Working toward tax reduction

joyfulguyMay 4, 2006

Our deadline for income tax in Canada is April 30.

I just finished mine, after completing the returns for a couple of friends, one of whom recently went into the house rental business and whose accounting ability is, let's say, somewhat rudimentary.

Stayed up most of the last night completing mine, then took a nap for a couple of hours in the morning.

Had a lot of photocopying of stockbrokers' reports and charitable donations receipts to do as back-up, if necessary. Was concerned whether all of the stuff would go into one envelope - but it did, just barely. I hear that the tax people take a dim view of sending info in two pkgs.

Anyway, had carried friends' returns, hoping to arrive at local office prior to 4:30 closing. Arrived there at 5:00, security guard standing outside open door, he stopped me as I was about to enter.

But told me to slip the three returns into the mail slot.

I'd told the friends that if I had to mail them, I'd charge them later. Also photocopied a page or so of charitable receipts for them. Not likely to charge, as they'd fed me three meals.

Anyway, I found that for 2004 I'd paid about 9.3% of income in tax - which several have said is unusual.

This year, 2005, it's about 8.7% or so, but not precise, as I didn't have necessary form to calculate a partial credit with our tax dept. for taxes on investment income paid to a foreign country (mainly U.S.) with whom they have a reciprocal tax treaty.

Maybe the stockbroker's and financial planner's training courses did some good, after all.

By the way - if you happen to be Canadian, fitting into a fairly narrow lifestyle and potential income niche, I can show you how to make $30,000. annual income before you become liable to pay the first cent of tax.

Main proviso - ya gotta be rich. And can't work.

I can't qualify, myself! Being retired, I don't work - well, not for pay, anyway. But I do receive pensions, and that screws up the total-no-tax scenario.

Have a great spring, everyone.

ole joyful

Thank you for reporting this comment. Undo
devorah

luv yuh Joyful, but I'm bumping this down. I do the same to my own posts that linger at the top.

    Bookmark   August 22, 2006 at 2:51PM
Thank you for reporting this comment. Undo
joyfulguy

I just received a letter from the Income Tax people (which I opened with dispatch) ...

... to find that, on reassessment, they're giving me a(n additional) refund of something over $250.

Which will bring the percentage of my income that I'm paying in tax even lower than the 8.7% that I mentioned above.

Wouldn't you like to be so fortunate?

Learning how money works - an interesting hobby ...

... *that pays well*!!

ole joyful

    Bookmark   November 30, 2006 at 1:12PM
Thank you for reporting this comment. Undo
joyfulguy

The reassessment bumped my taxable income a bit higher, as well - so maybe the precentage paid in tax is even lower - as I did have that extra refund.

Not complaining (but usually it doesn't do much good, anyhow).

o j

    Bookmark   December 1, 2006 at 4:25PM
Sign Up to comment
More Discussions
Brains and bodies, like muscles, need exercise
What do they say about muscles - "Use them or...
joyfulguy
What's Pretirement mean?
Hi guys. I want to hear your thoughts about this. I...
artparcell
anyone have two homes in retirement
dh and i have been having trouble deciding where to...
zippity1
Anyone considering retiring to Panama or Ecuador?
Hi! My husband and I are middle income and with the...
glenny56
SS
Can I draw SS on my husbands SS before he draws? SS...
josephene_gw
Sponsored Products
Produzione Privata | Fata Table Lamp
YLighting
To the Point Ring Holder
$12.99 | Dot & Bo
Crystal Laurel Six-Light Lantern in Warm Silver Leaf Finish
Bellacor
Matte White 4 3/4" Wide LED Step Light
Lamps Plus
Liberty Furniture Town & Country Sofa Table in Distressed Sandstone w White
Beyond Stores
Indoor Area Rug: Enchant Brown 7' 9" x 9' 9" Plush
Home Depot
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™