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Tax Tips by the Tax Doctors.

Canadian Income Tax Return

Informative tax tips by Tax Doctors Canada. Subjects include general Canadian income tax return topics, tax preparation advice, back taxes, tax planning tips, tax planning strategies, intregrated financial planning, canadian corporate tax and more. You can browse the Tax Tips archives by year and month by using the "Browse Archive" menu to the right.

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February 2014

by The Tax Doctors

When is my personal income tax return due?

In most situations your personal income tax return will be due by April 30th.

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by The Tax Doctors

Back taxes? When Do I have to pay my taxes?

Any taxes that are payable from a personal income tax return will be due by April 30th.

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by The Tax Doctors

Can I deduct losses in my Rsp?

It is recommended to hold low risk investments inside the RRSP.

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by The Tax Doctors

What investments should I hold in my Rsp?

It is recommended to hold interest bearing vehicles inside your RRSP because interest attracts high tax rates.

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by The Tax Doctors

When is the deadline to contribute to my Rsp?

The annual RRSP contribution deadline is usually 60 days into the following year. 

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by The Tax Doctors

What is the penalty for over contributing to my Rsp?

Ensure you have the correct RRSP contribution limit; you don’t want to over contribute.

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by The Tax Doctors

How much can I contribute to my Rsp?

To determine how much you can contribute to a RRSP, you should check your tax notice of assessment.

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by The Tax Doctors

Can I use my Rsp to pay for tuition?

You can borrow funds accumulated in the RRSP to pay for tuition / training if your decide to go to school.

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by The Tax Doctors

Can I use my Rsp as a down payment on a home?

You can borrow funds accumulated in the RRSP as a downpayment on a home.

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by The Tax Doctors

When do I convert my Rsp to a Rif?

Be prepared to convert your RRSP to a RRIF or annuity in the year you turn 71.

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by The Tax Doctors

Transferring shares to an Rsp. Is it a good idea?

Evaluate whether transferring shares to your RRSP is a good idea. 

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by Dynamic eSolutions

Income splitting with an Rsp?

An RRSP can be a great income splitting tool.

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by The Tax Doctors

Transferring Capital Losses to a spouse

The superficial loss rules provide a method for capital losses to be transferred to a spouse. The spouse must hold the shares for more than 30 days for this to work, so to do this for 2013 you should act fairly soon.

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by The Tax Doctors

Capital Gains Elimination Tips

Capital gains can be eliminated by donating capital property, such as securities, to charitable organizations which are qualified donees.

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by The Tax Doctors

Take Advantage of New Tax Credits

Almost annually, the government creates and puts into effect new tax credits that provide benefits to Canadians.

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