Managing Your Personal Taxes - An Ongoing Process is a great
guide to personal tax saving tips that can assist you on the road to maximizing
your personal wealth. Investments, retirement savings plans, estate planning,
tax payments and deferrals, family tax planning and more are examined to help
you develop your personal financial plan. Here are a few saving ideas presented
in the 2000-2001 edition:
- Make your maximum annual RRSP contribution early in the year to
begin tax-free compounding as early as possible
- Make spousal RRSP contributions if your spouse has little or no
income
- Use RESPs to save for your childrens' education
- Employ your spouse and children, where possible, to take
advantage of their lower marginal tax rates
- If you must borrow, borrow for investments to maximize
deductibility of interest costs
- When paying down debt, reduce debt with non-deductible interest
cost first, particularly expensive debt such as credit card balances
Prepared by Ernst & Young LLP. Published by CCH Canadian
Ltd., 2000. |
