The Calgary Real Estate Blog » Tax Credit http://thecalgaryrealestateblog.com Investing Tips / Ideas, Real Estate News, Hot Listings... This is Real Estate! Mon, 06 Sep 2010 21:49:19 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 Step 3: Legally Minimize Taxes Paid part 2 http://thecalgaryrealestateblog.com/2010/04/step-3-legally-minimize-taxes-paid-part-2/ http://thecalgaryrealestateblog.com/2010/04/step-3-legally-minimize-taxes-paid-part-2/#comments Wed, 21 Apr 2010 16:35:00 +0000 KustomDesign tag:blogger.com,1999:blog-561957636516829369.post-7162071670393896936 Let’s review the tops ways you can save tax.

Maximizing all tax deductions & credits – It’s common knowledge that all taxpayers are given the opportunity to take advantage of all tax deductions and credits applicable to them so let’s make use of them to help us save on our taxes! It is recommended to seek professional advice to identify all deductions and credits available.


For employees, consider opening a home based business – A small business is one of the best tax savings tool. We are talking about a simple sole proprietorship and not a big enterprise. The most significant benefit of full or part time self employment is that you will be able to increase the amount of deductions you are entitled to write off.


"Having a home based business allows the employed individual to write off part of the cost of running the business and part of the mortgage interest, heating, insurance and renovation bills and so on. Home Based Businesses can provide the opportunity to claim tax deductions in the beginning and give you cash flow later on." Read more at the www.kustomdesign.wordpress.com

More tax saving strategies tomorrow!
]]> http://thecalgaryrealestateblog.com/2010/04/step-3-legally-minimize-taxes-paid-part-2/feed/ 0 What about tax credits? http://thecalgaryrealestateblog.com/2010/03/what-about-tax-credits/ http://thecalgaryrealestateblog.com/2010/03/what-about-tax-credits/#comments Thu, 11 Mar 2010 17:06:00 +0000 KustomDesign tag:blogger.com,1999:blog-561957636516829369.post-8630808477036621808 Many tax credits can be split between spouses, and occasionally with parents and even grandparents. Splitting tax credits is especially beneficial when one spouse has little or no income. Every person in Canada is entitled to a personal exemption, where you can make up to an set amount of income without paying any tax on it. (currently $10,320 Federally and $16,775 Provincially) If one spouse is not using the personal exemption the other spouse may claim any unused portion. Some tuition and education amounts may be transferred to spouse, parents or grandparents. Disability amounts can be transferred to spouse or to parents. Age and Pension amounts can also be split between spouses, as well as transit and children’s fitness credits. The bottom line when you are splitting income, deductions and credits you want to pay the least amount of total family tax!

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