28 ways to pay less tax

Dreading the April 30 income tax filing deadline? Don’t despair. These clever (and perfectly legal) tips will help you slash your taxes by thousands

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6 comments on “28 ways to pay less tax

  1. Thankyou David for the 28 tips – this is by far the best , most comprehensive and most easy to read list of money saving ideas I have ever seen. Should be required reading for all tax payers – Great work. thanks again (from someone who used to think that paying taxes was a privilege (how altuistic) – until it has now become downright annoying and painful)

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  2. Great advice about saving $100.00 and how fast it can grow. You remind me of the current federal government telling us we need to save more for our retirement. The only problem with this advice is, who can afford to save that much. Many, probably the majority of working Canadians can barely meet the monthly bills with what they earn weekly. Thanks to the mismanagement by the current government and their catering to big business as the expense of average hard working people.

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  3. Nice list. Just a note on slide 18, Tax savings: Up to $1,920 per child annually.

    Universal Child Care Benefit: UCCB is not tax savings, it’s income (i.e. benefits, added to your overall income), which is taxed.

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  4. You’d be hard pressed to show that you gamble for a living, since the main foundaton for a tax loss would mean there is a “reasonable expectation” of earning a profit first and foremost. Beyond that, in Canada, winnings from games of chance (i.e. lottery, casino, sports/horse betting or other likes) is not subject to tax, therefore, why would the CRA grant you the ability to write off losses for these endeavors ?

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  5. This is good advice. I have paid so much money in taxes in my life that I could have avoided had I utilized some basic tax planning strategies. It is unfortunate that we don’t learn this stuff in our lives until it is too late.

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  6. If I give a parcel of land to my son for $1, will I have to pay capital gains tax.

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