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Taxes Tax-saving tips for entrepreneurs, investors, snowbirds and everyone else

This year, federal tax changes will affect almost all of us. There are changes to the Canada Pension Plan, Employment Insurance, small businesses taxes and the Canada Workers Benefit, to name a few. To make tax-filing season a bit less confusing, we’ve rounded up our best tips for maximizing the deductions and benefits available to Canadian tax payers.

Sean Kilpatrick/The Canadian Press

Tax tips for everyone

Changes in 2018 that may affect your tax filings

From trained animals to climate-action incentives, here’s a list of new tax benefits you may be able to claim this year.

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Tax tips and traps when filing your 2018 tax return

Filing tax returns can come with penalties if you don’t file properly. Here are some tips to keep in mind now that tax season has officially arrived.

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Deductions, credits and the facts about tax savings

Which is better, a deduction or a credit? Which deductions and credits will save the most tax? Here’s a primer for you.

Read about deductions here

Read about credits here


Feng Yu/Getty Images/iStockphoto

Ten ways to reduce taxes in 2019

Pocketing tax savings in 2019 can be as easy as implementing one or more of the following 10 ideas.

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The first quarter of the year offers a rare tax opportunity

Want to pay less tax in 2019? Given where interest rates are today – and along with those rates, the taxman’s prescribed rate – now is a good time to consider some tax moves for the year ahead.

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Avoid the surprise of having to pay someone else’s taxes

Paying your own taxes is hard enough. Having to pay someone else’s to boot could leave you shocked and cash-strapped.

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Obencem/Getty Images/iStockphoto

For families

Most Canadian caregivers are paying too much tax. Here’s how to remedy that

While billions of dollars are spent every year by Canadians who are caring for ailing family members, more than 85 per cent of them are leaving money on the table in possible tax breaks that could ease the financial burden for caregivers.

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Save more tax as a family with these income-splitting ideas

Families have the ability to save tax by splitting income - moving income from one family member who will pay tax at a higher rate to another who will pay less tax. Here’s how it works.

Read Part One and Part Two


Red flags that could trigger a tax audit

Who is at the highest risk of being audited? And how can you avoid the ordeal? Let’s take a look at the CRA’s approach and see whether you should be concerned.

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Ireneusz Skorupa/iStockphoto

For business owners

Entrepreneurs, watch out for these four new tax traps

Recent changes in tax law in Canada and south of the border could bring unexpected expenses for small-business owners. Here’s what you need to know.

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The tax man cometh for small businesses, too. How to be ready

Entrepreneurs will want to take advantage of any breaks and credits offered by the Canada Revenue Agency, but they also need to stay on the right side of the tax man. Here are seven things every small business owner needs to know.

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If you own a corporation, consider these tax moves

Three tax manoeuvres – the Carryback, the Bump and the Pipeline – can help owners of corporations keep more money in their companies. Here’s how they work.

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As a startup, are you taking full advantage of tax breaks?

If you are starting a new business, the way in which you carry out a transaction or structure your business affairs can cause you to pay excess taxes.

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Beware of double-taxation on holding companies

It’s been a tough year for small business owners with the tax changes to private corporations.

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For snowbirds

‘Don’t mess with the IRS’: The snowbird’s guide to foreign ownership, health care and U.S. taxation

Dreaming of wintering down south? Before you take flight to a warm, sunny destination, take a cold, hard look at the rules regarding insurance, health care, foreign ownership and taxation with our subscribers' guide to the snowbird life.

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Count your days in the U.S. to avoid tax filings south of the border

You may have tax filing obligations in the United States if you meet the “Substantial Presence Test,” which is based on physical time spent there.

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Dutko/Getty Images/iStockphoto

For investors

How taxes can provide relief from a failed investment

If you had bad luck with investments in 2018, here’s a primer on how to ensure you get some tax relief for your losses.

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Ten ideas to increase your after-tax investment returns

Wouldn’t it be nice to add a guaranteed additional 1.5 per cent to 3 per cent annually to your after-tax investment returns? This is possible if you take steps to minimize the tax on your portfolio.

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How total return ETFs can ease tax pain

Total return ETFs provide tax advantages when used in non-registered accounts. Because no dividends are distributed to the ETF holder, there are no taxes to pay and no dividend gross-ups.

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