How to reduce your taxes? Consider hiring your family members!

If you're not self-employed, consider setting up a home-based business - even part time. You would be able to pay your family members, even your kids some salary for working.

Please call us on 416-622-1221 to find if this strategy can work for you.

Let's say if you pay your child $6,000 a year, he does not have to pay taxes on that $6,000 if he has little or no other income. Whereas, you might have to pay upto 46% (depending on which provice you are) on that amount. You would save more than $2,500 in taxes. If your child is heading to post-secondary school and can use that $5,000 to help pay for education, you will have effectively deducted part of your child's education costs.