NB: this posting fell through the cracks and got put on hold by the "draft" monster. It should have been published in early JUNE 2011.
My taxes are now done and I'm breathing a sigh of relief. I don't owe them all that much but I suppose you could look at that from the other perspective. This is BAD! I wished I owed them more... LOTS more! Why? That would mean I had a larger income and not this meagre pittance I've become forced to deal with.
I always find the Canada Revenue Agency a little perplexing. They, like most people and corporations tend to "pigeon-hole" everything and everybody. So what's a mixed artist like myself to do? Everything I do all tends to blend into one homogenized hole of incomelessness.
Deductions are great, but they require income from which you can deduct! After all my deferred deductions from yesteryear I'm left with about $12 of taxable income. All thanks to those deductions mind you. So save your receipts! ALL of them. I don't care if you shoe-box them. You'll need them. Even beer/bars are 50% deductible as entertainment expenses if you have customers or potential customers with you. NB: Don't try to deduct $10,000 of bar bills on $2000 of income. It won't get you anywhere except perhaps an express visit with an auditor.
The key is to be reasonable with your deductions.
Disclaimer: I didn't recommend any investments this time. You can't sue me for that either. Damn lawyers.