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Unlock the Mystery of Personal Tax Savings!!!

How can you maximize on personal tax savings and pay off mortgage sooner with free tax refunds?

Suppose you have a mortgage of $300,000 with 30 yrs remaining and consider 4% average rate over next 30 years mortgage life.  Just by putting $5000 now from your free tax refunds, will save you $11,000 over mortgage life.  So how can you increase your tax refunds or in other words maximize your tax savings?

We outlined some of the guidelines below to help you maximize tax savings when filing taxes now for previous tax year and doing proper income/tax planning now for minimizing taxes for current/future tax year.  
 

Tax Savings Tips for previous 2015 tax year:

• Learn about new changes for 2015 Tax year.   More Info
• Family Tax Cut - As a limited form of income splitting, you may be able to claim a non refundable tax credit of up to $2,000 to reduce your federal income tax. More Info
• Deduct First Time Home Buyers Credit of $5000. More Info
• Deduct certain expenses for Salaried Income. More Info
• Deduct certain expenses for Commission or Self-Employed Income.  More Info
• Deduct certain expenses for occupying Office space in Home. More Info
• Deduct automobile expenses used to earn income. More Info
• Deduct interest paid on money borrowed for certain type of investments.  More Info
• Deduct interest paid on your student loans.  More Info
• Deduct fees for your safety deposit box, Annual Union and Professional dues.  More Info
• Deduct capital losses from any capital gains reported on your prior 3 years return or carry these losses forward until used.  More Info
• Deduct child care expenses such as lunch programs, after school programs, day camps, certain sport schools.  More Info
• Deduct maximum $1000 per child for expenses incurred in a prescribed program of physical activity.  More Info
• Deduct maximum $500 per child for expenses incurred in a prescribed program of artistic, cultural, recreational, or developmental activity.  More Info
• Tuition and Education amounts from Child.  More Info
• Medical Expenses.  More Info
• Adoption Expenses.  More Info
• Charitable Donations and Gifts.  More Info
• Search and rescue volunteers' credit.  More Info
• Public Transit Amount.  More Info
• First-Time Donor's Super Credit.  More Info

Income/Tax Planning for current 2016 tax year:

• Income splitting with your partner and children
• Issuing shares to your partner or children in family owned business
• Investing the child tax benefits in your children names
• Consider Rental Property income splitting with lower income family member
• On Rental Property, claim Capital Cost Allowance for major repairs or additions to reduce your rental profit to zero.  Declare some positive rental profit to increase your borrowing/financing power for investments.
• Consider Spousal RRSP for shifting tax burden to lower income spouse
• For Self-Employed Income - consider incorporating business, making family member as shareholder to split the income, mix of dividend and salary to optimize tax savings
• Consider Tax Deductible Mortgages

Disclaimer: For any personal tax related professional advice, we strongly recommend you either contacting CRA or your Accountant.

Resources:

• Canada Revenue Agency - My Accounts for Individuals
• 2014/2015 Canadian Income Tax Calculator
• Filing online? A guide to the latest tax software
• 9 tax tips that will save you money
• What is difference between RRSP and TFSA?
• 6 ways income splitting could cut your tax
   

With current market situation and tightening of mortgage rules by Government of Canada (OSFI), we have access to 20+ big and small banks providing you the mortgage solution and flexibility that meet your personal needs.  We are Mortgage Professionals to help you plan for home ownership (i.e. purchase, pre-approvals, cash back, renewals, renovations), provide step by step guidance to prepare for mortgage financing and implement personalized savings strategies to payoff mortgage sooner.  There is no cost for our expert services and to seek for professional help you can contact us at 1-888-927-8270.

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