The Ten Commandments of Tax Savings: What Every Canadian Needs to Know

Post Date: May 26, 2025

The Ten Commandments of Tax Savings: What Every Canadian Needs to Know

Post Date: May 26, 2025

Taxes are inevitable, but paying too much tax isn’t. In The Tax-Saving Bible, Robert Stone reveals his Ten Commandments of Tax Savings—essential principles that help Canadians minimize taxes and maximize wealth.

Commandment 1: Own a Business

Business owners have more tax-saving opportunities than employees. From deductible expenses to income splitting, self-employment is a game-changer.

Commandment 2: Maximize Tax-Free Investment Vehicles

Take advantage of TFSAs, TFRAs, and permanent insurance tax strategies to grow wealth tax-free.

Commandment 3: Structure Your Income Wisely

Salary, dividends, capital gains—each is taxed differently. Optimize how you withdraw funds to reduce your tax burden.

Commandment 4: Use Incorporation to Your Advantage

A corporation can offer tax deferrals, income splitting, and investment growth within the business structure.

Commandment 5: Deduct Legitimate Expenses

Home office, travel, meals, and professional fees can often be deducted if properly structured.

Commandment 6: Plan for Retirement with a Tax Strategy

A well-planned retirement strategy ensures tax-efficient withdrawals and estate transfers.

Commandment 7: Reduce Probate and Estate Taxes

Trusts, gifts, and insurance strategies can help minimize estate taxes for your heirs.

Commandment 8: Make Smart Use of Loans and Debt**

Use leverage and deductible interest to optimize your tax strategy and investments.

Commandment 9: Work with the Right Advisors

Coordinating tax, legal, and financial professionals ensures the best tax strategies are in place.

Commandment 10: Start Today

Tax planning is most effective when started early. Even small changes can lead to massive savings over time.

Get The Tax-Saving Bible and start applying the Ten Commandments of Tax Savings today.

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