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Ways To Save Tax In Canada
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When you want to know about saving tax in Canada, you need to know about the tax policy of the country. You should know about the tax treaties and tax policies in Canada. This way you can save a lot. When you want to plan your taxes in Canada, then you need to plan even at the start of the year. If you are a resident of Canada, then you should know about the various policies of the government, which are great ways to save your money on the taxes.
You need to start with paying of the tax on the deadline. If you are crossing the deadline, you would be getting penalized for the same. When you cross the deadline, you would be charged even up to 5 percent of the actual tax you need to pay. You also can start saving for your future. When you choose the various retirement plans, you can save money and can also invest for the future. You can gift the assets to your children. When the assets grow in value, you will not be taxed more, as your children are gifted the same from you. The children are in the lower tax bracket and they need not pay any tax. Even if they need to pay the tax it is very less.
You need to offer some money to any of the charitable organizations that are registered. You cannot gain the profits if you are donating to any of the non-registered organization. Look for the organizations approved by the government. The strategy of the government is that to save on the income tax, you need to donate more. When you plan for investments, you can save on the taxes. Investing in the properties of other countries is an easy way to secure your tax amount. Most of the times the income tax for foreign investments are very less or you need not pay any taxes at all. This way you can save on the income tax. Also, you need to make sure that you do not bring back any of the money you had profited from the investment back to Canada, else you would be taxed on the same.
You can also invest in small businesses. This is a way to save tax. You should also remember that saving tax is possible only if you have done a proper tax planning. You should make sure your investments are done in separate accounts. If you have a spouse who is in the lowest tax bracket, then the investments should be made in different accounts. This is to ensure that the investment taxes are calculated for separate accounts separately. This way you can save at least 30% of what you need to pay as the tax. Share your assets and salary with the people of lower tax bracket in your home. This is the most easiest way to save on income tax. Read the government tax relaxation policies to get to know more about the same.
Josep Guardiola is a Toronto tax specialist, who practices as an independent tax consultant. He is providing lots of information about how to manage tax treaties. In this article you can find details information about tax planning. For more information visit taxca.com.
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