101 Tax Secrets for Canadians 2007: Smart Strategies That Can Save You Thousands

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John Wiley & Sons, Jan 22, 2008 - Business & Economics - 384 pages
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KEEP MORE MONEY IN YOUR POCKET AT TAX TIME AND SEND LESS OF IT TO THE GOVERNMENT.

Canadians love to hate taxes. For many, the biggest expense they face every year is their tax bill, and complaining about a huge tax bill is something of a national sport. But most Canadians have done little or nothing to reduce the income tax they pay.

Reducing your annual tax bill is the first step in protecting your hard-earned income. Savvy tax planning not only helps you keep more of your money in your hands, it can be a key step to accumulating wealth in the future.

In this comprehensive guide, Canada's foremost tax expert, Tim Cestnick, offers 101 tips for year-round tax planning. From brand new changes to the tax rules, to little-known strategies, 101 Tax Secrets for Canadians reveals the smart tips and advice that can save taxpayers from all walks of life thousands of dollars on their tax bill. Whether you are an employee or self-employed, a student, a retiree, an investor, single, or part of a family, there are tax-saving tips for you in this book.

There is literally something for everyone in this book. Personal tax rates and tax credits were changed in the 2006 federal budget, affecting every tax-paying Canadian. And the new universal child care benefit was introduced, providing all families with $1,200 per year for each child under age 6. What else is inside 101 Tax Secrets for Canadians, 2007: Up-to-date information on recent changes to income trustsOther essential guidelines and changes for the 2007 tax seasonUpdates on RRSPs and pension income-tax creditsA look at the most recent innovations in tax-smart investingAdvice designed to maximize your retirement incomeStrategies to deal with your estate in a tax-smart mannerA summary of changes relevant in your provinceTim's "Tax Planning Tip Sheet," a detailed checklist to design your own game plan for paying less taxhelpful charts, tables, and sidebars for fast access to important information

 

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Contents

The Basics of Tax Planning
1
Tax Planning for the Family
18
Strategies for Employees
69
Strategies for SelfEmployment
108
Strategies for Investors
136
Strategies for Retirement
182
United States Connections
231
Provincial Tax Issues
245
Planning for Your Estate
263
Glossary of Abbreviations
286
Tax Facts
287
Index
301
Copyright

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About the author (2008)

Tim Cestnick, FCA, CPA, CFP, TEP is the bestselling author of The Tax Freedom Zone, Winning the Tax Game, Winning the Estate Planning Game, and Winning the Education Savings Game, and Co-author of Death & Taxes and Your Family's Money. Tim is a frequent guest in the national media. He writes a bi-weekly column in the Globe and Mail and regularly appears on Canada AM, ROBTv, CBC Newsworld, and many investment programs on both television and radio across the country.
Tim is experienced in all areas of personal taxation, particularly those related to owner/managers and U.S. personal tax. He has completed the CICA's In-Depth Tax Course and the Canadian Securities Course and is a member of the Canadian Tax Foundation and the teaching faculty of the Institute of Chartered Accountants of Ontario.
After obtaining his CA designation with Deloitte & Touche, Tim became a partner at a local accounting firm and then was managing director of national tax services at one of Canada's largest investment managers. Most recently, Tim co-founded the WaterStreet Group Inc., Canada's first and largest Multiple-Family Office Firm.

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