New answers tagged rrsp
7
Minimizing taxes at your scale is more an exercise in determining which activities the government decides to tax less rather than an exercise in finding clever loopholes to exploit. You lack the resources (and the tax burden) to make use of the more intensive tax avoidance strategies in a feasible or efficient manner. Sorry, but no tax havens, no accountants,...
2
Disclaimer: I'm from the US so I might get parts of this wrong.
One way you might be able to reduce your taxes is to invest in real estate. In the vast majority of countries real estate is taxed very well. It appears you can deduct theoretical real estate losses against salary in Canada. There are legal ways to make it look like you're making a loss to the ...
3
The plan works regardless of your bracket - it is one of the most tax-effective things you can do if you are planning on buying your first home, and are looking to maximize your down payment.
Effectively you take a deduction from your income tax this year, and only need to contribute to your RRSP over the next 10 years [Well, really you contribute today, ...
4
If you own any works of art or ecologically sensitive lands you can donate those to a city government/museum/conservation trust/accredited charity and receive a tax refund for the appraised value of the donation. This would only net you a tax benefit if the appraised value was greater than what you spent, but it would deprive the government of money if that'...
63
Congratulations on an amazing rise on salary. Please pat yourself on the back for such an accomplishment.
The best thing you can do is to hire a competent tax specialist. Here in the US, it is typically an accountant and they would tell you that there is not much they can do. Maximizing tax favored retirement accounts is about the best one can get away ...
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