Save taxes
Split That Pension
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Pension Splitting is a tax – planning technique that can only take advantage of at tax – filing time.
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It also allows Canadians who received eligible pension income to split up to half of that income with their spouse or common-law partner.
Vehicle Expense Deduction
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CRA recently announced a new policy regarding the type of records that must be kept to substantiate a deduction for vehicle expenses, or GST/HST input tax credits, where a vehicle is used partly for business and partly for personal purposes.
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Previously, CRA required a detailed record to be kept for each vehicle of all kilometers driven throughout the year.
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The new method involves establishing business use of a vehicle in a base year, then keeping detailed records for only a three-month period in each subsequent year and extrapolating the results (provided subsequent years’ business usage aligns broadly with usage in the base year).
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