78 Tax Tips for Canadians for Dummies

Brian Quinlan is a partner with Campbell Lawless Professional Corporation.

Suzanne Schultz is a financial planner with RBC Dominion Securities.

Part I: Tips for Everyone.

#1: Understand the Essentials.

#2: Understand the Different Types of Taxes.

#3: Get Free Money from the Government.

#4: Set Up a Good Recordkeeping System.

#5: Know When Your Tax Return Is Due.

#6: Choose the Preparation Option That's Best for You.

#7: Figure Out How to File Your Return.

#8: Know Where to Turn for Help.

#9: Reduce Your Tax by Giving to Registered Charities.

#10: Take Advantage of Special Rules for Charitable Donations.

#11: Be Wary of Charity Fraud and Charity Tax Shelters.

#12: Respond Promptly to Requests from the CRA for Information.

#13: Avoid Interest and Penalties.

#14: Pay Your Tax by Instalments.

#15: Change Your Return After You Have Filed.

Part II: Tips for Employees and Business Owners.

#16: Determine Whether You're Self-Employed or an Employee.

#17: Save for Your Retirement.

#18: Take Advantage of Employee and Shareholder Loans.

#19: Understand Your Stock Options.

#20: Don’t Be Surprised by Other Taxable Benefits.

#21: Negotiate Non-Taxable Benefits.

#22: Deduct Employment Expenses.

#23: Get Your GST Rebate.

#24: Give Yourself Credit: More Tips for Employees.

#25: Plan for a Loss of Employment.

#26: Claim Your Moving Expenses.

#27: Take Advantage of Special Employment Situations.

#28: Cover the Self-Employment Essentials.

#29: Choose the Right Business Ownership Structure.

#30: Make the Most of Incorporation.

#31: Sell Your Business in a Tax-Savvy Way.

#32: Maximize Your Capital Cost Allowance (CCA) Claim.

#33: Be a Tax Winner Even When You Realize a Loss.

Part III: Tips for Investors.

#34: Minimize Tax on Your Investment Income.

#35: Pay Less Tax on Your Stock Investments.

#36: Know the Rules on Foreign Investments.

#37: Consider Tax-Advantaged Investments.

#38: Minimize Tax on Capital Gains.

#39: Make the Most of Capital Losses.

#40: Use Insurance Products as Investments.

#41: Invest in a Tax-Free Savings Account.

#42: Invest in an RRSP.

#43: Manage Your RRSP and RRIF Withdrawals.

#44: Manage the Tax on Property Investments.

#45: Know the Implications of Purchasing U.S. Property.

#46: Pay Less on the Sale of Personal-Use Assets.

#47: Know When to Deduct Investment-Related Expenses.

#48: Make and Keep Interest Deductible.

Part IV: Tips for Families.

#49: Know What Tax Credits Are Available for You and Your Family.

#50: Income Split for Family Tax Savings.

#51: Fund Your Child’s Education Tax-Effectively.

#52: Know What Benefits Are Available for Your Children.

#53: Understand the Tax Implications of a Marriage Breakdown.

#54: Claim Childcare Expenses.

#55: Make the Most of Your Family Home.

#56: Claim Credit for Tuition and Textbooks.

#57: Know What Education Income Is Tax-Free.

#58: Study the Other Deductions and Credits Available to Students.

Part V: Tips for Special Tax Planning Circumstances.

#59: Make the Most of Your Medical Expenses.

#60: Claim All the Medical Expenses of Your Family.

#61: Claim the Disability Tax Credit Amount and Disability Supports Deduction.

#62: Reduce Your Taxes by Claiming Tax Credits Regarding Another’s Disability.

#63: Make Use of Registered Disability Savings Plans (RDSPs).

#64: Make the Most of the Old Age Security (OAS) Program.

#65: Know When to Take Your CPP/QPP Retirement Pension.

#66: Be Smart in Receiving Other Types of Pension Income.

#67: Maximize the Age Amount and Pension Income Amount Tax Credits.

#68: Reduce Your Family's Tax Bill by Sharing CPP and Pension Splitting.

#69: Know That the U.S. Internal Revenue Service May Have an Interest in You.

#70: Be Aware of U.S. Estate Tax Implications on Death.

#71: Undertake Estate Planning.

#72: Reduce Income Tax at Death.

#73: Use Trusts in Your Tax and Estate Planning.

#74: Reduce Probate Fees at Death.

#75: Make Charitable Donations Part of Your Estate Plan.

#76: Prepare a Power of Attorney and a Will.

Part VI: The Part of Tens.

#77: Top Ten Year-Round Tax-Saving Strategies.

#78: Top Ten Ways to Reduce the Risk of a CRA Audit.

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