How to avoid tax or postpone tax reasonably when immigrating to Canada

Reasonable and legal tax avoidance and tax extension for Canadian immigrants. In Canada, the government provides a series of methods and means for individuals to avoid or postpone taxes reasonably. The so-called tax avoidance is to reduce the payment of income tax through legal channels. Deferred tax payment is to postpone the tax payable at the present stage to a certain period in the future, such as after retirement, so as to effectively reduce the current tax burden.

People living in Canada will be exposed to such things as TFSA (tax-free savings account), RRSP (registered retirement savings plan) and RESP (registered education savings plan). Perhaps it is related to the local people's consumption concept of spending money in the future, relying too much on loan life. In the past few years, the government has issued a series of storage plans to encourage individuals to save more money and think about the future.

How are these plans implemented? How to guide individual participation? First, the interest rate is relatively high, and more importantly, it can play the role of tax exemption or tax extension. These plans are personal. If one spouse has no income, or the income gap is particularly large, the one with high income can deposit money with the other spouse, thus reducing the taxable income of the whole family. Therefore, if the money is reasonably invested in different storage plans, there will be an opportunity to lower the family tax rate by one grade, which will virtually reduce the tax expenditure of the whole family by several percentage points. In the Chinese community, this is very attractive. Many people work as financial consultants for customers and choose different products such as storage plans, insurance and funds to avoid taxes or postpone taxes, which has increased many employment opportunities for this industry.

In addition, tax credits for buying new houses or decorating houses, property tax subsidies for the elderly, tax credits for political donations, etc. It's too strange for me.

In Canada, it is real to take it from the people and use it for the people. No matter for a country or an individual, everyone should pay a reasonable price to win a reasonable return. As long as both sides abide by this principle, it is a win-win result.