101 Tax Secrets For Canadians 2010: Smart Strategies That by Timothy J Cestnick

By Timothy J Cestnick

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I admit, when the government receives your tax return, takes a look at it, and then issues you an assessment notice making changes to the return you’ve filed, it’s easy to assume that you—or your tax preparer—probably made a mistake when filling out the forms. Bad assumption. The folks at CRA are prone to making mistakes as often as anyone else. Notice of Objection After filing your tax return, you can expect to receive a Notice of Assessment from CRA within 8 to 12 weeks. If you disagree with CRA’s assessment of your tax return, don’t let it go.

Quite simply, your marginal tax rate is the amount of tax that you’ll pay on your last dollar of income. Suppose, for example, you’re living in Ontario and you earned $65,000 in 2009. How much more tax do you suppose you’d pay if you earned one more dollar of income? 98 cents. 02 cents for yourself. 98 percent. Similarly, if your marginal tax rate happens to be 26 percent, then 26 percent of the last dollar you earn will disappear in taxes. For a list of marginal tax rates by province, check out the tables starting on page 297.

Pre-Game Warm-Up: The Basics of Tax Planning Tim’s Tip 6: Think of taxes when big things happen in life. 11 Did You Know? Income taxes were first introduced in Canada in 1917. Matthew paid me a visit not long ago. He wasn’t sure if The Income War Tax Act there were any tax issues to worry about in his situation, levied a 4-percent tax on so he thought he’d play it safe and visit me to find out. Canadians to help finance When I asked him to tell me what’s been happening, he the First World War. It is replied in a single breath: commonly believed, based on “Tim, my wife and I aren’t getting along so well so comments made by Sir we decided to separate earlier this year and my son is Thomas White, the finance away at school for the first time and has been with- minister of the day, that drawing funds from the Registered Education Savings income taxes were intended Plan we set up for him 10 years ago and my California to be a temporary measure.

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