03-05-2012, 06:43 PM
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#1
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#1 Goaltender
Join Date: Oct 2002
Location: Calgary - Transplanted Manitoban
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Tax Season....
It seems I hear stories every May on ways that friends and family saved money on their taxes.
....so lets get the conversation going BEFORE the tax deadline. What do YOU do to save money on your taxes?
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03-05-2012, 06:59 PM
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#2
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First Line Centre
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RRSP's and have a new kid every year.
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03-05-2012, 07:03 PM
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#3
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Not a casual user
Join Date: Mar 2006
Location: A simple man leading a complicated life....
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Claim all my medical expenses. This includes any medication I take, plus milage for any trips into Calgary to see my specialists and the MRI's that I get done.
__________________
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03-05-2012, 07:16 PM
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#4
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Franchise Player
Join Date: Jul 2003
Location: Sector 7-G
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Call Wesley Snipes for all the answers.
Last edited by I-Hate-Hulse; 03-05-2012 at 07:58 PM.
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03-05-2012, 07:17 PM
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#5
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#1 Goaltender
Join Date: Nov 2005
Location: An all-inclusive.
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The trick is to lie and then run like hell if you get an audit.
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03-05-2012, 07:34 PM
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#6
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CP Pontiff
Join Date: Oct 2001
Location: A pasture out by Millarville
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Quote:
Originally Posted by Kybosh
The trick is to lie and then run like hell if you get an audit.
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I pay my wife. It survived an audit.
Cowperson
__________________
Dear Lord, help me to be the kind of person my dog thinks I am. - Anonymous
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03-05-2012, 07:54 PM
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#7
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Lifetime Suspension
Join Date: Dec 2011
Exp: 
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Quote:
Originally Posted by Cowperson
I pay my wife. It survived an audit.
Cowperson
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I assume your wife does book keeping or admin work for your business? If so that's a very common and defensible way to split income.
I am looking into paying my wife an arms-length salary commiserate with staying home with our children. Anyone have any info on that surviving audit? I know it's specifically disallowed when the caregiver is related, but that seems punitive. Wonder what case law there is on this...
Last edited by Brotato; 03-05-2012 at 07:58 PM.
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03-05-2012, 08:05 PM
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#8
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Franchise Player
Join Date: Feb 2006
Location: Calgary, AB
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Quote:
Originally Posted by Brotato
I am looking into paying my wife an arms-length salary commiserate with staying home with our children. Anyone have any info on that surviving audit? I know it's specifically disallowed when the caregiver is related, but that seems punitive. Wonder what case law there is on this...
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Pay your neighbour's wife to look after your kids and have your neighbour pay your wife to look after their kids.
__________________
Turn up the good, turn down the suck!
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03-05-2012, 08:12 PM
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#9
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Lifetime Suspension
Join Date: Dec 2011
Exp:
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Quote:
Originally Posted by getbak
Pay your neighbour's wife to look after your kids and have your neighbour pay your wife to look after their kids.
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Holy F****** you're a genius!
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03-05-2012, 08:13 PM
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#10
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Lifetime Suspension
Join Date: Dec 2011
Exp:
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Quote:
Originally Posted by fotze
They let that go and it would have massive implications.
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I realize that - my post was semi in jest. I believe they should allow pooled family returns, but then thy'd just have to up tax rates to get back to teh same tax income level, so it's 2 of 1, 1 of another...
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03-05-2012, 08:24 PM
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#11
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Apparently they're going to allow some income splitting for stay at home moms once the federal government balances the budget. That is up to $50k I think.
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03-05-2012, 08:26 PM
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#12
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Franchise Player
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Quote:
Originally Posted by getbak
Pay your neighbour's wife to look after your kids and have your neighbour pay your wife to look after their kids.
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As long as you both claim the expense and don't report the income you're golden!
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03-05-2012, 08:43 PM
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#13
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First Line Centre
Join Date: Jun 2007
Location: Calgary
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I wish they would bring in income splitting across the board. None of this "just seniors", "just stay at home moms"..... I calculated if my husband and I could have done this for 2011 we would have saved $30,000.00. 
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03-05-2012, 09:02 PM
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#14
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First Line Centre
Join Date: Jun 2011
Location: Edmonton
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I would love to see pooled rates for couples. I don't think it makes sense to file separate statements when income and expenses are pooled. I understand the lost tax revenue, but maybe they need a separate set of tax rates for couples.
There shouldn't be tax advantages to loaning your spouse money, charging them interest and keeping separate accounts to prove that the interest payments are being made. There also shouldn't be a tax advantage for getting divorced. With couples where one person works out of town in the same place they are able to divorce and setup a fixed address wherever they stay for work. Instant income splitting.
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03-05-2012, 09:40 PM
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#15
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Franchise Player
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Quote:
Originally Posted by First Lady
I wish they would bring in income splitting across the board. None of this "just seniors", "just stay at home moms"..... I calculated if my husband and I could have done this for 2011 we would have saved $30,000.00. |
If that's you in your avatar, I doubt your husband cares about something as unimportant as taxes.
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03-05-2012, 09:50 PM
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#16
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Scoring Winger
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Quote:
Originally Posted by getbak
Pay your neighbour's wife to look after your kids and have your neighbour pay your wife to look after their kids.
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Needs a bit more indirection to pull it off. How about a three way?
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03-05-2012, 09:53 PM
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#17
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First Line Centre
Join Date: Jun 2007
Location: Calgary
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Quote:
Originally Posted by GP_Matt
I would love to see pooled rates for couples. I don't think it makes sense to file separate statements when income and expenses are pooled. I understand the lost tax revenue, but maybe they need a separate set of tax rates for couples.
There shouldn't be tax advantages to loaning your spouse money, charging them interest and keeping separate accounts to prove that the interest payments are being made. There also shouldn't be a tax advantage for getting divorced. With couples where one person works out of town in the same place they are able to divorce and setup a fixed address wherever they stay for work. Instant income splitting.
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Hmmmm..... 
Quote:
Originally Posted by MoneyGuy
If that's you in your avatar, I doubt your husband cares about something as unimportant as taxes.
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Sadly, no it isn't.
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03-05-2012, 10:02 PM
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#18
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Appealing my suspension
Join Date: Sep 2002
Location: Just outside Enemy Lines
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I wish they'd let working couples split child care costs. Especially when both parents each worked over 1500 hours in the tax year.
__________________
"Some guys like old balls"
Patriots QB Tom Brady
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03-05-2012, 10:27 PM
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#19
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Franchise Player
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Got divorced. [insert income splitting joke here]
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03-05-2012, 10:35 PM
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#20
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Backup Goalie
Join Date: Feb 2010
Exp:
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Last year I had a re assessment the difference between the claim was 5.42..revenue canada is cruel !
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