By Tim Cestnick

ISBN-10: 0470676566

ISBN-13: 9780470676561

Not anything can greater guard well-merited source of revenue and support to acquire wealth than savvy tax thoughts. during this entire advisor, Canada's premiere tax specialist, Tim Cestnick, deals a hundred and one information for year-round tax making plans which could store Canadians from all walks of existence millions of greenbacks on their tax invoice. It indicates readers how they could most sensible construct a winning online game plan that may decrease their taxes and maximize after-tax funding returns. Cestnick's easy and confirmed recommendation makes 101 Tax secrets and techniques for Canadians an important device for all Canadians looking to collect wealth and guard their source of revenue.

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

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With each spouse earning just $30,000, nearly every dollar * For brevity I will use the term “spouse” to refer to both spouses and common-law partners (same sex or not). All are afforded the same tax treatment under our tax law. 20 1 0 1 Ta x S e c r e t s f or C a n a d i a n s Did You Know? earned by the family is taxed at the lowest marginal You could be liable to pay tax rate possible for employment income—about 25 another’s tax bill in certain percent. When Becky earned all the money herself, situations.

Tim’s Tip 3: Know the difference between a deduction and a credit. No doubt about it, you’ve heard of them before. Deductions and credits are the friends of every taxpayer. The question is, do you know the difference between the two? Most Canadians don’t. Let me explain. A deduction is claimed to reduce your taxable income. Once you’ve calculated your taxable income, it’s multiplied by current federal and provincial tax rates to arrive at your tax bill both federally and provincially. Make sense?

The Queen, the taxpayer reported losses from the sale of marketable securities as business losses rather than capital losses. Business losses, of course, offer greater tax savings because they can be applied against any other income the taxpayer might have, whereas capital losses can only be applied against capital gains. ” The court noted that: (1) the taxpayer treated his transactions in an inconsistent manner (in the prior year, he had reported his profits as capital gains, but his losses were now being treated as business losses), (2) the accountant of the taxpayer could not explain why, in the prior year, the taxpayer was not considered a “trader” whereas in the year in question the expectation is that he’d be considered a trader and therefore be afforded business loss treatment, (3) filing on a business loss basis was opportunistic tax planning, (4) the taxpayer did not report any business expenses in this Changes Making the Headlines xxxiii “trading” business, (5) the taxpayer’s wife did not give any evidence as to his “business” and therefore a negative inference was drawn by the court.

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


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