if a couple earns over 65 k a year in canada, what are some ideas for tas reduction?

Question

like can buying rental property be a tax write off?

Answer 1

1) Buy RRSP. In fact, maximize it if you know you are not going to move up to a higher tax bracket in a year or two, and you don't need the money until retirement.

2) Borrow to buy capital gain generating investments (e.g. stocks) outside of RRSP. This way, you can deduct interest now (at 100%), and pay capital gain tax at 50% in the future when you sell your investment. But of course, you have to consider your own risk-tolerence.

3) Own a home-based business. If you don't want to be involved in network marketing, create your own business, any business. Then, you can write off all business-related expenses, like business-related travels, meals (at 50%), wages, portion of your home expenses, etc. However, the business needs to have a reasonable expectation of profit. Therefore, if you generate losses for too many years straight, then you may be questioned.

To deduct home expense, see requirements at http://www.cra-arc.gc.ca/tax/business/topics/solepartner/businessexpenses/home-e.html

4) Buying rental property could result in tax savings in the first few years.

5) Maximize whatever deduction or credits you are entitled to at tax filing time.

A list of deductions and credits can be found here:
http://www.cra-arc.gc.ca/tax/individuals/topics/income-tax/return/completing/deductions/menu-e.html

6) Move to a low tax province, like Nunavut.

Answer 2

Buy a house - best longterm investment ever.

Buy RRSPs.

Answer 3

Move to another country where the taxes are lower.