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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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Strategic Business planning is a MUST to achieve business success.  As the saying goes, if you fail to plan, you are PLANNING to fail! Timing is an important aspect of strategic planning. You must keep in mind that strategic business planning is not a one-time deal.  You must have annual plans that will work together with your long-term and short-term plans.  These plans must be looked at regularly (at least quarterly) to ensure that your business is on the right track.  There are two key ingredients to a successful business planning:  action and accountability.  Unless people have accountability, rarely do they...
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In the past year alone, Canadians had to deal with several economic changes that has affected us all – from the oil & gas downturn, changes to lending and principal residence rules to the recent US elections.   As everyone knows, change is constant.  Therefore, what we can only do is to always be prepared.  Here are some tips on how to be prepared for economic changes: 1.    Do your due diligence.  Knowledge is power. The more you know, the more likely you will know exactly what to do when change comes.  Do research on everything you are involved in financially and...
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