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Email this7:04 pm
February 11, 2014
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Can you any one please suggest the possible saving plans that are tax exempted to save 15K in one year. Any suggestion will be useful.
I know that RRSP, TFSA, RESP and etc. I know these three saving plans. Are there any other saving plans which I do not know of?
Thank you.
8:10 am
October 21, 2013
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I agree; there is nothing. RRSP is the best bet for most people, but it depends on your circumstances.
The TFSA contribution will not, in itself, save you any tax, but it does shelter the income from the TFSA in future.
this is the misery of the current tax formula. There isn't much you can do if you have a year when your income is significantly higher than other years - other than RRSP. There used to be an income-averaging provision, but that is long gone. A friend of mine, who is in sales and had a bumper year ast year following a bad year, went to her financial advisor and her accountant with the same question late last year, and there was nothing further that they suggested.
8:33 am
July 19, 2013
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Please explain the $11,600 withdrawal. Are you saying one can withdraw $11,600 after 3 years with no tax consequence? I'm confused by the statement. Thanks.
11:30 am
January 30, 2009
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Saleemjosh,
You asked for a savings plan, so I would take that to mean TFSA, RRSP, or RESP. If your question was about how to defer taxes in general, there are many other ways. Most of them involve creating or changing the status of a business. Incorporating a business has many tax benefits, for example and can allow you to defer taxes in a savings/investment portfolio.
We could also discuss tax breaks that come with various market investments as well but I think this is not what you were asking. Interestingly, you asked for 'tax exempted' accounts and the only truly tax exempted account is the TFSA. Everything else is tax deferred.
7:50 pm
October 21, 2013
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I took it to mean that he/she wanted to know what to do with the 15G that he now has to pay. Too late for incorporation or investments that might have been made in the past.
The tax forms are or should by now be available online. All possible deductions are there to be read.
Charitable donations are another way to reduce the tax hit, as is being disabled and donating to the political party of your choice. These are all on the tax forms.
Depending on your tax bracket, if you are just over the top into a bigger tax bracket, you might be able to get yourself back down to the lower one with a political donation etc., but I am not sure about this, and you would need to ask someone else. In any case, the only one that you can put into effect retroactively, as far as I know, is the disability one, which one hopes one will not qualify for.
I have no particular expertise in this, so you should confirm any suggestions I have brought up with someone who knows more. Just trying to help a bit, if possible.
7:21 pm
February 11, 2014
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Dear All,
Thank you all for your time and inputs. I asked this question for the next financial year. I would like to save 15K into a tax free or exempted account. I wanted to save this amount into various tax free accounts so that I can have saving for buying an apartment (while taking tax saving advantage).
Sorry I couldnt reply in these past few days as I was busy.
Thank you.
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