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Income Tax Planning

Completing a personal income tax return is one of those things on your list that is easy to put off, like a car with an oil leak. Instead of taking it to the mechanic, you might just add oil to it. "It's a slow leak," you tell yourself. Well before you know it, there is a huge puddle of oil on your driveway, and you can't even go to work. Taxes are just like that.

Personal income tax reduction planning is not just about writing the government a cheque; it can be a deeply involved process that takes months of planning. This careful work can dramatically lower the taxes you pay over your lifetime. Every financial decision has a tax implication and weighing the cost to benefit of each choice is critical to maximizing your wealth.

The financial services industry sure loves its acronyms. RRSP, RRIF, LIF, TFSA, JWROS, LIRA - who can make sense of this alphabet soup? A financial planner can help you understand your options and explain their different taxation rates, as well as how they fit into your overall financial strategy.

The more assets you have, the more complicated this process can become. Owning a corporation, being a beneficiary of a trust, or being involved in a limited partnership all add complexity to your income tax planning.

Tax reduction planning is another essential service offered by our team. Not only can a financial planner help you choose the best option to build your wealth, but they can also show you why some alternatives aren't the best fit for you.