-
A contribution for the support of a government required of persons, groups, or businesses within the domain of that government.
- A fee or dues levied on the members of an organization to meet its expenses.
-
A burdensome or excessive demand; a strain.
Poor tax planning
decisions can have an adverse effect on every financial move you
makeso take a look at theTax
planning tipsto get a head start. Tax
planning for the family and Tax
planning, 10 common mistakescan help you keep more of your
hard-earned money in your pocket and out of the hands of the tax
man.
The type of income you receive
attracts deferent tax rates. Interest income, dividends and capital
gains have varying levels of taxation or offset.
Contributing the maximum
to your RRSP, is a simple way to save for the future and reduce
your current income tax position.
If you have unused RRSP
contribution room going back as far as 1991 and are in a high
income year, utilizing the carry forward provision in the
tax act could further enhance your savings and minimize taxes.
The spouse with the higher income
can contribute an RRSP in the name of a lower income spouse - when
withdrawn as eventual income, the
tax rate will be that of the annuitant and not the contributor as
long as spousal RRSP attribution rules are followed.
Forward thinking in regards to estate
planning may spare your beneficiaries an added tax burden.
12 Tax Saving
Strategies
Discover
how to make the tax system work for you by using some easy to
implement tax savings strategies.
Some key elements are deferring tax. Reducing or eliminating
tax. Income-spliting opportunities. Understanding tax implications
on your portfolio.
12
Tax-Saving
Strategies
Articles,
resources on Tax Planning
Investment and insurance planning
along with the formation of an estate plan have an effect on how much
tax is paid. The following links expand on this topic.
Our Bookstore
section contains details related to books that we recommend
for various areas of investing. Also provided are links to ordering
information on each title from Chapters.Indigo.ca.
The Canada
Customs and Revenue Agency features plenty of
reference material for tax related issues. Below are some links
to information that may prove useful to you for tax planning
purposes.
NetFile:
This transmission service allows you to file your
personal income tax and benefit return directly to the
Canada Customs and Revenue Agency using the Internet
TeleFile:
A computer program that allows eligible individuals to
electronically file their tax return for free using a
touch-tone telephone.
T.I.P.S.
Online: Find out the status of your tax refund,
your 2001 RRSP deduction limit and more on-line using
the T.I.P.S. Service.
