Step 3: Legally Minimize Taxes Paid part 3

Here are more ways you can save tax.

• Trust Structures – Trust structures can protect your assets and pass them to the next generations. Trusts can be used for effective tax minimization through income splitting.
• Tax Shelters – Generate new tax credits and support humanitarian causes. Tax shelters help the less fortunate while helping you to save taxes at the same time.

Other Tax Saving Strategies include Tax Deferral Strategies and Flow Through Shares.

• A Tax Deferral Strategy is an arrangement where you get tax benefits immediately but will most likely pay it back at a later date. Aside from its tax benefits, the tax deferral strategy allows individuals to support Canadian humanitarian initiatives.
• Flow Through Shares are common shares of Canadian resource companies issued to finance the exploration an development of resource properties. To encourage investment by these companies, the federal government allows exploration and development expenses incurred to be flowed-through to investors and deducted for tax purposes.

It is more important now than ever to be able to find ways to save on your taxes. There may be a lot more ways for you to save on your taxes so make sure you consult with a professional. Consulting with a professional and having him help you set up a tax plan will ensure that you make use of all available tax saving strategies applicable to you.