By Christie Henderson, Brian Quinlan, Suzanne Schultz
Carry directly to extra of your cash and construct your wealth with those tax-saving strategies!
You work flat out on your source of revenue — preserve extra of it on your pockets with this concise, useful consultant. Compiled by way of a bunch of expert accounting execs, those seventy eight clever suggestions supply anything for everybody, no matter if you're an competitive investor or somebody being affected by debt, an worker or self-employed, a scholar or retiree. With succinct counsel explaining simply what you must be aware of for year-round tax-planning, this booklet is a vital reference that simply may perhaps prevent hundreds of thousands of bucks!
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Additional info for 78 Tax Tips For Canadians For Dummies
Form T1DD can also be used to change information you’ve previously sent to the CRA. You do not need to redo the form each year, however: After it is set up, the CRA will continue to deposit funds to the account. They will never forget! Don’t forget to tell the CRA when you close a bank account. Refunds sent to a closed bank account will eventually be returned to the CRA, which will then send a cheque to the taxpayer. However, there are delays (weeks or months) in making all this happen. Avoid the hassle and advise the CRA of new banking information immediately.
Attach a note to your return explaining what is missing, detail any estimated amounts, and get it in on time! This is especially important if you owe money, because you will be charged a late filing penalty if the return is late — and interest, if your balance owing is not paid by April 30. Coping with missing receipts Receipts for some deductions, such as RRSP contributions, charitable donations, and medical expenses, must be attached to your tax return when it is filed (assuming you’re paper filing your return).
We stress legally. Tax evasion occurs when you purposely understate the amount of income tax you should pay. This can occur when you don’t report all your income, or when you overstate tax deductions and credits. At worst, tax evasion can result in a charge being laid under the Criminal Code. Tax planning is a continuous process. With the ever-changing economy and tax legislation, and the investment vehicles available in the market, you can always be planning ways to minimize your taxes. Many opportunities for tax planning arise when you experience a significant change in your life.