Tax Preparation
You work hard for your money and you deserve to keep as much of it as possible. Minimizing your taxes is Key to any Successful Financial Plan.
The Gem Financial Group and tax experts at Optimize work together to deliver an array of tax preparation services tailored to your individual tax needs. Whether you're a busy professional, an established entrepreneur, or somewhere in between, our seasoned specialists cater to diverse circumstances. When evaluating your unique tax scenario, Gem Financial and our team of tax specialists will diligently maximize your returns by leveraging all eligible tax credits and deductions. Your hard-earned money deserves thoughtful preservation—partner with us to optimize your tax return, and we'll demonstrate how you can retain as much as possible.
What is Tax Planning?
Successful financial planning involves implementing strategies that help you reach your financial goals, be they short-term or long-term. Over the long haul, taxes are quite often one of your single biggest ongoing expenses, and so prudent tax planning is a necessary and crucial step in ensuring that you’re on track to meeting your financial planning goals and objectives. No tax situation is exactly the same, and so your comprehensive tax plan should be based on your personal priorities and goals.
Effective Tax Planning Strategies
Pension Splitting Between Spouses
Pension splitting is accessible to individuals receiving pension income, allowing them to share this income with their spouse or common-law partner, aiming to reduce their overall income tax burden.
Investing Through Whole Life Insurance
An insurance solution exempt from taxes that functions as an investment vehicle, enabling tax-free growth on savings and offering an additional income stream during retirement.
Flow Through Shares
An investment strategy incentivized by tax benefits, focusing on specific asset classes that can be used to offset against your income.
Life Annuities
Life annuities provide regular payments in exchange for an initial lump sum payment. They are taxed solely on the interest portion of the investment, offering a tax advantage in this regard.
Individual Pension Plans
Every contribution made by a business into an individual pension plan is entirely tax deductible against your personal income.
RESP Contributions
Registered Education Savings Plans (RESP) serve as tax-sheltered savings plans specifically tailored to aid in saving for your children's post-secondary education.
Registered Retirement Savings Plan
Contributing to RRSPs provides a straightforward method to save for retirement and offers full deductibility against your income.
TFSA Contributions
An adaptable savings account designed to meet short- and long-term savings objectives, where all earnings remain tax-free.
Strategies to Maximize Value
Rental Properties
You have worked hard to acquire, manage, and produce a steady return on your real estate investment properties. We 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 variable 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.
The Result? Reducing your taxes allows you to retain more of your hard-earned money, accelerating your progress toward your goals.