Tax Planning Services in Canada
Tax planning refers to the lowering of your tax payable through the minimization of tax liability. A tax planning professional can help you navigate the complexities of tax law and assessments through the use of tax exemptions, deductions, and benefits, to lower your tax burden.
Finding ways to lower your tax burden and maximize your wealth and earnings is a difficult and overwhelming process that requires strategic tax planning. This minimization of tax obligations is a key part of wealth planning.
At Accountor CPA, we know the importance tax planning can have on your future, and the future of your family, and your business operations. As tax planning professionals, we understand the evolving laws and can find new opportunities for you to increase your tax refund and minimize your tax liability, leaving more of your earned money in your pocket. We provide actionable recommendations and solutions tailored to you, your family’s, and your business’ needs.
We offer a number of tax planning services to support your short and long term financial goals.
- Personal tax planning;
- Family tax planning;
- Retirement tax planning;
- Inheritance tax planning;
- Small business & SME tax planning;
- Corporate tax planning;
- Compensation planning;
- HST and commodity taxation;
- CRA audit assistance;
- Tax compliance.
We have the tax strategies to maximize your opportunities. Let’s get started today.
Personal Tax Planning
We provide personal tax planning for simple to complex situations. Our Certified Public Accountants (CPAs) examine multiple scenarios using mock income returns (T1) to determine optimal personal income tax planning for your unique situation. Mock income tax returns are a great tool for analyzing financial situations related to multiple streams of income, expected capital gain, creating a corporate structure, expected life events, and immigration or emigration. Our personal tax planning accountants analyze the outcomes of each potential scenario to create a feasible tax strategy to maximize your wealth.
If you are concerned about your individual income taxes for the year being very high, speak with an accountant. Get maximum income tax refunds through our professional optimization and get peace of mind that you are submitting an accurate tax return.
Our tax planning accountants save clients thousands of dollars every year through careful tax planning. Get in touch with us for a free consultation to learn how much you could save on your tax return this year.
Tax Planning for You and Your Family
Personal tax planning services don’t just apply to yourself - they affect your family as well.
Each year, the tax credits available for families change. Families have many opportunities to take advantage of tax credits, including those involving RESPs (Registered Education Savings Plan), post-secondary education, property ownership, income splitting, child care credits, retirement contributions, charitable givings, and spousal loans.
Working with a financial and tax advisor helps ensure that you are minimizing your family’s tax burden as much as possible and planning for your future. Accountor CPA offers tax planning advice for families year-round to develop strategies to maximize the use of new tax credits and regulations.
Inheritance Tax Planning Advice
Having conversations about inheritance and success plans are difficult at any stage of life. We work with our clients to create comprehensive succession plans with wealth preservation in mind for future generations.
We ensure tax compliance for family trusts and provide inheritance tax planning advice for expected and unexpected situations. Get peace of mind that your gift to future generations is fully enjoyed.
Retirement Tax Planning
Turn your savings into as much retirement income as you can with retirement tax planning.
Before retirement, work with a personal tax advisor to diversify your portfolio and have several sources of retirement income, all while minimizing your tax burden within allowances. Among income sources, you may have CPP, OAS, GICs, company pensions, annuities, RRIFs, and a TSFA. Our CPAs can advise you on the optimal contributions to make and when to minimize your tax payable while you save for retirement.
When you choose to retire, tax planning will determine which sources you can withdraw from, how much you can withdraw, and when. Something as simple as withdrawing assets in the right order can save you thousands of dollars in taxes.
There are also a number of tax credits available to retirees. A professional tax planner can find the ones that suit you and can maximize your tax return each year.
Corporate Tax Planning
Paying taxes is an obligation of all registered corporations in Canada. Corporate tax planning reduces your tax liability through the development and implementation of short and long term tax strategies.
Because corporate tax laws are complex and constantly evolving, corporate tax planning and other tax planning for businesses is a lengthy and complicated process. You need a professional tax consultant to assist you in navigating the law and finding available tax credits and deductions for your unique corporation.
Benefits of corporate tax planning include:
- A lower tax rate;
- Reduced taxable income;
- Flexibility in paying taxes;
- Receiving more tax credits.
Accountor CPA’s tax planning for business owners and corporations allow you to reinvest more earned capital back into your company year on year. We develop custom corporate tax plans year-round for businesses across Canada.
Work With A Tax Planning Accountant
Tax planning is an essential part of any wealth building plan. Just like any business strategy, you cannot expect to succeed without the proper planning.
At Accountor CPA, our financial and tax advisors are dedicated to creating unique tax strategies to lower your tax liability year after year. We provide tax planning under three initiatives:
- Purposive tax planning - planning taxes with a particular objective in mind;
- Permissive tax planning - planning that is under the framework of the law;
- Long range and short range tax planning - planning carried out at the start and end of a fiscal year.
We work closely with you throughout the year to determine the best tax strategies for you, your family, and your business. It’s never too late to start tax planning. Contact us today for a consultation and retain more of your wealth.