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A reimbursement and an allowance are different things A reimbursement requires that receipts be provided to your employer, while an allowance does not Reimbursements and reasonable allowances based on kilometres driven are not taxable Unreasonable allowances are taxable Claim a deduction for automobile expenses if you have not been reimbursed or if your actual expenses are greater than an unreasonable allowance received
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You ll recall from Tip 4 that pushing your tax bill to a future year almost always makes sense But given today s tax law, it s not so easy to take a portion of your employment income and arrange to pay tax on it a year or two down the road You see, the Income Tax Act has rules to govern these salary deferral arrangements For example, if you earn $75,000 in 2006 but agree with your employer that you ll take $50,000 in 2006 and $25,000 in 2007, you re going to face tax in 2006 on the full $75,000 Sorry about that But don t fret There are some ways you can escape the salary deferral rules Wherever it s possible and practical, be sure to defer your income to a future year by taking advantage of these ideas This is especially important, because of the general decline in tax rates from year to year that we ve been experiencing
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Tim s Tip 33: Defer tax with a Registered Pension Plan (RPP), RRSP, or Deferred Pro t Sharing Plan (DPSP) Registered Pension Plan (RPP)
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A Registered Pension Plan (RPP) at work operates much like your RRSP Putting money into an RPP, however, will limit your ability to use an RRSP The government
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imposes this limitation through something called your pension adjustment You see, the tax collector doesn t want you to have an unfair advantage over those who save through an RRSP alone for retirement An RPP allows you to defer tax on your employment income by providing a tax deduction for the money you contribute to the plan You ll face tax when funds are paid to you out of the pension plan, but this won t likely be for a number of years I ll make this one comment: I m not a big fan of company pension plans in many situations The reason If you don t plan on staying with the same employer for the better part of your working career, you may actually lose a portion of your retirement savings every time you move from one employer to the next Since the average Canadian is likely to change jobs a number of times in a lifetime, a lot of people could be short-changed in saving for retirement I prefer an RRSP alone (since it s portable) in many but not all situations You may want to talk this issue over with a tax professional or a nancial advisor
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I suppose that Registered Retirement Savings Plans (RRSPs) are one of the more familiar tax-deferral vehicles available today I won t go into much detail on these now because I ve devoted 6 to retirement savings Suf ce it to say that your RRSP may be the most effective method to push the tax on your employment income to a future year It s no secret how this works If you earned $40,000 and had accumulated RRSP contribution room of $10,000, you could contribute the full $10,000 to your RRSP and deduct that amount from your income for the year In effect, you d pay tax on only $30,000 of your employment income And the $10,000 would grow tax-deferred in your RRSP In fact, you won t pay tax on those funds until you make withdrawals later in life Can t get a better or more direct deferral than that
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With a Deferred Profit Sharing Plan (DPSP), your employer may contribute up to 18 percent of your income or $9,500 (for 2006), whichever is less Sorry, but a DPSP is not an option for shareholders or their families who own more than 10 percent of any class of shares of the employer You can t make contributions to a DPSP only your employer can As a result, you re not entitled to a deduction for
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