With Christmas in the rear-view-mirror for another year, many of us begin to reflect on the past year.
The recession was nearing an end and the TFSA was in it’s second year and not surprisingly these topics were reflected in the top 10 tax articles on the Canadian Tax Resource Blog (although neither topic hit the top spot).
- Understanding Shareholder Loans  – If you own a business corporation and you lend yourself money, the loan can have tax implications. There are a few exceptions.
- Was that box of candy your employer gave you really a gift? Taxable employment benefits  are always a hot topic.
- Income splitting  can be lucrative and if done correctly can save you as much as $12,000 a year. But there are rules to follow (which is the 5th most popular article in 2010!).
- Using your RRSP for debt reduction  can bring unintended tax consequences. Not to mention eroding your retirement savings.
- Knowing the income splitting rules  will help you avoid your well laid plans going to waste … and costing you in terms of tax dollars!
- With the first full year of the tax-free savings account over, many Canadians needed to prepare for the TFSA penalty tax .
- Although not many visitors comment on this article, it has been a frequently visited page. Short and brief, this article simply explains what the pension adjustment is and how it is calculated .
- The OAS clawback  begins to take hold after income exceed about $66,000. Many pensioners pursue a program of OAS clawback avoidance when the clawback is nowhere in sight.
- Did you buy shares of a foreign company in your TFSA? Did you see a withholding tax applied to the interest or dividends. Many Canadian were unaware that the TFSA was not free from foreign taxes !
- Although simple in concept, the TFSA have proven complicated and the concept of the TFSA contribution limits  and how they work continues to be a popular topic.
Looking Ahead to 2011
As I look ahead to 2011, we will see more and more Canadians retire but I also anticipate more people starting new businesses. over the course of the next year I will develop a series of topics on retirement and small business owner issues as well as continue to expand on the existing tax topics on the site.