Stuart Bollefer is a longtime Toronto, CA tax advisor who coordinates solutions with professionals and corporations. One focus for Stuart Bollefer is on ensuring that clients keep their income in reliable tax shelters that minimize the impact of Canada Revenue Agency (CRA) taxation.
With the CRA taking a larger percentage share as one’s income increases, one basic strategy involves keeping records of daily expenses that can be deducted from taxable income on a dollar-for-dollar basis. Beyond this, tax-saving credits help one recover a part of one’s expenses. Those who are self employed have additional deductions available related to the cost of having a business, and credits may cover expenses related to child care and health care. Another proven tax mitigation pathway is through the registered retirement savings plan (RRSP), with contribution amounts directly deducted from one’s income and invested flexibly. With RRSPs taxed fully upon withdrawal, some follow the tactic of contributing to the RRSP of the spouse with a lower income. This both reduces taxable income and maximizes the use of both spouses’ RRSP contributions.
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AuthorExperienced Toronto Attorney Stuart Bollefer. Archives
September 2022
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