Tim Cestnick - Author:
101 Tax Secrets for Canadians
Along with the income tax rules and regulations given to us by the Canadian Federal Government, there are pieces of advice that we need to plan for our taxes.
Tim Cestnick - Author: 101 Tax Strategies for Canadians gives us quite a few tips and strategies that we need to know while we're planning our life's activities.
ABOUT TIM CESTNICK:
Tim Cestnick, FCA, CPA, CFP, TEP is the best selling author of the Tax Freedom Zone, Winning the Tax Game, Winning the Estate Planning Game, and Winning the Education Savings Game, and co-author of Death & Taxes and Your Family's Money. Tim's a frequent guest on national media. He writes a bi-weekly column in the Globe and Mail and regularly appears on Canada AM, BNN, CBC Newsworld, and many investment programs on both television and radio across the country.
- Here are the first 7 Tax Tips & Secrets
- Avoid taxes like the plague but don't evade them
- Understand this thing called your marginal tax rate
- Know the difference between a deduction and a credit
- Always wait to trigger a tax hit
- Pay your taxes on time, but not ahead of time
- Think of taxes when big things happen in life
- Dispute your assessment when you think you're right
I like Tim's thinking on these tips. He's taking the idea of knowing the income tax regulations a step further by saying, "I know my way around taxes, and I want to plan for them and strategize for them.
Example: In order to dispute your tax assessment, you have to know the rules regarding taxes, and what you can do with them. And, of course, I agree, dispute your assessment if you don't agree with it.
Avoiding paying taxes like the plague means that you're in the trenches thinking about them on a daily basis. This is a take action approach that will help you save money on taxes over all. I agree with Tim that evading taxes is not the same as avoiding them.
Avoiding taxes means that you have a choice between doing one thing and doing another financially. Choosing the right options will help you avoid paying more taxes that you need to.
If you're in a good income bracket and faced with paying taxes each and every year, I would recommend this book 101 Tax Secrets for Canadians.
The nice thing about it is that is written for Canadians and based on Canadian Tax Laws.
One of the benefits of this tax book is that it is Up-To-Date with Late-Breaking Tax Changes Announced in October 2007!!
