Exclusive top tips from Deloitte’s Tax Services group

WHAT:  As the deadline for filing 2004 income tax returns draws closer, now is the time to start preparing to ensure minimum tax burden for 2004, as well as to start planning for 2005. 

To assist Canadians with their personal tax planning, Deloitte’s tax specialists recently published the 17th edition of How to Reduce the Tax You Pay. The book includes comprehensive advice and solutions on how to reduce tax payments, including understanding the 'six key planning concepts' to minimize the cost of tax:

1. Income splitting – transferring income from a taxpayer in a high tax bracket to one in a lower bracket
2. Income shifting –  transferring income from a high-tax-rate year to a lower-rate year (or shifting deductions)
3. Investment selection – transforming income from a fully taxed source to one that is eligible for full or partial exemption
4. Tax deferral – delaying taxation of income
5. Income deferral – deferring the recognition of income for tax purposes to future years
6. Tax shelters –  using tax-law incentives to maximize deductions and minimize taxable income.

WHO:  Leading specialists from Deloitte’s Tax Services group — the recognized leader in the provision of comprehensive tax solutions — are available to discuss effective tax planning strategies for 2005, and tax saving tips for 2004 returns. Now is the time to act.

It’s not about loopholes,
its about tax-effective planning.

About Deloitte
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Deloitte, one of Canada's leading professional services firms, provides audit, tax, consulting, and financial advisory services through more than 6,100 people in 47 offices. Deloitte operates in Québec as Samson Belair/Deloitte & Touche s.e.n.c.r.l. The firm is dedicated to helping its clients and its people excel. Deloitte is the Canadian member firm of Deloitte Touche Tohmatsu.

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