It’s a known fact that income taxation in Canada is a constantly evolving process; currently, it’s set to grow even more complex as tax laws continue to change, depending on the political policies. From the standpoint of a taxpayer, we know that no one particularly enjoys having to contend with these changing dynamics, and yet, paying income taxes due is inevitable.
In our fast-paced and constantly changing taxation landscape, it’s tricky to keep track of every new development and remain compliant. That’s our cue!
Tax planning is the process of analyzing a financial situation from a tax standpoint and is considered an important part of your financial plan. It is a method of finding out how much money you or your business is paying to the government. The purpose of tax planning is to ensure that taxes are filed efficiently and accurately, adhering to tax laws and regulations. In the process of tax planning, it is important to consider ways to maximize contributions to personal or company goals while reducing liability.
Proper and effective tax planning takes several factors into consideration including the timing of income, the size and timing of purchases, and planning for any other potential expenditures in order to determine the most accurate figure.
Tax planning is integral for both individuals and businesses. When it comes to business, proper tax planning can help achieve both business and financial goals. Proper planning ensures that a business can reduce its taxable income, establish greater control of when taxes are paid and also lower tax rates. On a personal level, proper tax planning can help you save money on your taxes and provide you with extra disposable income and money in your pocket.
Tax Planning Services in Toronto involves applying the rules outlined under the Income Tax Act, which is long, complex and always changing from year to year. It is full of income exclusion rules, tax credits, retirement plan contribution options, and investment rules that are very easy to overlook or miscalculate without the proper organization provided by tax planning. As a result, it is strongly recommended that you seek the guidance of a financial professional with experience in income and investment planning strategies for minimizing personal income taxes so you can save on your taxes.
How We Make Your Tax Planning Journey Easy and Affordable
With proper tax planning, we can help you ensure that you are properly complying with tax laws, without paying more than your fair share of taxes. Our firm offers individual, trust, estate and corporate clients a broad range of tax services, including:
- Preparation of personal, corporate, estate and trust income tax returns
- Corporate and personal tax planning
- Corporate reorganizations & windups
- Estate and succession planning
- Advice and assistance in tax disputes
- Advice on tax implications of family law matters
- Research & Development claims
- Payroll and sales taxes
- Voluntary Disclosures
- And other various tax services.
