Tax Preparation & Planning
What is tax preparation & planning?
Successful financial planning involves implementing strategies that help you achieve your financial goals, whether they are short-term or long-term. Over time, taxes are often one of your largest ongoing expenses, so prudent tax planning is a crucial step in ensuring you stay on track to meet your financial objectives. Since no tax situation is exactly the same, your comprehensive tax plan should be tailored to your personal priorities and goals.
Effective tax planning strategies
Pension splitting between spouses
Pension splitting is a strategy available to individuals receiving pension income, whereby they split that pension income with their spouse or common-law partner in order to minimize their income tax liability.
Investing through whole life insurance
Whole life insurance is a tax-exempt life insurance solution that can be used as an investment vehicle that facilitates tax-free growth on your savings and provides an additional income stream in retirement.
Flow through shares
Using flow through shares is a tax incentivised investment strategy that involves investing in certain asset classes, which can then be claimed against your income.
Life annuities
Life annuities make prescribed payments to you, in exchange for a lump some up-front payment, and are only taxed on the interest portion of the investment.
Individual pension plans
All funds that are paid into an individual pension plan by a business are fully tax deductible against your personal income.
RESP contributions
An RESP is a registered tax-sheltered savings plan designed to help you save for your children’s post-secondary education.
Registered Retirement Savings Plan contributions
An RRSP is a registered tax-sheltered plan that can grow tax free to help you save for retirement. The contributions are also fully deductible against your income.
TFSA contributions
A TFSA is a registered, flexible savings account that can help you achieve both short– and long-term goals, with all earnings free from taxation.
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Tax preparation
We offer a wide range of innovative tax preparation services designed to meet your specific tax situation. From busy employees and executives to seasoned entrepreneurs, everyone can benefit from our team of experienced tax specialists. When it comes to assessing your personal tax situation, we will help you optimize your tax returns with any tax credits and deductions available to you. You work hard for your money and you deserve to keep as much of it as possible. Work with us to optimize your tax return and we’ll show you how.
Rental properties
You have worked hard to acquire, manage, and produce a steady return on your real estate investment properties. Let us help you further increase these investment returns by optimizing different aspects of your specific real estate tax return.
Commissioned sales person
Often individuals with commission paying jobs don’t realize just how much they could be saving in taxes. Whether it’s deducting client related or professional expenses, there are numerous ways to minimize your tax bill. We are waiting to assist you every step of the way.
Employee tax returns
When preparing tax returns for employees and executives, we ensure that every aspect is taken into consideration to minimize your tax bill. We look beyond just T4s and other standard T slips to optimize your entire tax situation.