The tax planning process helps you to meet your tax obligations while achieving tax efficiency through a number of strategies. These tax minimizing strategies include the selection of appropriate investments and retirement plans, as well as the timing of income and the purchase and sale of investments.
- Discuss various tax rates on investment income
- Review various tax strategies to minimize personal and corporate taxes payable
- Help select appropriate tax-efficient account types (e.g. RRSP, RRIF, TFSA, etc.)
- Discuss income splitting strategies
Less tax, more money to invest
Take advantage of year-end tax strategies
No one likes paying more in taxes than necessary, especially when that money can be used towards elements of your financial plan, such as investments, that could benefit you over the long-term. Here are a few year-end tips to help trim your 2013 tax bill.
Income splitting and attribution rules
Income splitting is the loaning or transferring of money to a lower-income person (for example, a spouse, common-law partner or child) so that the income or gains from investing the money are taxes at a lower tax rate, which decreases the overall tax burden of the family unit. Read more.