Making Your Mortgage Interest Tax Deductible - A debt-conversion strategy which changes non-deductible interest on debt to the deductible-interest debt of an investment loan. Relying on the fact that CRA deems interest on money borrowed to invest tax-deductible, every mortgage loan is in reality a potential investment loan. Income Splitting Opportunities - One of the easiest ways for families to reduce taxes is through properly structured income splitting. By shifting income from a family member in the highest tax bracket to a family member in a lower tax bracket, the overall tax liability for the family will be reduced. Personal Tax Shelter - This alternative tax shelter is a strategy of using the stated tax treatment of certain financial vehicles, namely Universal Life insurance, to defer taxation and generate tax-free income at retirement. A substantial portion of the income from such investment accumulates free of tax, can be utilized before death, and the proceeds are not subject to tax on death. This strategy can prove to be a powerful tool. The Family Cottage - Cottages have increased significantly in value and 50 per cent of this increase could be taxable at death. There are several strategies you can use to help ensure a tax-effective transfer of the family cottage. Gifting or selling to children, and transferring to an inter vivos trust are couple of these strategies. Charitable Gifting - There are many different assets to consider giving to charity, although charities would generally prefer cash. Excellent alternatives are gifts in kind and gifts of life insurance. Gifts of publicly traded securities and certified cultural property offer special tax relief. Guaranteed Income Plans (The GIC Alternative) - An effective way to maximize after tax income on your savings outside your RRSP while taking away all the risk. This plan combines a prescribed annuity contract (guaranteed income for life on a tax effective basis) with a life insurance contract (lump sum tax-free payout at death for the beneficiaries). Principal Protected Investments - Segregated funds were designed to give clients upside growth potential and protection from downside risk. They are similar to mutual funds but they offer some built in extras. A guaranteed death benefit (in case your investment outlives you) payable directly to your beneficiary without probate fees. They also offer creditor protection, great if you are a business owner and some protection at maturity against a market downturn. Capital Gains vs Income - Retirement income is not all created equal. Sources that are 100% taxable are CPP, OAS, RRSP s, RRIF s and Pension income. Preferred taxations take place on capital gains income. This income is produced by disposing of an asset (example: cottage, second property, stocks, bonds, mutual funds). Only 50% of the gain is taxable. Because the inclusion of capital gains on the tax return is reduced, this may also help fight the clawbacks of government benefits such as Old Age Security and the Age Amount.
A*Base Business Services Inc. is Guelph-based company (Ontario, Canada) with a phone number 5198371524. Our data show that the company is located at the address: 317 Speedvale Ave E E Ste 4. The company has a web site: www.abase.ca.
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