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I'm curious to get some input and tips on how you guys find ways to mitigate or lessen your taxes.
Married, one young daughter in day care (stated this year). I make good money.
I take advantage of the RRSP matching program and typically every year my goal is to top up my RRSP contributions to the point I don't pay taxes. Enough to get a couple hundred back to be safe.
I have investments but no sales that would trigger any capital gains, just dividend payouts etc. Nothing crazy.
Wife works, good money. I have her to at least the same with RRSP so she doesn't pay. She does a little more.
What can be done, claimed to help with taxes? Anything? We'll start getting some more child benefits this year?
I've done my own taxes are years now, is a tax accountant really worth it? Are they going to help enough to justify the cost?
Alternatively you can dive deep into the income tax act or hire an accountant who will do this for you. Within the easy tax credits that you mention - childcare benefit, Canada workers benefit, etc any accountant should be able to do and should be aware of.
Most accountants should be able to navigate the ITA. But not everyone, myself included, are willing to take on the extra costs / liability with being tax efficient or applying complex tax strategy as it may come with a 25K fine for both the client and the advisor if the CRA deems it as abuse.
Which nowadays, with the 40Mil they lost, everything is deemed as abuse of the ITA. I spend a lot more time nowadays fighting the CRA.
I would also completely remove the phrase "avoid taxes" from your vocabulary. You can be tax efficient, but tax evasion is a federal offense that they are heavily cracking down on - no not just the big guys... They're also coming after small business owners and ppl who legitimately make fuck all.
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If you're just a salary man, your options are very limited, there's no crazy loophole or things you need to be doing.
The standard things are
- TFSA - $7K/year
- RRSP - 18% of earned income
- RESP
- FHSA
If you have high aspirations, your end game should be to pay more taxes, that means, after you burned all the above, it's time to play big boy money so we can buy the group 911's for the boys.
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Quote:
Originally Posted by BIC_BAWS
Within the easy tax credits that you mention - childcare benefit, Canada workers benefit, etc any accountant should be able to do and should be aware of.
Assuming "good income" of $200,000+ income, the impact of both the Canada Child Benefit (CCB) and Canada Workers Benefit (CWB) should be phased out.
Canada Child Benefit (CCB): Families in this income bracket typically do not qualify for the CCB as it is designed to support low- to middle-income households.
Canada Workers Benefit (CWB): This benefit is targeted at low-income earners, and households with an income of $200,000+ would not qualify for any CWB payments.
If we're tryna drive fancy low KM Honda's one day, we must make more money, pay more taxes, and find some smart friends to bounce ideas on how to make more income.
Sonick is a genius. I won't go into detail what's so great about his post. But it's damn good!
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well i don't actually know if i'm getting them. I'm assuming i'm not and nor is why wife
You input your income on the forms, then if you qualify, they start mailing you cheques that say child benefits. As your combined income gets closer to 210k, that benefit becomes zero.
As an employee, there's not much you can do other than RRSPs and FHSAs.
However, if you do pay for work expenses, you can get your employer to fill out a T2200 for deduction of work related expenses from your gross income. There's a bunch of criteria to what you can and cannot deduct.
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
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