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Tax Saving Strategy For Canadians
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When you want to plan your taxes in Canada, then you need to plan in advance. If you are wise, then you can plan the best options. Do not wait till the last minute and you need to start planning even before that. Canada is one of the tax havens. You can save your tax when you invest wisely. You need to take easy decisions if you want to get profited of the same. This has a great effect on your savings. You need to discover what you can do with your money, how to invest it, and how to save it. The strategic policy is to donate, recover the taxable income and invest wisely. You can save the money you had earned with your hard work and the same can be used for various family expenses. When the Canadian residents who pay taxes, donate the amount, they can claim up to half the donated amount.
When you know about the advantages of donating, you can increase your savings up to twice the usual amount. You can also save 30% of the income tax you pay for the salary. This 30% is bound to increase every year.
Retirement planning is one of the ways, the Canadians look forward to save on the income tax. As a registrant, you need to buy the Canadian dividends. You can this way pay a very little tax or no tax at all, based on your investment. When you do this, you should remember to deregister the funds, every year or once in every 6 months, and a certificate of due is offered to you. This is advisable because when the markets are not stable, you would not lose much. The Canadian tax exiles should not think that they are exempted from tax. They should be aware of the CRA form 73. When they fill it out you need to still pay the tax. You would be haunted by the form when you have filled it out, though you are not in Canada. You would be not able to use any of the services when you do not pay the taxes.
It is evident that if you do not pay the tax, you would not be able to enjoy the services of the government. You would be questioned about the tax policy of the country you moved to. If you need not pay taxes to the country you moved to, this is also taken into account.
You can also save taxes when you invest in the foreign properties. These investments often do not have any tax to be paid or little tax is involved. You need to keep in mind if you are bringing any of the investment amount back to Canada, the same is taxable. Knowing about the various taxations, like the real estate taxation, income tax and much more is mandatory. This helps you to know about saving your income. There are professional consultants who can help you in this area.
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