There is a book written by Suzy Orman, one of my favorite author, call “You’ve earn it, don’t lose it”. Basically the book is talking about the pitfalls most people may not be aware of with regarding their money management and personal financial life. One of the important financial strategies is how to protect the money you’ve earned.
To most of people, taxes are simply the biggest expenses for you and your family. To figure out how to save on your taxes wisely is a big issue. First, you need to find out about the tax savings and benefits that are be available. The Government of Canada has introduced a wide range of tax cuts to help people save on their taxes. The detailed information is available on government website: http://www.cra-arc.gc.ca/gncy/txnf/menu-eng.html; Second is to own a business by which you can convert personal expenses into deductible business expenses.
Recently, I was apprached by sales people promoting tax shelter solutions. The best tax solution that I recommend and have been using, which allows you to legally and ethically minimize your income taxes, is owning your own business. Here is a very good article on MSN Money where you can learn more about this tax strategy — The ultimate tax shelter: Owning your own business.
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