How do Canadian immigrants save taxes?

Canadian provincial tax specific tips

We all know that Canada is a big tax country. In the last issue, we shared with you three strategies for tax re

How do Canadian immigrants save taxes?

Canadian provincial tax specific tips

We all know that Canada is a big tax country. In the last issue, we shared with you three strategies for tax reduction in Canada. How to use these strategies? Are there some common tax saving methods? Let me share 8 tips below.

1. If there is no tax refund for one year, please pay the tax a few days before April 30th. It can increase the use time of your bank interest and capital flow.

Use the holiday money to save yourself taxes. The company's holiday travel receipts and accommodation expenses are tax-free, but the employment contract should have a travel allowance clause.

3. Cancel the interest tax. The abolition of interest tax does not mean tax exemption. The problem is how to do it skillfully and achieve the purpose of saving taxes. The main principle is to turn the earned interest into private investment, so as to enjoy legal preferential treatment. For example, your personal savings are taxable, but if you invest your funds in a company or set up a company account to recycle your funds, you don't need interest tax. Note: Bank records should be kept as evidence.

4. Divide the income of each year equally and avoid the high tax rate for one year. For example, the loss of stock investment can be spread over several years to offset the capital appreciation.

If your annual income is too high, you can consider giving it to your relatives and reducing the tax rate.

6. Investment expenses can be deducted from income. Including loan interest for earning investment, investment management fees, safe deposit box fees, investment consultant consulting fees, accounting fees for recording investment income, etc.

7. Register your own company to do small business, and many expenses can be converted into operating expenses.

8. If you live with a family member who has reached the age of 65 and provide living expenses, you can overstate the allowance for family care. The elderly can be parents, grandparents, parents or grandparents of spouses, uncles, aunts, etc.