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Download 101 Tax Secrets For Canadians 2010: Smart Strategies That by Timothy J Cestnick PDF

By Timothy J Cestnick

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Tim’s Tip 3: Know the difference between a deduction and a credit. No doubt about it, you’ve heard of them before. Deductions and credits are the friends of every taxpayer. The question is, do you know the difference between the two? Most Canadians don’t. Let me explain. A deduction is claimed to reduce your taxable income. Once you’ve calculated your taxable income, it’s multiplied by current federal and provincial tax rates to arrive at your tax bill both federally and provincially. Make sense?

V. Canada (2005 SCC 54) and Mathew v. Canada (2005 SCC 55). The difference between these cases is that, in the Mathew case, the Minister was able to show that allowing the tax benefit obtained by the taxpayer in his situation would be inconsistent with the object, spirit, or purpose of the provisions of the Act that the taxpayer relied upon. In the Canada Trustco case, the Minister failed to show this. The Ground Rules The SCC cases were important because they established three general principles, or tests, that must be met for you to be caught under GAAR.

How much tax do you think Roshaan saved in 2009 because of her $10,000 deduction? The answer is about $3,500 (35 percent of $10,000). 6 1 0 1 Ta x S e c r e t s f or C a n a d i a n s Action Step Some tax credits can be claimed on the tax return of either spouse. Where this is the case, you’ll generally be better off claiming the credits on the higher-income earner’s tax return. The reason? The higher-income earner is likely to pay more in provincial surtaxes where those taxes apply. The medical expense credit is an exception to this rule.

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