50 Amazing Money Saving tips & tricks

here are 50 great easy uses for common household items to make your life more chemical free and your wallet a little fatter.

Many tax credits can be transferred between spouses – the Child tax credit, credits for your student children such as tuition, education and textbooks as long as the credits are first used to reduce the student’s tax payable to zero. Or bank the credits so your child can use them when he or she starts earning money.

Many tax credits can be transferred between spouses – the Child tax credit, credits for your student children such as tuition, education and textbooks as long as the credits are first used to reduce the student’s tax payable to zero. Or bank the credits so your child can use them when he or she starts earning money.

If you meet all the requirements, the higher earning spouse can split eligible pension income with the lower-earning spouse to save on the taxes paid. For example, if one person gets the CPP retirement pension, it can be divided in half with the other spouse. Both must be 60 years old. The government also allows for other types of pensions to be split.As with any tax planning, everyone’s situation is unique. It’s important to speak with a financial planner or a tax accountant to make sure…

If you meet all the requirements, the higher earning spouse can split eligible pension income with the lower-earning spouse to save on the taxes paid. For example, if one person gets the CPP retirement pension, it can be divided in half with the other spouse. Both must be 60 years old. The government also allows for other types of pensions to be split.As with any tax planning, everyone’s situation is unique. It’s important to speak with a financial planner or a tax accountant to make sure…

Many tax credits can be transferred between spouses – the Child tax credit, credits for your student children such as tuition, education and textbooks as long as the credits are first used to reduce the student’s tax payable to zero. Or bank the credits so your child can use them when he or she starts earning money.

Many tax credits can be transferred between spouses – the Child tax credit, credits for your student children such as tuition, education and textbooks as long as the credits are first used to reduce the student’s tax payable to zero. Or bank the credits so your child can use them when he or she starts earning money.

You can donate to registered political parties, nomination contests, leadership contestants, and independent candidates. Make sure to get official receipts, and remember donations made by one spouse can be claimed by the other. Individuals can make donate to a maximum of $1,275 each year. This tax credit is more generous than the charitable donation – maximum credit is $650.

You can donate to registered political parties, nomination contests, leadership contestants, and independent candidates. Make sure to get official receipts, and remember donations made by one spouse can be claimed by the other. Individuals can make donate to a maximum of $1,275 each year. This tax credit is more generous than the charitable donation – maximum credit is $650.

Any interest on money borrowed for business or investments can be deducted. Don’t forget interest paid on brokerage accounts or interest charged on Canada Savings Bond payroll purchase plans. Also, make sure that the investments are income-producing, which includes interest, dividends, rents or royalties. Even if one investment is under performing, the interest paid to purchase that investment may also be deductible.

Any interest on money borrowed for business or investments can be deducted. Don’t forget interest paid on brokerage accounts or interest charged on Canada Savings Bond payroll purchase plans. Also, make sure that the investments are income-producing, which includes interest, dividends, rents or royalties. Even if one investment is under performing, the interest paid to purchase that investment may also be deductible.

If you usually donate to charity, consider donating securities that have appreciated in value rather than selling them or donating cash. Why? If there’s a capital gain when you directly donate securities, there is no tax and you get a donation tax credit as well. Here’s the best part. If the securities you donate have not appreciated in value, then you can claim a capital loss and still get a donation tax credit.

If you usually donate to charity, consider donating securities that have appreciated in value rather than selling them or donating cash. Why? If there’s a capital gain when you directly donate securities, there is no tax and you get a donation tax credit as well. Here’s the best part. If the securities you donate have not appreciated in value, then you can claim a capital loss and still get a donation tax credit.

Let’s say you loan a relative with little or no income money or funnel money into a trust for your young children to purchase investments. Tax is not payable on the returns as long as the rate charged is higher than the Canada Revenue’s prescribed rate, which is 1%.

Let’s say you loan a relative with little or no income money or funnel money into a trust for your young children to purchase investments. Tax is not payable on the returns as long as the rate charged is higher than the Canada Revenue’s prescribed rate, which is 1%.

If you’re investing outside a RRSP, RRIF or TFSA, then the taxes can be onerous. Interest income is the most highly taxed type of income, so it’s wiser to hold most of your investments inside a registered plan whenever possible. Also, take a look at the dividends you’re earning – they may qualify for a tax credit. If your income is low, for example, the tax credit might offset the tax owing. Talk to a financial adviser and have them help you figure out the right balance that will work for…

If you’re investing outside a RRSP, RRIF or TFSA, then the taxes can be onerous. Interest income is the most highly taxed type of income, so it’s wiser to hold most of your investments inside a registered plan whenever possible. Also, take a look at the dividends you’re earning – they may qualify for a tax credit. If your income is low, for example, the tax credit might offset the tax owing. Talk to a financial adviser and have them help you figure out the right balance that will work for…

Sneaky strategies to minimize your taxes

If you are a small-scale investor who is okay with risking huge sums of money, crowdfunding in the real estate market could be a great option for you.

Everyone is familiar with getting the most out of your RRSP by topping up but by adding an extra $2,000 many of you won’t attract a penalty. Although it’s an over-contribution, it can sit in your RRSP and grow on a tax-deferred basis as long as it says in the plan.

Everyone is familiar with getting the most out of your RRSP by topping up but by adding an extra $2,000 many of you won’t attract a penalty. Although it’s an over-contribution, it can sit in your RRSP and grow on a tax-deferred basis as long as it says in the plan.

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