We all have to pay taxes, yet very few of us find paying taxes particularly fun or rewarding. Quite the contrary. Maneuvering to legally pay less in taxes is your right. It’s extremely important to your long-term financial health to take advantage of these measures.
There are a number of intricate ways to minimize taxes and each method may be unique to the individual utilizing them.
As a value-added service to our clients, we are happy to provide tax planning, tax management and tax preparation services with the objective of identifying opportunities you may be able to take advantage of and avoid unnecessary costs.
Taxes can be minimized by participating in certain investments that postpone the amounts payable. They may also be minimized by investing in assets that have lower relative tax rates, by income splitting, and by changing the nature of the inflow of income or how a business or trust is structured. Tax minimization generally requires careful control of investments, income, and bonuses in order to achieve income averaging wherever possible.
In some cases, taxes can be postponed for one’s entire life and can even be shifted beyond one’s life to people in whose hands actual amounts payable may be negligible.
It is our view that over time, careful tax planning is the biggest factor in determining what your retirement or estate assets will look like at the end of the day.
All discussions of tax management should presume actions that are in compliance with Canadian tax law.