Jaret Manuel

Awesome Book for Canadians: Tax Planning for You and Your Family 2012

KMPG Tax Planning for You and Your Family 2012

Book cover photo of tax planning for you and your family 2012

There are many financial considerations beyond simply obtaining a mortgage and and engaging in home ownership. Whether you live in the Greater Toronto Area, Ontario or elsewhere in Canada - the KPMG 2012 Family Tax planning book is an amazing highly suggested resource I advise for my clients. There are plenty of useful and actionable tips in this book that will help you retain your money where it belongs - With You, versus needlessly giving it away to the CRA (Canada Revenue Agency). Tax avoidance is is encouraged within the law. Tax evasion on the other hand is illegal and should always be avoided. If you are uncertain, consider hiring a reputable professional tax accountant.

  • Putting as much as you can into your RRSP

  • Setup Investments properly so you can obtain tax deductions on interest borrowed.

  • Have a spouse? The higher income earner should claim all charitable contributions.

  • Want easy tax-sheltered growth. Put up to $5,000 annually into your TFSA (Tax Free Savings Account)

  • Learn the advantages of TSFA’s, RRSP’s, and RESP’s

  • Have a corporation? Learn the best salary/dividend split.

  • Think about divvying up pension income with your spouse.

  • Setup and update a will regularly to lower taxes on death.

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