Tips and Tricks Home Income Splitting This is a classic way of saving on taxes. Basically, it means that you arrange your income to have it divided amongst other family members (spouse and/or children). More Spousal RRSP You want to try to reach the maximum of your "earned income" for RRSP calculation purposes. More Corporate Shares By splitting your shares with your spouse and children, you can reduce the amount of tax paid in aggregate More Family Trusts If you set this arrangement up carefully, and there are several options, you can keep more tax-free money in the family unit. More Business Home Deduct the portion of your home that is used regularly for business purposes, including work, office and storage areas. More Transportation If you have one car and use it for business 50% of the time, claim half of your car-related expenses (gas, oil, maintenance, insurance, interest on car-financing costs) as business expenses. More Furniture and Equipment Your office furniture, computer hardware and software, printer, fax machine, copier and other equipment have to be depreciated over time using the capital cost allowance (CCA) formula, which lets you deduct a portion (20% to 100%) each year. More Salaries Salaries paid to children, spouse, relatives or others to perform work for your firm are all deductible expenses. More Meals You can deduct 50% of your total meal costs More Education If you attend any seminar, conference, convention or trade show relating to your current or future business interest or operation, keep all receipts; they are 100% deductible More Travel With proper tax advice and planning, you should be able to claim up to 100% of all costs, except meals, which would be at 50% More Schemes and Scams Charitable Donations Canada Revenue Agency has been dealing with many issues regarding the abuse of the charitable tax donation credit. More IPO's Canada Revenue Agency has been dealing with many issues regarding the abuse of the charitable tax donation credit. More