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Taxes, Tax Reduction 

In this section we outline the taxation system in Canada. We cover legal tax reductions and other questions.



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Business Income Questioner from Canada Revenue Agency 
February 12, 2009  Here is an example of Busines Income Questioner CRA is sending to small businesses in case of audit. If you are operating more than one business, please include information on each business when answering the following questions.  

British Columbia Enacts New Measures to Support Mining 
December 6, 2008  The Mining Flow-Through Share Tax Credit was introduced in B.C. in 2001, paralleling a federal program. The 20 per cent B.C. Mining Flow-Through Share Tax Credit is available only to individuals. The combined effect of the flow-through share deduction, the federal credit and the provincial credit for an individual investor is to reduce the cost of a $1,000 investment to about $383. 

Tax-Free Savings Account Top 10 Things to Know  
September 2, 2008  The Federal Government agrees that it's important for all Canadians to save. And better still, they've just passed legislation to let you save without paying tax on the interest you earn. This means that soon all Canadians will be able to save up to $5,000 every year without being taxed on interest earned. This is great news for savers. And we're very excited! 

Société Financière Speedo Was Fined For Tax Evasion 
December 3, 2005  The Canada Revenue Agency (CRA) announced that Société Financière Speedo (1993) Ltée, a Montréal business specializing in loans in the taxi sector, had been convicted of tax evasion charges at the Laval Court House.  

A series of tax reductions 
November 16, 2005  In the fall economic and fiscal update by Finance Minister Ralph Goodale some tax reductions were announced. The cuts are expected to bring $30 billion in personal income tax relief for Canadians over the next five years.  

Canada’s Productivity Performance Needs Improvement 
November 15, 2005  A nation’s productivity performance is an important factor influencing a nation’s long-term economic growth potential. In the first half of this decade, Canada’s annual average productivity growth significantly trailed the U.S. and also fared poorly among other members of the Organization for Economic Co-operation and Development.  

The Rewards of Generosity 
July 21, 2005  Did you know that contributing to your favourite charity not only helps their bottom line, but that your generosity can also save you money on your taxes? 

How Often Should You Review Your Will? 
May 12, 2005  When was the last time you read your will? Is it still relevant? Are there changes that really should be made? After completing a will, most people put it in a safety deposit box and don't bother looking at it again. This is a mistake because wills should be reviewed periodically, especially if there have been significant changes in your life such as… 

Who will decide for you? Will it be the Courts or... 
March 24, 2005  Most times people ensure that they have a will in place but neglect to consider the possibility of being unable to manage their personal affairs while they are still alive. They could be temporarily or permanently incapacitated due to illness or an accident. A power of attorney can be written to manage an individual’s affair in such a situation. This would however need to be done when the individual is mentally capable. 

Another Way To Reduce Your Taxes! 
March 17, 2005  Most Canadian investors are familiar with Registered Retirement Savings Programs, RRSPs for short. Your contributions are tax-deductible, the funds accumulate without having to pay tax and, on death, you can transfer the money tax-free to your surviving spouse. Every retirement plan should take full advantage of the fully deductible RRSP contributions you can make. 

Paying too much Taxes? 
March 3, 2005  We all feel we pay too much in taxes. However, we don’t always take advantage of ways to save tax. The problem is that most of us feel that saving tax must be complicated. One of easiest ways to save tax is by "income-splitting"... 

Don’t Wait Until It’s Too Late 
December 2, 2004  If you are like most Canadians, you think about your tax bill once a year..usually right before the April filing deadline. Unfortunately, by April it’s too late to do anything to save on that year’s tax bill. With the notable exception of RRSP contributions, most of the steps you can take to lower your tax bill must be taken before December 31. 

Save tax Strategies  
September 2, 2003  We all feel we pay too much in taxes. However, we don’t always take advantage of ways to save tax. 

Be Ready For Audit Your Tax Return 
January 6, 2002  If you are self-employed or an owner of incorporated business, and during the last few years you incurred thousands of dollars in losses, or if you deduct job-related expenses, there is a good chance that Canada Customs and Revenue Agency will decide to check you out (get to know you better, take a closer look at you). The audit is an unpleasant thing but you can survive it if you are prepared 

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