Ten ways to reduce taxes in 2019

Author: External Author | | Categories: Accountants , Bookkeeping , Chartered Professional Accountants , Estate Planning , Financial Planning , Income Tax , Tax Planning , Tax Professional , Tax Returns , Tax Specialist

Perhaps you heard about the Bank of America ATM in Houston that mistakenly dispensed $100 bills instead of $10 bills this past Nov. 25. When the news got out on social media, quite a crowd gathered at the machine. Turns out that a vendor incorrectly loaded the $100 bills in the $10 bill slot, creating a windfall for some just before Christmas. The bank allowed the customers to keep the extra cash, although it didn’t say how much was withdrawn.

If only pocketing extra cash was as easy as a trip to the bank machine. While it may not be quite that simple, pocketing tax savings in 2019 can be as easy as implementing one or more of the following 10 ideas.

1. Reduce the taxes deducted at work

If you expect a refund when you file your 2019 tax return, perhaps due to registered retirement savings plan (RRSP) contributions, charitable donations, spousal support or other deductions or credits, apply to the Canada Revenue Agency (CRA) today to have the tax deducted from your pay reduced throughout 2019. Use Form T1213 to make this request. Read More...

Article Courtesy: https://www.theglobeandmail.com/investing/personal-finance/taxes/article-ten-ways-to-reduce-taxes-in-2019/

Source Courtesy: https://www.theglobeandmail.com

Article was originally published on: January 10, 2019