Planning
There is nothing wrong with arranging your affairs so that the tax you pay is as low as possible. There is no requirement to pay the CRA more than you have to. However, this does not mean that you break the law. In fact, the purpose of this website is to provide legally allowable tax planning strategies.
Legitimate tax planning opportunities such as RRSP’s, estate freeze, incorporation, as well as other opportunities do exist and are perfectly legal. Beware that if you purposefully underestimate your taxable income or overstate deductions or tax credits are considered tax evasion which can result in reassessment or an audit (best case scenarios) or criminal prosecution and/or prison.
Topics In This Section
- Tax Planning Opportunities
- Tax Filing Information
- RRSPs, RRIFs Etc.
- Income Taxes & Deductions on Employment Income
- Income Taxes and Investments
- Deductions & Tax Credits
- Businesses and Taxes
- Tax Tips
- Entering or Leaving Canada
- Other
What Tax Planning Opportunities Exist in Canada today?
- What is Income Splitting in Canada?
- What Are The Canadian Income Splitting Rules?
- Income Splitting Using Loans To Your Spouse
- RRSPs versus Non-Registered Accounts
- Tax Planning and Income Splitting Opportunities in Canada
- Pension Income Splitting in Canada
- How To Minimize Probate Fees
Filing Information
- Why File a Canadian Income Tax Return?
- How Canadian Income Tax is Calculated?
- What Is The Difference Between Personal Tax Credit & Tax Deductions?
- When Income is Taxable in Canada?
- What Are The Sources of Income for Canadian Income Tax?
- Who Is Required to Pay Canadian Income Taxes?
- When Are Returns Due In Canada?
- No Income No tax Return?
For RRSPs RRIFs and Other Retirement Plans, please see the Retirement Page
Income Taxes & Deductions on Employment Income
Taxable Benefits & Deductions From Employment Income
- What Employment Benefits Are Taxable And Which Are Not?
- What Are Automobile Benefits?
- If Your Employer Provides an Automobile
- If You Use Your Own Vehicle For Employment
- Employer Loans To Employees
- Employee Loans
- Deductions From Income Earned From Employment
Income Taxes and Investments
- How Are Bonds Taxed?
- Capital Gains
- Capital Gain or Income?
- Net Capital Losses On Your Notice Of Assessment
- Tax Implications: Shares Of Public Companies
- Taxation of Income Trusts
- Reader Mail Bag Update: Lifetime Capital Gains Exemption
Deductions & Tax Credits
- Maximize Your Child Care Expenses
- Charitable Donation Tax Credit
- Medical Expense Tax Credit
- Tax Shelter Donation Programs
- Reader Mail Bag: Tax Free Income
Businesses and Taxes
Tax Tips
Entering & Leaving Canada
Other
- Buying A U.S. Vacation Property
- Are Gifts & Inheritances Taxed In Canada?
- Held Liable For Someone Else’s Tax Debt?
- Nortel Class Action Settlement
When you think of retirement you may have thoughts of vacation properties and traveling the world or just spending time with family. This section provides a series of links to articles tax deferral and retirement plan accounts available as well as some other retirement planning opportunities.
Other articles on this site may exist and you may search them using the search bar on the right.
What are RRSPs & RRIFs?
- What is an RRSP?
- How MuchCan I Contribute To My RRSP?
- How Much of my RRSP Contribution Can I Deduct?
- What Happens if I Contribute More Than My Deduction Limit?
- Do I Have To Deduct My RRSP Contribution This Year or Can I Deduct It In The Future?
- What Happens To My RRSP When I Turn 71?
- What is the Pension Adjustment (PA)?
- What Investments Can I Hold in My RRSP, RRIF, RESP?
- RRSPs versus Non-Registered Accounts
Income Splitting – RRSPs & RRIFs
Snowbirds & Moving To or From The United States
Other Retirement Information
- The Home Buyers Plan (HBP)
- How To Minimize Probate Fees
- The Life Long Learning Plan (LLP)
- Types of Trusts
- What Is A Trust?
