Personal Tax
"In this world nothing is certain but death and taxes."
- Benjamin Franklin -
Introduced as a temporary measure to finance the 1918 war effort, Income Tax is with us to stay.
Yes, we prepare your personal income tax returns. But it's not just about determining how much income tax you owe, or the amount of your refund. It's about looking at the big picture and planning ahead, so you always pay the least amount of income tax or generate the largest refunds possible!
In addition to dealing with the usual year-end tax planning and reporting issues, we also advise on key areas such as:
- What is the most tax-efficient method to take profits out of your business?
- Are you utilizing all possible allowances and reserves each year?
- How much tax would be payable if you were to sell your business?
- How much tax would be payable if you or your spouse were to die?
- What is the best way to save for your retirement?
- Should you be using a family trust?
- Are you deferring as much income and taxes as possible?
Other strategies to consider - that we advise on - include:
- Splitting income among several family members or legal entities in order to get more of the income taxed at lower brackets
- Shifting income from one year to another in order to have it fall where it will be taxed at a lower rate
- Shifting deductions from one year to another to place them where the tax benefit will be the greatest
- Deferring income taxes through certain investment choices and pension plan contributions
- Structuring your affairs to obtain a tax deduction for some expenses paid for things you enjoy, such as a vacation home
- Investing your money, in safe investment vehicles, to generate income that is deferring, or exempt from, income tax
These are some areas where we add value - in our creative advice on structuring deals, the most tax efficient method to put compensation into the hands of the business owners, preparing you for the proposed sale of the business, and estate planning.
Hundreds of thousands of dollars can often be at stake, don't leave this critical area to anyone but a tax expert, such as Joseph Truscott, CA.
Nobody likes to pay any more in tax than they absolutely have to, yet, every year, it's likely that thousands of Canadians do just that by default.
Don't be one of them.
Spend some time to organize your affairs in the most tax-efficient manner possible, and reap the rewards.
The best time to prepare your taxes is months ahead of the deadline, not in March or April of each year! We offer proactive tax planning services. There are a variety of year end strategic tax planning decisions that have to be made before the year end, and we would be happy to review these with you.
The real difference comes in the creative application of the income tax rules that comes from years of experience and dedication to providing our clients with superior tax planning ideas. We take pride in our ability to assure you that you pay the lowest amount of tax that is legally possible.
We frequently develop tax planning strategies for high net worth individuals. We attempt to minimize their current taxes and develop a long term strategic plan that will minimize their taxes on and after retirement. In some cases, the plan may involve a non-resident aspect, an estate freeze, or the use of trusts. The plan may also focus on investment strategies, retirement plans, and creative uses of insurance.
Our tax planning services are offered by our knowledgeable tax practitioners and include customizing owner-manager remuneration packages, providing advice of making interest tax deductible, income splitting, setting up trusts, together with retirement, estate and succession planning to minimize income taxes on death and a variety of many other tax planning strategies, as outlined on this web site.
Over the years, Joe Truscott has written many individual income tax and business articles which have been posted here for you to review. You can also review many additional articles that have appeared in his quarterly client bulletin called Business Matters.
Call us today at 905-528-0234 to talk about how we can help reduce your exposure to income tax.
