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Is it time for your christmas Vacation Mr. Allen? Need another $24,000 in 24 hours? …

Well .. you are not going to get it from me! Please Stop Spamming me 20 times a day!!

It’s that time of year again ….

Generally, December 31 marks the deadline for transactions that you can incur that will affect your taxable income position for the year. While tax planning strategies should be considered throughout the calendar year, it is possible to establish some beneficial strategies may reduce your taxable income position for 2005. As November 2005 nears a close, that time is now.

Every situation is different. Before you can come up with any Year End Tax Planning Consideration, it is a good idea to just pull out your last year’s Personal Income Tax Return and have a good read. I’ll try to mention a few strategies, although keep in mind that not all strategies are appropriate for every taxpayer and individual. Here’s a refresher course on what your 2004 personal income tax return looked like:

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Subject: CRA Electronic mailing list service

http://www.cra-arc.gc.ca/newsroom/alerts/2005/a051122-e.html

Potential investors reminded to exercise caution with respect to certain donation arrangements

As the calendar year end approaches, investors may see an increasing number of advertisements for tax shelter donation arrangements.

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I’ve been on the 5 year Income Tax Plan (in a general sense)

(1) Firstly -”Oh Crap - How did I get into this mess” phase
(2) Secondly - “Face The Music - Payment Plan and catch up on the arrears” phase
(3) Filing on time! With Respectable payment plan or, not even being asked for one!
(4) Filing on time - with payment on filing? Am I finally current?
(5) Have instalments and RRSP contributions before I even file my tax return!

(Actually, I’m somewhere ‘averaging’ out between options (3) (4) and (5) simultaneously)

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Drats.

I have been using Telus as my Cell Phone carrier for almost three years now (see this post) and have not been happy. In fact, you could say that I have been happy to switch ~FINALLY over to our real phone network - Manitoba Telephone System (MTS Mobility). This has been going on for 6 months now. I have been talking about it. I have been hinting about it. I have complained everytime I talk to somebody on the Telus phone and ALSO hint about it.

I couldn’t wait to get me the new Palm Treo or, the Latest Blackberry cell phone …. SO WHAT HAPPENED?

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How come I never had “Easy Questions” like this one … when I was going to University?

Okay. I think receiving this spammed email message 8 times per day for every email address I own is quite EVIL of you, and I do not approve. No! I will not UNSUBSCRIBE so you know my email address is real! I don’t hate Santa .. I hate you! SHOO!

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Subject: CRA Electronic mailing list service

Other News Releases:

Fact Sheet: You have rights!
www.cra-arc.gc.ca/newsroom/factsheets/2005/nov/fs051110-e.html

Fact Sheet: Fairness provisions in the Income Tax Act and the Excise Tax
Act
www.cra-arc.gc.ca/newsroom/factsheets/2005/nov/fs051110-2-e.html

Fact Sheet: Be an informed donor
www.cra-arc.gc.ca/newsroom/factsheets/2005/nov/fs051110-3-e.html

Subject: CRA Electronic mailing list service

www.cra-arc.gc.ca/newsroom/alerts/2005/a051110-e.html

Taxpayer Alert

Owners of self-directed RRSPs should use caution with tax-free withdrawal schemes

Taxpayers should use caution before taking part in any scheme that promises a tax-free withdrawal of Registered Retirement Savings Plan (RRSP) funds.

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The following is now available on the CRA Web site:

www.cra-arc.gc.ca/newsroom/releases/2005/nov/nr051114-e.html

News release

Revenue Minister McCallum launches the Taxpayer Alert initiative

Toronto, Ontario, November 14, 2005… John McCallum, Minister of National Revenue, today launched the Taxpayer Alert initiative as part of the Canada Revenue Agency’s (CRA) ongoing commitment to ensuring a level playing field for all taxpayers. The announcement was made during an appearance on CTV’s Canada AM morning television show.

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