Tax Tips and Tax Shelters for Canadians provides individuals and business owners with effective tax-planning strategies designed to reduce taxable income, .
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- How the wealthy reduce the tax-man’s take - The Globe and Mail
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- How the wealthy reduce the tax-man’s take
Page 1 of 1 Start over Page 1 of 1. Make Sure It's Deductible. Complete Canadian Small Business Guide. About the Author Vlad Trkulja has been providing individuals, business owners, corporations, trusts, and foundations with expert financial, investment, and tax-efficient strategies for over fifteen years.
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How the wealthy reduce the tax-man’s take - The Globe and Mail
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View or edit your browsing history. A tax shelter is any method that is used to reduce taxable income. This can either be in the form of a property or even a gift to a charity. However, you must be aware of gifting tax shelter arrangements.
How the wealthy reduce the tax-man’s take
In these schemes, the individual buys property that is normally below market value, and then donates it to a charity. In return, the individual will receive a donation receipt for a much higher amount or value than the actual cash contribution made. The CRA has made it very clear that they are going to audit every single tax shelter arrangement, and slim minorities are found to be in compliance.
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Therefore, not only will the donation tax credit be disallowed, but you also risk substantial fines and penalties. However, there are legitimate tax shelters endorsed by the Canada Revenue Agency that target specific sectors of the economy, stimulate growth and the economy as a whole. If you have the funds available, consider investing in flow-through shares in oil and gas companies because you can receive substantial deductions and tax credits based on the amount invested. As always, consult your financial advisor first before making a speculative investment.
So here is the tip! If you plan on making an investment in any other tax shelter, make sure you consult a tax advisor to ensure that their arrangement complies with the income tax act. The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals.
Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
- Tax Tips and Tax Shelters for Canadians - Vlad Trkulja - Google Книги.
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