Here is a great entertainment piece of how to do your tax. No wonder, CPA’s are teaching their kids and other kids on how to pay tax. On an income of $100,000 you pay $26,230 in tax in Ontario. There are no comments about how to reduce the tax. Claim all the tax deductions and tax credits and pay 1% in tax rather than 26% tax on the same $100,000 income.
This is a news report about how KPMG helped their clients to save taxes with off shore accounts and then made a deal with Canada Revenue Agency to settle their clients case without any penalty. On the other hand it also shows how ordinary hard working Canadian citizens are hounded by CRA for tax fines and penalties.
Forget about all the research and survey from the banks about what the Canadians are doing for their retirement. You let us know. Where are you saving your money for retirement?
RRSP is a SCAM run by the Bank and our Federal Government. You do not need an RRSP to save taxes. RRSP is worse than tax in some situations. Do not listen to your bank teller or advisor that if you need to save tax, put money away in RRSP. RRSP is ruining your retirement.