CTB (Child Tax Benefit) is usually in the name of children and it is considered a child’s income who is getting it.
If you open some kind of investment account in the name of the child who is getting child tax benefit, earnings in this account will be reported in the name of the child.
As long as child’s income is below taxable income range earnings from investment account will be tax free.
As another option, you can invest CTB payments in Child’s RESP (Registered Education Savings Plan) where it will grow tax free. If funds are taken out of the plan for any other reason than education, these will become taxable.
You can pick a small amount to invest in the name of lower earning spouse on regular basis and let the earnings accrue. Money you give to spouse to invest is considered a gift to spouse and earnings from investment are taxed in the hands of your spouse.
Tax preparation fees, investment consultancy fees and financial advisor’s fee are deductible.
If your employer requires you to use your vehicle for some business travel, you are allowed to deduct expenses for use of your vehicle. Make sure you keep a complete log of mileage on trip to trip basis to justify claim.
You can set up a small corporation and give your children share in this corporation. You can then transfer your assets in this corporation so that these are passed along to your children easily in case of your death.
Get rid of your high interest paying credit cards. Get in a habit of paying cash. You will definitely be able to budget better if you start spending cash instead of using credit cards.
If you borrow money to invest and generate an active or a passive income, you can deduct interest as an expense you pay on borrowed money.