Mapping Your Financial Success

When making financial decisions, tax effectiveness is a key consideration. That is why there are twenty-two tax tips we’d like you to know about:

1. Use RRSP space to reduce current taxes.
2. Use a spousal plan to split RRSP income.
3. Average CPP benefits.
4. Split income with children through a Registered Education Savings Plan.
5. Have the higher income spouse pay household expenses.
6. Employ spouse or children.
7. Loan money to a lower-income spouse to make an investment.
8. Create a corporation to carry on an active business.
9. Blend interest into the sale price of an asset.
10. Reinvest interest income in common stock or preferred shares.
11. Use life insurance to convert a growing body of money into the property of family members.
12. Invest in devices, such as tax-efficient mutual funds or natural resource income trusts.
13. Buy convertible bonds that allow a switch from income producing interest coupons to common shares.
14. Make sure children with earned income file a tax return.
15. Claim medical expenses proficiently.
16. Make a vow of perpetual poverty.
17. Split pension income with your spouse or common-law partner.
18. Save receipts for your children's physical activity and arts-related programs.
19. Realize losses to offset gains.
20. Contribute to a Tax-Free Savings Account.
21. Gift public company shares to a charity.
22. If applicable, start a Registered Disability Savings Plan.

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