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Most people think that tax planning is done in December, and some even go as far as planning in the following February after the tax year, and all they can do at that point is to put some money into their RRSPs. The key to successful tax planning is starting as early in the year as possible. Starting early in the year with your tax planning means you are able to accurately anticipate any or all tax consequences of your planned transactions for the year. It is important to have a tax plan in place before committing to any large transactions,...
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The tax filing season has come and gone and now is the perfect time to start your tax planning.  If you are one of the many Canadians who think have paid too much tax, then it is time to focus on saving tax which will put more cash flow into your business and your own pocket. And the first step to saving tax is Tax Planning! To help you take that first step, let us revisit the basics of tax planning. 1.    If you fail to plan, you are planning to fail! Planning is a MUST to business and personal success. ...
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As many of us prepare to file our tax returns, we want to give a refresher of one of the many ways you can maximize your tax savings – Income Splitting.Income splitting is a key factor in tax planning. Income splitting allows both spouses to stay in a lower tax bracket by shifting some income from the spouse in the higher tax bracket to the other spouse in the lower tax bracket. The goal in the end is to lower the amount of total family tax paid/payable.It is possible to split many types of income, including income from the company, investment...
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Most Canadian taxpayers complain that they pay too much income tax.  And there is truth to that.  Over the past years, taxes have increased and eroded the disposable income of Canadian households.  Thus, the importance of saving tax to put more cash flow in rather than out has never been more relevant especially in this economy.  Fortunately, among the many taxes we pay, the income tax is the one we have most control over.  Here are a few important points we, as taxpayers, should focus on to be able to maximize our tax savings. 1.    Tax Planning.  The key to successful...
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