Pay WAY Less Tax!: 250+ Deductions, Credits & Tips from a Leading Tax Lawyer
by Dale Barrett
- Length: 251 pages
- Edition: 1
- Language: English
- Publisher: Barrett Publishing
- Publication Date: 2021-02-07
- ISBN-10: 0986755990
- ISBN-13: 9780986755996
- Sales Rank: #9775562 (See Top 100 Books)
Pay Way Less Tax! is the essential #1 most comprehensive tax reduction book that all Canadian individuals and business owners should have in their library. This book is packed with Proven Methods Guaranteed to Reduce Taxes. Written by Dale Barrett, Leading Tax Lawyer, Pay Less Tax! is designed to help Canadian pay as little tax as possible.
Forward Legal Disclaimer Table of Contents Part 1: Initial Concepts Future Value of Money Tax Deferral (And Why It is a Good Thing) Buying with Pre-Tax Dollars Tax Credits vs. Deductions Tax Deductions Tax Credits Source Concept of Tax Income Tax Tax Filing Obligations Taxpayer Rights Article - A Sad Story About Mr. X from Country Y Tax Schemes and Shelters Part 1: Personal Credits Family Childcare Support Payments Made Caregivers Spouse or Common-Law Partner Amount Canada Caregiver Amount for Spouse or Common-law Partner, or Eligible Dependant Age 18 or Older Amount for an Eligible Dependant Canada Caregiver Amount for Other Infirm Dependants age 18 or Older Claim All Medical Expenses Disability Supports Deduction Refundable Medical Expense Supplement Education Deductions and Credits Disability Tax Credit Climate Action Incentive File a Tax Return Even if You Are Not Required Be Sure to Report all T-Slips Even Though the CRA Has Them Already Transfer Unused Credits Between Spouses Transfer (or Carry Forward) Unused Tuition Credits Deduct Your Student Loan Interest Deduct Out of Country Tuition Costs Part 2: Charitable Contributions Part 3: Provincial and Territorial Tax Credits Part 4: Business / Self-Employment Deductions (Expenses) Turn a Hobby into a Side Hustle Start a Corporation for Your Side Hustle When a Corporation Doesn’t Fit the Bill, Consider a Partnership Under Certain Circumstances Pay Wages to Your Family Members from the Business Business Use of a Vehicle Meals and Entertainment Business Use of the Home Union / Professional Dues Part 5: Employment Expenses Make Sure You Have a T2200 Form Article: So You’re Working from Home: Deduct Expenses and Pay Less Tax Make Sure You Take Reimbursements and Allowances into Consideration Working from Home: The COVID-19 Deductions The Legal Framework of Salaried Employment Deductions The CRA’s Changes and Clarifications for Home Office Expenses During COVID-19 Independent Contractors Salaried Employees Moving Expenses The Story of Johnny Konecny – The Man Who Moved in a Canoe (in his own words) Part 6: Refundable Tax Credits Federal Refundable Tax Credits British Columbia Refundable Tax Credits Home Renovation Tax Credit for Seniors and Persons with Disabilities Venture Capital Tax Credit British Columbia Mining Exploration Tax Credit Training Tax Credit (Individual) Training Tax Credit (Employer) British Columbia Shipbuilding and Ship Repair Industry Tax Credit Ontario Refundable Tax Credits Ontario Childcare Credit Ontario Focused Flow-Through Share Tax Credit Ontario Senior’s Public Transit Tax Credit Political Contribution Tax Credit Ontario Co-operative Education Tax Credit Northern Ontario Energy Credit Ontario Energy and Property Tax Credit Ontario Sales Tax Credit Manitoba Refundable Tax Credits Fertility Treatment Tax Credit Education Property Tax Credit Homeowner’s School Tax Assistance Seniors’ School Tax Rebate Primary Caregiver Tax Credit Green Energy Equipment Tax Credit Part 7: Clever (and Cheeky) Deductions The Trip to Hawaii (to Check on the Rental Property, Of Course) The Trip to Vegas (to Go to the Convention) The Kids’ Activities (Paid by Their Part Time Job with Before Tax Dollars) The Family Get Together (the Day After the Office Party) Part 8: Tips to Saving Money in An Audit Be Aware of and Try to Mitigate Audit Risk Factors Audit Risk Factors Control What You Can Get Off to a Good Start Consider Getting Assistance from a Tax Lawyer or an Accountant Stay on Track Ensure That the Charity you are Donating to is Legitimate Document Your Home Office Keep and Show Your Vehicle Log Provide Organized Records Don’t Discuss Personal Matters or Have Personal Conversations with the Auditor If You Have Hired a Representative, Avoid Dealing Directly with the Auditor Do Not Sign CRA Waivers Do Challenge Bad Audits Know Your Rights Keep Good Records The Importance of Maintaining Complete Records Part 9: Tips to Reduce Taxes by Challenging an Incorrect Reassessment Don’t Be in a Rush to Provide Details About Your Objection File an Objection to Stall Collections Activity Skip Directly to Tax Court if the Objection Takes Too Long Even if Your Debt Is Not Collectible, Pay Anyway Part 10: Pension & Retirement Max out your RRSP contribution Make a $2000 Over Contribution to your RRSP Contribute to a Spousal RRSP if it Makes Sense Don’t Withdraw from RRSPs Early if You Can Avoid It Borrow Tax-Free and Interest Free from Your RRSP under the Home Buyer’s Plan Take Advantage of the Home Buyers’ Amount Borrow Tax-Free and Interest Free from Your RRSP (Lifelong Learning Plan) Make Sure to Convert RRSP to a RRIF by Age 71 Split CPP Retirement Benefits With your Spouse (If it Makes Sense) Part 11: Tips to Defer Tax Use a Corporation to Defer Taxes Take Advantage of Tax-Free Rollovers Defer Taxes with an Estate Freeze Article - Estate Freezes: A Silver Lining of COVID-19 Use the Capital Gains Reserve Mechanism to Defer Capital Gains When You Get Paid Over Time Part 12: Estate Planning Tax Tips Do an Estate Freeze Sell Shares, Not Assets Take Advantage of the Lifetime Capital Gains Exemption QSBC Shares Purification Opt out of Automatic Spousal Rollover if there is LCGE Room Draft a Secondary Will to Segregate Assets Not Subject to Probate Invest Chid Tax Benefit in Your Children’s Name Part 13: Emigration Factors Considered by the CRA when Determining Residency Significant residential ties Secondary residential ties Deemed Disposition Upon Emigration File an Election Under 220(4.5) of The Income Tax Act to Avoid a Deemed Disposition Upon Emigration File an NR73 Form Upon Emigration Elect to Defer Taxes Payable upon Emigration If Emigrating, Don’t Collapse RRSPs Until You Become a Non-Resident Part 14: Elections Take Advantage of Elections Common Elections Principal Residence Elections Use a 45(2) Election to Defer a Capital Gain upon the Change in Use from Principal Residence to Income Producing Property File a 45(3) Election to Defer the Capital Gain upon the Change in Use of a Property from Income-Producing to Principal Residence File a T2054 Election for a Capital Dividend under Subsection 83(2) Save Tax with the Quick Method of Accounting for GST/HST Take Advantage of the Replacement Property Rules Make Appropriate Elections when Selling Property after Marital Breakdown Transfer Property to Your Corporation on a Tax-Free Basis with a Section 85 Rollover Reduce Tax Payable by Electing Out of Withholding Tax Reduce the Amount of Withholding Tax by Filing a Non-Resident 217 Election, Emigration File an Election Under 220(4.5) of the Income Tax Act to Avoid a Deemed Disposition Upon Emigration Elect to Split Pension Income Between Spouses Part 15: Taxpayer Relief Provisions File a Request for Taxpayer Relief if You Owe Interest & Penalties Extraordinary Circumstances Financial Hardship Actions of the CRA File an Application for a Late-Filed Election File an Application for Refunds Outside the Normal Refund Period File an Application Under the Voluntary Disclosures Program for Undeclared income / Overclaimed Expenses The General Program The Limited Program Acceptance Criteria The Application If All Else Fails (Or is Too Late) File for Tax Remission Part 16: Other Miscellaneous Tax-Friendly Tips Use Insurance to Pass Cottage on to Kids Deduct the Cost of Life Insurance Under Certain Circumstances Know the Benefit of an Accountant and the Limitations of Tax Software. Turn Income from a Property Sale into Capital Gains Max out your RESP contribution Careful of Unintended Shareholder Benefits Careful of Unintended Employee Benefits Careful with Non-Arm’s Length Transactions (avoid them with Tax Debtors) The Peril of Family Asset Transfers Careful of Attribution Rules (and TOSI) Beware of Personal Services Businesses Take Advantage of the Quick Method for GST/HST Turn Passive Income into Active Income Consider Offshore Structures Consider Whether You Want to Leave Canada Altogether Stop Earning Income Go Work for the United Nations Earn Income from Gambling (but not too much) Use Tax Treaties to Your Advantage Assert Your Taxpayer Rights Use the Ombudsman to Protect your Rights Get an Advance Tax Ruling if you are Not Sure What is an Advance Ruling? How to Request an Advance Income Tax Ruling Carry Forward Your Losses Max Out Your TFSA contribution Avoid Penalties But First, the Reminders Interest & Penalties About the Author
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