Corporate and Business Tax Planning Services
The object of corporate or business tax planning is to structure a business to minimize its income tax now and in the future. KD prepares clients' corporate tax files, and KD will work with the client throughout the year to minimize their taxes through tax deferral, improved tax accounting and other methods of structuring their business affairs to gain the best possible tax advantages.
Many business owners do not know how Corporate or Business Tax Planning ties into their personal tax planning. In actuality Business Tax Planning and Family Tax Planning go hand in hand. There is much to consider, such as dividends vs wages and income splitting among family members to reduce the amount of overall tax payed.
Another area to consider is credit. Credit and tax savings can sometimes be opposite of each other in that if you claim less income from the business you pay less tax, however it is tougher to get credit. The adverse is true in that if you claim more income from the business then you pay more in tax and it is typically easier to get credit based on debt service ratios.
There are many other areas to consider in Corporate or Business Tax planning such as planning for retirement needs if the business is your main source of income, and whether CPP is important to you or not. Because there is so much to look at we have simplified things for you with questionnaires and checklists. When you are on a business package with us you have up to 4 hours of free consultation that can be used for Corporate or Business Tax Planning. We will not only look at where you stand now, but will also consider your goals for the future to keep you on track. We can help you improve your situation!