which of the 2 would you use and which of the you would NOT USE and why. explain your reasoning

I need this answered asap if someone can do this asap please. I'll give it a like as well. thanks

Income Tax Below is an edited version of an article that listed 28 ways to reduce income tax. NETFILE is a way in which individual taxpayers who prepare their own returns can submit their returns online. There are three government-funded pension benefits: Canada Pension Plan (CPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS). These will be covered in week 13. Of these, OAS has a clawback whereby benefits are reduced for higher-income seniors. By age 71 people who have an RRSP must close them and put the money elsewhere. One place where money can put is in a Registered Retirement Income Fund (RRIF). The money in a RRIF must be withdrawn at a certain rate. The amount of the required withdrawal is smallest when the senior is 65 and it grows when the senior gets older. 28 Ways to Pay Less Tax Dreading the April 30 income tax filing deadline? Don't despair. These clever (and perfectly legal) tips will help you slash your taxes by thousands and protect your wealth Sell Off Your Losers Having to sell a losing stock or investment property for less than you paid is no fun- but there is a silver lining. That loss, called a capital loss, can be used to offset capital gains you realized on other investments that year (and in any of the three previous years), thus reducing your capital gains tax. Or, you can bank those capital losses to reduce any gains you might realize in the future-a perfect strategy for those who know they'll be in a higher tax bracket later on, such as a stay-at-home parent who wants to return to work... Use RRSPs & TFSAs! Of all the tax tips you'll read on these pages, this is the one that's most important-after all, it's the No. 1 way to thwart the tax man. While RRSPs and TFSAs work a bit differently, both are amazing tax shelters that can help you hold onto thousands of dollars of your hard-earned money every year. The RRSP lets you defer paying taxes on a portion of your yearly income until you retire in a lower tax bracket-which will be true for most people. Until then, your RRSP contributions grow tax-free, meaning you don't have to pay capital gains taxes when you sell stock or funds at a profit, nor do you have to pay tax on dividends or interest. TFSAs are similar to RRSPs in that contributions put into these accounts grow tax-free. Unlike the RRSP, TFSA contributions earn no up-front tax refund, but the government doesn't get a dime of your money when funds are withdrawn... Don't Do This! You don't have to pay for tax software to use the NETFILE service. The Canada -1- GSSC 1027-Group Assignment Weeks 4 & 5 Page 2 of 5 showing a loss and then buy another Canadian equity ETF that tracks a similar but not identical index. Got you, tax man!... Revenue Agency lists several online programs that are 100% free and certified to work properly with its systems (see cra- arc.gc.ca). Keep Bonds in Your RRSP Most Canadians can't afford to maximize their yearly RRSP or TFSA contribution limits, but if you can, here are two things you need to know: 1) Financially, you're doing great. 2) You need to be really careful about which investments go outside your RRSPs and TFSAs. Keep in mind that the investment interest you get from bonds and GICs is taxed at a higher rate, so in general, put your fixed-income investments in the tax shelter, and keep your stocks and dividend payers outside... Save With a Spousal RRSP Have extra RRSP room (and a spouse)? Try setting up a spousal RRSP account and make contributions to it in the name of your lower-earning partner. You'll get the same advantage as if you were putting income into your own RRSP (a tax refund on contributions), but here's the kicker: when the money is later withdrawn, it will be taxed in your lower-income spouse's hands at a lower rate. Just be aware of the Canada Revenue Agency's attribution rules: you can't make a contribution in the same year you withdraw the money, or in either of the two previous tax years. Plus, the total combined contributions to your own RRSP and your spouse's RRSP cannot exceed vour own deduction limit 'Fake'a Loss Here's an easy-and perfectly legal-way to get around Canada Revenue Agency's Below is an edited version of an article that listed 28 ways to reduce income tax. NETFILE is a way in which individual taxpayers who prepare their own returns can submit their returns online. There are three government-funded pension benefits: Canada Pension Plan (CPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS). These will be covered in week 13. Of these, OAS has a clawback whereby benefits are reduced for higher-income seniors. By age 71 people who have an RRSP must close them and put the money elsewhere. One place where money can put is in a Registered Retirement Income Fund (RRIF). The money in a RRIF must be withdrawn at a certain rate. The amount of the required withdrawal is smallest when the senior is 65 and it grows when the senior gets older. 28 Ways to Pay Less Tax Dreading the April 30 income tax filing deadline? Don't despair. These clever (and perfectly legal) tips will help you slash your taxes by thousands and protect your wealth Sell Off Your Losers Having to sell a losing stock or investment property for less than you paid is no fun- but there is a silver lining. That loss, called a capital loss, can be used to offset capital gains you realized on other investments that year and in any of the three previous years), thus reducing your capital gains tax. Or, you can bank those capital losses to reduce any gains you might realize in the future-a perfect strategy for those who know they'll be in a higher tax bracket later on, such as a stay-at-home parent who wants to return to work... Use RRSPs & TFSAs! Of all the tax tips you'll read on these pages, this is the one that's most important-after all, it's the No. 1 way to thwart the tax man. While RRSPs and TFSAs work a bit differently, both are amazing tax shelters that can help you hold onto thousands of dollars of your hard-earned money every year. The RRSP lets you defer paying taxes on a portion of your yearly income until you retire in a lower tax bracket-which will be true for most people. Until then, your RRSP contributions grow tax-free, meaning you don't have to pay capital gains taxes when you sell stock or funds at a profit, nor do you have to pay tax on dividends or interest. TFSAs are similar to RRSPs in that contributions put into these accounts grow tax-free. Unlike the RRSP, TFSA contributions carn no up-front tax refund, but the government doesn't get a dime of your money when funds are withdrawn... Don't Do This! You don't have to pay for tax software to use the NETFILE service. The Canada 1- GSSC 1027 - Group Assignment Weeks 4 & 5 Page 2 of 5 Revenue Agency lists several online programs that are 100% free and certified to work properly with its systems (see cra- arc.gc.ca). Keep Bonds in Your RRSP Most Canadians can't afford to maximize their yearly RRSP or TFSA contribution limits, but if you can, here are two things you need to know: 1) Financially, you're doing great. 2) You need to be really careful about which investments go outside your RRSPs and TFSAs. Keep in mind that the investment interest you get from bonds and GICs is taxed at a higher rate, so in general, put your fixed-income investments in the tax shelter, and keep your stocks and dividend payers outside... 'Fake' a Loss Here's an easy-and perfectly legal-way to get around Canada Revenue Agency's dreaded "superficial loss" rule. This rule was created to prevent you from selling a stock or other asset that's temporarily doing poorly so you can realize a capital loss, then buy the investment right back. For instance, say you had stock in Royal Bank that you intended keep for years, but it happened to be having a bad quarter. You might be tempted to sell it off, use the capital loss to pay less tax on capital gains elsewhere, then buy your Royal Bank stock right back. The CRA won't allow you to do that (so don't even try), but there's nothing preventing you from repurchasing a similar-but not identical property that would allow you to realize a capital loss. For example, you could sell a Canadian equity ETF when it's showing a loss and then buy another Canadian equity ETF that tracks a similar but not identical index. Got you, tax man!... Save With a Spousal RRSP Have extra RRSP room (and a spouse)? Try setting up a spousal RRSP account and make contributions to it in the name of your lower-earning partner. You'll get the same advantage as if you were putting income into your own RRSP (a tax refund on contributions), but here's the kicker: when the money is later withdrawn, it will be taxed in your lower-income spouse's hands at a lower rate. Just be aware of the Canada Revenue Agency's attribution rules: you can't make a contribution in the same year you withdraw the money, or in either of the two previous tax years. Plus, the total combined contributions to your own RRSP and your spouse's RRSP cannot exceed your own deduction limit... Don't Do This! Tax efficiency should never be the main reason for buying an investment. Start with the right asset mix for your risk tolerance and investing goals, then look for tax efficiencies. Retired? These tips will help slash your taxes in your golden years Share Your Income Income splitting works at any age, but once you retire and start collecting government benefits it works even better- especially if you can use it to avoid the dreaded Old Age Security (OAS) clawback. Many government benefits are income tested so transferring income to a GSSC 1027 - Group Assignment Weeks 4 & 5 Page 3 of 5 lower-income spouse may help the higher- income spouse reduce taxes and get more. For instance, if both of you are 60 or older and receiving CPP payments, the higher- income spouse can elect to attribute up to 50% of his or her CPP income to the lower- earning spouse. Want to save even more? If one of you is lucky enough to have a lucrative defined-benefit pension, you're allowed to allocate up to one half to your spouse. Take that, tax man!... Keep Using TFSAs Unlike RRSPs, you can keep contributing to TFSAs well past 71. And unlike RRIFS, there are no forced annual withdrawals. savings tax-free long before you're rocking away your golden years on the front porch. If you and your spouse are first- time buyers, you can both withdraw up to $25,000 (now $35,000) each to put toward a down payment completely tax- free. You've got to pay the money back in 15 years, starting the second year after it was withdrawn from your RRSP, or you'll have to start paying taxes on it... Don't Do This! You should think twice about gifting investments to a spouse in a lower tax bracket if he or she plans to sell them. That's because all interest, dividends and capital gains (or losses) will attributed . Income Tax Below is an edited version of an article that listed 28 ways to reduce income tax. NETFILE is a way in which individual taxpayers who prepare their own returns can submit their returns online. There are three government-funded pension benefits: Canada Pension Plan (CPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS). These will be covered in week 13. Of these, OAS has a clawback whereby benefits are reduced for higher-income seniors. By age 71 people who have an RRSP must close them and put the money elsewhere. One place where money can put is in a Registered Retirement Income Fund (RRIF). The money in a RRIF must be withdrawn at a certain rate. The amount of the required withdrawal is smallest when the senior is 65 and it grows when the senior gets older. 28 Ways to Pay Less Tax Dreading the April 30 income tax filing deadline? Don't despair. These clever (and perfectly legal) tips will help you slash your taxes by thousands and protect your wealth Sell Off Your Losers Having to sell a losing stock or investment property for less than you paid is no fun- but there is a silver lining. That loss, called a capital loss, can be used to offset capital gains you realized on other investments that year (and in any of the three previous years), thus reducing your capital gains tax. Or, you can bank those capital losses to reduce any gains you might realize in the future-a perfect strategy for those who know they'll be in a higher tax bracket later on, such as a stay-at-home parent who wants to return to work... Use RRSPs & TFSAs! Of all the tax tips you'll read on these pages, this is the one that's most important-after all, it's the No. 1 way to thwart the tax man. While RRSPs and TFSAs work a bit differently, both are amazing tax shelters that can help you hold onto thousands of dollars of your hard-earned money every year. The RRSP lets you defer paying taxes on a portion of your yearly income until you retire in a lower tax bracket-which will be true for most people. Until then, your RRSP contributions grow tax-free, meaning you don't have to pay capital gains taxes when you sell stock or funds at a profit, nor do you have to pay tax on dividends or interest. TFSAs are similar to RRSPs in that contributions put into these accounts grow tax-free. Unlike the RRSP, TFSA contributions earn no up-front tax refund, but the government doesn't get a dime of your money when funds are withdrawn... Don't Do This! You don't have to pay for tax software to use the NETFILE service. The Canada -1- GSSC 1027-Group Assignment Weeks 4 & 5 Page 2 of 5 showing a loss and then buy another Canadian equity ETF that tracks a similar but not identical index. Got you, tax man!... Revenue Agency lists several online programs that are 100% free and certified to work properly with its systems (see cra- arc.gc.ca). Keep Bonds in Your RRSP Most Canadians can't afford to maximize their yearly RRSP or TFSA contribution limits, but if you can, here are two things you need to know: 1) Financially, you're doing great. 2) You need to be really careful about which investments go outside your RRSPs and TFSAs. Keep in mind that the investment interest you get from bonds and GICs is taxed at a higher rate, so in general, put your fixed-income investments in the tax shelter, and keep your stocks and dividend payers outside... Save With a Spousal RRSP Have extra RRSP room (and a spouse)? Try setting up a spousal RRSP account and make contributions to it in the name of your lower-earning partner. You'll get the same advantage as if you were putting income into your own RRSP (a tax refund on contributions), but here's the kicker: when the money is later withdrawn, it will be taxed in your lower-income spouse's hands at a lower rate. Just be aware of the Canada Revenue Agency's attribution rules: you can't make a contribution in the same year you withdraw the money, or in either of the two previous tax years. Plus, the total combined contributions to your own RRSP and your spouse's RRSP cannot exceed vour own deduction limit 'Fake'a Loss Here's an easy-and perfectly legal-way to get around Canada Revenue Agency's Below is an edited version of an article that listed 28 ways to reduce income tax. NETFILE is a way in which individual taxpayers who prepare their own returns can submit their returns online. There are three government-funded pension benefits: Canada Pension Plan (CPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS). These will be covered in week 13. Of these, OAS has a clawback whereby benefits are reduced for higher-income seniors. By age 71 people who have an RRSP must close them and put the money elsewhere. One place where money can put is in a Registered Retirement Income Fund (RRIF). The money in a RRIF must be withdrawn at a certain rate. The amount of the required withdrawal is smallest when the senior is 65 and it grows when the senior gets older. 28 Ways to Pay Less Tax Dreading the April 30 income tax filing deadline? Don't despair. These clever (and perfectly legal) tips will help you slash your taxes by thousands and protect your wealth Sell Off Your Losers Having to sell a losing stock or investment property for less than you paid is no fun- but there is a silver lining. That loss, called a capital loss, can be used to offset capital gains you realized on other investments that year and in any of the three previous years), thus reducing your capital gains tax. Or, you can bank those capital losses to reduce any gains you might realize in the future-a perfect strategy for those who know they'll be in a higher tax bracket later on, such as a stay-at-home parent who wants to return to work... Use RRSPs & TFSAs! Of all the tax tips you'll read on these pages, this is the one that's most important-after all, it's the No. 1 way to thwart the tax man. While RRSPs and TFSAs work a bit differently, both are amazing tax shelters that can help you hold onto thousands of dollars of your hard-earned money every year. The RRSP lets you defer paying taxes on a portion of your yearly income until you retire in a lower tax bracket-which will be true for most people. Until then, your RRSP contributions grow tax-free, meaning you don't have to pay capital gains taxes when you sell stock or funds at a profit, nor do you have to pay tax on dividends or interest. TFSAs are similar to RRSPs in that contributions put into these accounts grow tax-free. Unlike the RRSP, TFSA contributions carn no up-front tax refund, but the government doesn't get a dime of your money when funds are withdrawn... Don't Do This! You don't have to pay for tax software to use the NETFILE service. The Canada 1- GSSC 1027 - Group Assignment Weeks 4 & 5 Page 2 of 5 Revenue Agency lists several online programs that are 100% free and certified to work properly with its systems (see cra- arc.gc.ca). Keep Bonds in Your RRSP Most Canadians can't afford to maximize their yearly RRSP or TFSA contribution limits, but if you can, here are two things you need to know: 1) Financially, you're doing great. 2) You need to be really careful about which investments go outside your RRSPs and TFSAs. Keep in mind that the investment interest you get from bonds and GICs is taxed at a higher rate, so in general, put your fixed-income investments in the tax shelter, and keep your stocks and dividend payers outside... 'Fake' a Loss Here's an easy-and perfectly legal-way to get around Canada Revenue Agency's dreaded "superficial loss" rule. This rule was created to prevent you from selling a stock or other asset that's temporarily doing poorly so you can realize a capital loss, then buy the investment right back. For instance, say you had stock in Royal Bank that you intended keep for years, but it happened to be having a bad quarter. You might be tempted to sell it off, use the capital loss to pay less tax on capital gains elsewhere, then buy your Royal Bank stock right back. The CRA won't allow you to do that (so don't even try), but there's nothing preventing you from repurchasing a similar-but not identical property that would allow you to realize a capital loss. For example, you could sell a Canadian equity ETF when it's showing a loss and then buy another Canadian equity ETF that tracks a similar but not identical index. Got you, tax man!... Save With a Spousal RRSP Have extra RRSP room (and a spouse)? Try setting up a spousal RRSP account and make contributions to it in the name of your lower-earning partner. You'll get the same advantage as if you were putting income into your own RRSP (a tax refund on contributions), but here's the kicker: when the money is later withdrawn, it will be taxed in your lower-income spouse's hands at a lower rate. Just be aware of the Canada Revenue Agency's attribution rules: you can't make a contribution in the same year you withdraw the money, or in either of the two previous tax years. Plus, the total combined contributions to your own RRSP and your spouse's RRSP cannot exceed your own deduction limit... Don't Do This! Tax efficiency should never be the main reason for buying an investment. Start with the right asset mix for your risk tolerance and investing goals, then look for tax efficiencies. Retired? These tips will help slash your taxes in your golden years Share Your Income Income splitting works at any age, but once you retire and start collecting government benefits it works even better- especially if you can use it to avoid the dreaded Old Age Security (OAS) clawback. Many government benefits are income tested so transferring income to a GSSC 1027 - Group Assignment Weeks 4 & 5 Page 3 of 5 lower-income spouse may help the higher- income spouse reduce taxes and get more. For instance, if both of you are 60 or older and receiving CPP payments, the higher- income spouse can elect to attribute up to 50% of his or her CPP income to the lower- earning spouse. Want to save even more? If one of you is lucky enough to have a lucrative defined-benefit pension, you're allowed to allocate up to one half to your spouse. Take that, tax man!... Keep Using TFSAs Unlike RRSPs, you can keep contributing to TFSAs well past 71. And unlike RRIFS, there are no forced annual withdrawals. savings tax-free long before you're rocking away your golden years on the front porch. If you and your spouse are first- time buyers, you can both withdraw up to $25,000 (now $35,000) each to put toward a down payment completely tax- free. You've got to pay the money back in 15 years, starting the second year after it was withdrawn from your RRSP, or you'll have to start paying taxes on it... Don't Do This! You should think twice about gifting investments to a spouse in a lower tax bracket if he or she plans to sell them. That's because all interest, dividends and capital gains (or losses) will attributed .