By Tim Cestnick
Not anything can greater shield well-merited source of revenue and aid to amass wealth than savvy tax options. during this accomplished consultant, Canada's most desirable tax professional, Tim Cestnick, deals one hundred and one guidance for year-round tax making plans which may shop Canadians from all walks of existence hundreds of thousands of greenbacks on their tax invoice. It exhibits readers how they could top construct a winning video game plan that would lessen their taxes and maximize after-tax funding returns. Cestnick's basic and confirmed recommendation makes 101 Tax secrets and techniques for Canadians a necessary software for all Canadians trying to collect wealth and defend their source of revenue.
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Extra resources for 101 Tax Secrets For Canadians: Smart Strategies That Can Save You Thousands
J. Pay an allowance to your working child. I know, I know, you’ve been looking forward to the day when your children are out working, earning their own spending money, if only because it will teach them responsibility. What if I were to tell you that paying your children an allowance makes sense once they’re earning their own money? Here’s why: Giving your children an allowance will free up their earnings for investment. When they invest their own income, the attribution rules won’t apply and you will have effectively split income.
But things change dramatically if both Becky and Ron each bring home $30,000. With two income earners in this case, the family’s total income remains at $60,000, but the family’s tax bill drops to just $8,460, for savings of $2,604 each year. Why the tax savings? Simple. Think back to our talk about marginal tax rates in Chapter 1, Tip 2. 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).
The bottom line? The interest costs paid by Mrs. Lipson, which represented a loss to her, were attributed back to Mr. Lipson. That's right, Mr. Lipson claimed the deduction, not Mrs. Lipson. The SCC didn’t appreciate the transfer of the interest from Mrs. Lipson to her husband, and applied the general anti-avoidance rule (GAAR) as a result of this “abusive” transfer. The good news, however, is that the SCC did suggest that the interest deduction itself, which arose on the debt restructuring, was just ﬁne; it’s just that Mrs.