By Tim Cestnick
Not anything can larger safeguard genuinely-earned source of revenue and aid to acquire wealth than savvy tax thoughts. during this complete consultant, Canada's most advantageous tax professional, Tim Cestnick, bargains a hundred and one information for year-round tax making plans which can shop Canadians from all walks of lifestyles hundreds of thousands of bucks on their tax invoice. It exhibits readers how they could top construct a winning video game plan that might lessen 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 looking to gather 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
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? But we’re not done yet. Once your federal and provincial taxes are determined, those amounts are Pre-Game Warm-Up: The Basics of Tax Planning 5 reduced dollar for dollar by any credits that you claim in each jurisdiction, to arrive at your basic federal and provincial tax bills.
Pre-Game Warm-Up: The Basics of Tax Planning Tim’s Tip 6: Think of taxes when big things happen in life. 11 Did You Know? Income taxes were ﬁrst introduced in Canada in 1917. Matthew paid me a visit not long ago. He wasn’t sure if The Income War Tax Act there were any tax issues to worry about in his situation, levied a 4-percent tax on so he thought he’d play it safe and visit me to find out. Canadians to help ﬁnance When I asked him to tell me what’s been happening, he the First World War. It is replied in a single breath: commonly believed, based on “Tim, my wife and I aren’t getting along so well so comments made by Sir we decided to separate earlier this year and my son is Thomas White, the ﬁnance away at school for the first time and has been with- minister of the day, that drawing funds from the Registered Education Savings income taxes were intended Plan we set up for him 10 years ago and my California to be a temporary measure.
There’s a big difference between avoiding taxes and evading them: One’s okay; the other’s a definite no-no. Tax avoidance simply involves structuring your affairs legally so that you’re paying less tax than you might otherwise pay. You do, after all, have the right to pay the least amount of tax the law will allow. Avoiding tax could involve using loopholes, which are inadvertent errors in the Income Tax Act, but more commonly will involve using provisions of the law to your advantage. Tax evasion, on the other hand, is an attempt to reduce your taxes owing or increase refundable credits by illegal means, such as making false statements about your income or deductions, or destroying records.