Hass Associates Accounting 9 Tax Tips that will save you Money.pptx

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					     HASS ASSOCIATES
       ACCOUNTING
Hass And Associates Accounting And Tax
          Preparation Business
Perfectly legal man oeuvres like income
                                            Know the limits of the tax software you're
splitting and transferring unused credits
                                            using and make sure it can handle all the
 can improve your chances of getting a
                                               tax scenarios you need it to. (Ryan
  bigger refund this tax season. (Evan
                                                    Remiorz/Canadian Press)
               Mitsui/CBC)
  9 TAX TIPS THAT WILL SAVE YOU MONEY
   Offering tax tips is a bit of a growth industry these days, and we here at
 CBCNews.ca aren't about to fight the trend. So, we've gathered a few general
   tax-wise suggestions and sprinkled in some specific tips to produce the
        following list of actionable ideas that could pay big dividends.


1. Consider making a $2,000 over-contribution to your RRSP.
          Tax rules allow you to contribute up to $2,000 more than what you're
eligible to contribute to your RRSP without attracting the usual excess
contribution penalty, which is one per cent of the excess amount for every
month of the contribution year that it stays in the RRSP.


2. Proceed cautiously if a CRA auditor asks you to sign a waiver.
          Under normal circumstances — in other words, no suggestion of
outright fraud — the tax department has three years to carry out a
reassessment of your tax return.
3. Be sure to take advantage of all income-splitting and pension-sharing
opportunities.
          Taxpayers can apply to share their Canada Pension Plan (CPP)
retirement income with their partners if both are 60 or over. While pension
sharing is not considered to be the same as pension income splitting, CPP
pension sharing accomplishes much the same thing — putting more income
into the hands of the lower-income partner.


4. Don't assume that you don’t need to bother filing a tax return because
you have no income .
         Some low- or zero-income earners still think there's no need to file a
return. This misunderstanding can cost thousands of dollars in lost benefits
and credits like the GST/HST credit and the Canada Child Tax Benefit.



5. Be sure to report all T-slips.
        Here's a possible scenario: You file your 2013 return and later
discover that you've failed to include a T-slip reporting income or a
dividend payment.
Read here the rest 4 Tax Tips that will save you Money:

 http://www.cbc.ca/news/business/taxes/9-tax-tips-that-will-save-you-
money-1.1285452

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 http ://hassassociates.org /

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