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Winning the Tax Game 2002 – A Year-Round Tax and Investment Guide for Canadians

January 12, 2002 - "If you want to win the game, you've got to step up to the plate," as the 2002 edition of tax expert Tim Cestnick's Winning the Tax Game suggests. In other words, if you're going to beat the taxman you have to be pro-active and make informed choices. And the best way to stay informed is to keep on reading Tim's excellent advice.

Winning the Tax Game 2002: A Year-Round Tax and Investment Guide for Canadians brings forward a quick summary of the past year's changes in Canadian tax rules so you can find out immediately what's new and current in the game. Topics include:

1. Tax Calculations
2. Family Care
3. Employee Stock Options
4. Assistance for Students
5. Common-law Partners
6. Investment Measure
7. Business Measures
8. Non-resident Actors
9. Court Decisions

Tim's Tax Planning Tip Sheet at the start of the book, listing all the tax-saving tips from each chapter, makes it easy to pinpoint the tax strategies that apply to you. For new players, Winning the Tax Game also includes the "Pre-Game Warm-Up: The Basics of Tax Planning". Also inside, Tim clearly explains eight basic rules:

1. Avoid taxes like the plague, but don't evade them.
2. Understand this thing called your marginal tax rate.
3. Know the difference between a deduction and a credit.
4. Always wait to trigger a tax hit.
5. Pay your taxes on time, but not ahead of time.
6. Think of taxes when big things happen in life.
7. Dispute your assessment when you think you're right.
8. Consider requesting relief under the fairness rules when circumstances were beyond your control.

Once you understand these simple guidelines, not only will you better understand each proceeding move you make, but you'll understand why you're making them. Your entire perspective on income and spending money may change, but it will change to your financial benefit. What could be better than reducing your taxes and maximizing after-tax investment returns?

About the Author

Tim Cestnick, CA, CFP, TEP, is Managing Director, Tax Smart Services, AIC Limited. Recognized as Canada's foremost authority on tax and personal finance issues, he is the tax columnist for The Globe and Mail's Report on Business, a regular contributor to CBC Newsworld, Canada AM, and ROBTV, and a well-respected member of the teaching faculty of the Institute of Chartered Accountants of Ontario. A dynamic speaker, Tim appears at seminars and management conferences nationwide. He is also author of Winning the Estate Planning Game and Winning the Education Savings Game. Visit Tim at www.timcestnick.com.