Tax planning is the ultimate driver behind most of what we do. The key to successfully reducing your overall tax liability is purposeful tax planning. It’s always easier to plan a head than adjust for errors after the fact.
While we encourage you to understand your tax situation, we take it upon ourselves to be proactive. Simply put, if we weren’t advising on tax issues, we wouldn’t be doing our job.
Numerous hours are spent each year attending tax courses. We understand how vital it is to you that we be current on tax laws. Proper tax planning can only occur if there is sufficient understanding of the Income Tax Act.
Here are some of the common Tax Saving Strategies we recommend:
- Splitting income between family members or other legal entities.
- Deferring income or expenses from one year to the next.
- Taxing advantage of built in tax savings vehicles such as RRSP, RESP and TFSA contributions.
- Utilizing the small business deduction within Canadian Controlled Private Corporations (CCPCs).
- Making sure to include all deductions or credits available.
Remember, we work for you not for the CRA. In most cases you will save more in reduced tax liabilities through careful planning and legitimate tax strategies than the cost of hiring a professional.