. Qualified farm and
fisher’s property and shares in small business corporations.
Chapter 11 How to Turn a Tax Audit Into a Profitable Experience
Rubin, the musician. The net worth assessment. Compliance,
appeals and penalties. Some real life cases. Audit strategies.
Chapter 12 Taxpayers and Their Advisors: The Top Check Lists
Marshall, who’d never filed a tax return. Choosing a tax advisor
and the questions to ask. Ten skill-testing questions.
Conclusion
Index
