This article is intended to help you to save money on some of the tax amounts you may have to pay this year. Tax time is one of the most crucial times of the financial year, whether you own a business or not. We’re going to show you how to save on dividends from Canadian corporations and how to save on interest and other investment income.
Ideas to save you money on Dividends from Canadian Corporation (Line 120):
Split your income with your partner or with your children.
Invest in child tax benefit payments in your children’s names.
Issue shares to your partner or children if your business is family-owned.
Ideas to save you money on Interest and other investment income (Line 121):
Split your income with your partner and your children.
Use your children’s names to invest your child benefit payments.
Deduct the interest expense on money that you borrow to make invest in a family investment or to purchase investments.
Deduct your safety deposit box fees.
Deduct the interest paid on your margin account.
Deduct the interest you paid to purchase Canada Savings Bonds on the payroll plan at work.
Deduct the accounting fees that you paid to calculate the investment income reported on your tax return.
Do a review of the charges on your brokerage accounts to see if there are any possible interest or deductions for other fees paid. Also look for accrued interest charges on bonds or any such investments that you purchased.
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