If you are self-employed, you may invest in private supplemental health insurance for you and your family. Although it's eligible to be claimed as a medical expense, as Myron Knodel of Investor's Group tells us, some business owners may see greater tax savings by claiming it as a business expense.
You have to pay your utilities and home insurance anyway, why not deduct them on your taxes? Having a home office can be a great tax benefit of being self-employed. Gena Katz of Ernst & Young shows us what can be claimed and how much.
Giving to a charity can yield some great tax deductions, but sometimes your charitable donation can work for you even more. Gary Dent of Grant Thornton gives us a few options when donating to a charity.
At the time of your death, there is a legal process to approve your will and confirm your executors. This is called "Probate", and there is a fee or tax charged. As Don Carson of MNP tells us, with a little planning Probate Tax can be minimized.
Testamentary Trusts can be a useful tool while estate planning. For those in a high tax bracket using a trust, rather than leaving assets to an individual can save tax. Cara Williams of PWC in Vancouver, sheds some light on the process.
By moving around your cash flow and debt, you may be able to make more of your interest tax deductible. As Myron Knodel of Investor's Group explains, for business owners, it might be as simple as opening up a new line of credit.
If you are a US Citizen living in Canada or married to one, you should know that US social security benefits aren't completely taxable. Karen Slezak of Crowe Soberman gives us some insider tips for those receiving Social Security benefits that could save you some tax.
Does this year's tax return look a little strange? Maybe last year you owed, and this year it appears you're getting back a sizable amount? Tim Cestnick of Waterstreet Group shows you how to compare your returns so that you ensure that everything is correct.
If you are a US citizen residing in Canada, you have filing obligations for Revenue Canada and the IRS. Gary Dent of Grant Thornton introduces us to a few US tax programs that might make compliance a little easier.