Tax Shelters for Canadians: Choose with Care!

Robert B. Shortly was a chartered accountant in Toronto.

Another excellent book from International Self-Counsel Press, written by William F. McLeod, an instructor in business and finance at Cambrian College. The voracious appetite of the Canadian Government for money has created a corresponding reluctance by the Canadian taxpayer to part with his money, and “tax shelters” have become the cocktail conversation of the ‘80s. Unfortunately, the desire to shelter tax has led, more often than not, to a taxpayer parting with more money to the tax shelter than to the government. Hence, Mr. McLeod has emphasized “choose with care” as his underlying theme in the discussions of the various “so-called” shelters, from RRSPs, RHOSPs, DPSPs, MURBs, ISIPs, RESPs, farming, films, and sideline businesses to life insurance. His descriptions of the various shelters are concise. He explains the basic rules of each, where and how to obtain them, describes the advantages and disadvantages, and gives numerical examples where appropriate to make a point clearly. He is very explicit in his opinion concerning life insurance, an opinion that will not elicit positive feelings from that industry. All those who feel the need to shelter their taxes must read this book before being swayed by the enticement of “tax shelter” advertisements.