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 ...


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,...


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'...


4

In your scenario, a 30k business loss (if allowed) would mean that you are now taxed on 70k of income instead of 100k. So, if you were taxed at 30% you would be losing 30k to save 9k in taxes. The IRS is very aware of fraud potential with small business losses. If you are running a legitimate business (actually trying to make money) then you don't ...


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 ...


1

Are you just looking for ways to reduce your income tax without spending money? If so you could: Max out your RRSP contribution every year. Donate a gift of certified cultural property (like artwork) to a designated institution or a public authority (like a museum). Transfer any high earning investments to your TFSA. Donate ecologically sensitive land to a ...


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