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78 Tax Tips For Canadians For Dummies

78 Tax Tips For Canadians For Dummies

Christie Henderson, Brian Quinlan, Suzanne Schultz

Language: English

Pages: 408

ISBN: B00362XL6Y

Format: PDF / Kindle (mobi) / ePub


Compiled by an expert team of accountants, 78 Tax Tips For Canadians For Dummies offers practical tax planning strategies. These individual tips offer straightforward advice and insight that will save readers aggravation and money.

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instance, the calculation of taxable income includes deductions for prior-year losses. In fact, some of the deductions are permissive, meaning they allow for tax deductions based on your personal situation. For example, deductions are available for employee stock options, for residents # 1: Understand the Essentials 9 in northern areas of Canada, and for certain non-taxable payments received in the year. On many returns, net income and taxable income will be the same; therefore, you won’t

difficult to file the tax return for the immediately preceding tax year. In that case, the prior year’s tax return and any taxes owing are due six months following death. For example, if John died on February 1 of this year, his last year’s tax return is not due until August of this year (it normally would have been due April 30). Any tax liability from the final tax year (which will include only the month of January) is payable by April 30 of next year. Although you’re given the option to file

✓ If you’ve prepared yourself using approved software (see Tip #6), you have the option of NETFILING your return. At the end of the day, EFILE and NETFILE are essentially accomplishing the same thing. #7: Figure Out How to File Your Return 35 To be able to NETFILE your return to the CRA, you must prepare it using certified tax preparation software. Basically, the software saves your return in a format the CRA can read. A list of approved software is available on the CRA’s Web site at

a remote place or be farther away than a reasonable daily commute from your residence, and you must keep your usual residence. #21: Negotiate Non-Taxable Benefits 89 ✓ Moving costs: When your employer pays for or reimburses you for moving costs where the move is for employment, no taxable benefit exists. Ensure you negotiate this tax-free benefit when considering a new job where a move is necessary. If your employer compensates you for the diminished value or loss on the sale of your home due

and more! Introduction 3 Part IV: Tips for Families A whole part just for families? Yes! Here you find which deductions and credits you can claim for you and your family, along with tax tips for everything from buying or renovating a house, to divorce (remember, we’re sticking to tax tips here; your lawyer and your friends will likely have some tips of their own). We also offer a tonne of income splitting tips to help your family tax plan to pay less tax — together! Finally, we offer tips for

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