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.
- Investment in Non-Reg
- Real Estate
- Businesses
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.
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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.