By Tim Cestnick

ISBN-10: 0470676566

ISBN-13: 9780470676561

Not anything can higher shield well-merited source of revenue and aid to amass wealth than savvy tax ideas. during this entire advisor, Canada's most suitable tax specialist, Tim Cestnick, bargains a hundred and one suggestions for year-round tax making plans which may store Canadians from all walks of lifestyles millions of bucks on their tax invoice. It indicates readers how they could most sensible construct a winning video game plan that might decrease their taxes and maximize after-tax funding returns. Cestnick's uncomplicated and confirmed recommendation makes 101 Tax secrets and techniques for Canadians a vital instrument for all Canadians trying to collect wealth and shield their source of revenue.

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Extra resources for 101 Tax Secrets For Canadians: Smart Strategies That Can Save You Thousands

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The bottom line is this: If you are going to engage in any type of aggressive tax planning, be sure to work with a tax professional to structure your affairs so that you avoid meeting the three tests I’ve talked about here. TO MAKE A LONG STORY SHORT: • Two landmark decisions by the Supreme Court of Canada have clarified the criteria that CRA must follow if it hopes to prevent a tax strategy under the General Anti-Avoidance Rule (GAAR). • There are three tests that must be met for GAAR to apply: (1) there must be a tax benefit from the transaction(s), (2) the transaction(s) must be an “avoidance” transaction, and (3) the avoidance transaction(s) must be abusive.

Sure, a VD may be your best bet if you’re talking about significant tax dollars, Tim’s Tip 2: Understand this thing request (using Form T1-ADJ) to your prior years’ tax returns may be a better You’re going to hear a lot about marginal tax rates as you browse the pages of this book—and for good reason. Your marginal tax rate is used to calculate all option if the dollars are minimal. Talk to a tax pro before deciding which way to go! kinds of things. In particular, if you want to know how much tax a deduction is going to save you, or what the after-tax rate of return on your investments happens to be, you’ll need to know your marginal tax rate.

But there’s more. Once that student graduates and is earning a regular income, the loan can be repaid, and the student will be allowed a deduction for the amount of the repayment. Not a bad deal! Little or no tax to pay when the loan is included in income, but a healthy deduction when it’s repaid later. This idea is great where the student doesn’t work in the business and it would be tough to justify paying salary or wages. Keep in mind that the company won’t be entitled to a deduction for the cash paid to the student.

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101 Tax Secrets For Canadians: Smart Strategies That Can Save You Thousands by Tim Cestnick

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