Tax Planning

Tax planning will make you money

Tax planning will help you keep the maximum amount of your hard earned cash that is legally possible. The difference can be many thousands of dollars. It's never too late to start, however, the sooner in the fiscal year you begin, the more money you will save.

Business Tax Planning 
When we help you with your tax planning, you receive a tax-planning document that contains all the specifics you need to be ready for tax season. This document is about your situation, using your numbers and your situation. There's nothing generic about it..
The first step is making sure your books are up-to-date. If they're not, our bookkeeper can work with you to prepare them. The best time to do this is mid-year.

What you receive:
  • Your bookkeeping is brought up to date.
  • A balance sheet and income statement is extracted from the books.
  • Your numbers from the income statement or projections of your numbers for a full fiscal year are entered into a planner version of your tax return, which we prepare.
  • We analyze your financial statements, review changes in your revenue and expenses and explain the differences.
  • We create the planning document in sections, which include a summary/implementation schedule, a review of your financial statements, your projected tax position and detailed planning recommendations for you to consider.
  • Your projected tax position section summarizes the likely result of the tax return for your corporation (where applicable) and for you as well.
In the planning recommendations, we summarize your existing income tax planning already in place and make additional recommendations with respect to such things as RRSPs, tax shelters, investments and income splitting, as well as business recommendations.

We will meet with you to go over the memo or, if you desire, send you the document for your own review.

Individual Tax Planning
Tax planning is just as important for individuals as for companies. And there are many opportunities to lessen your tax burden we can help you plan for.

First, you receive a Yearly Tax Return Check List and Year-End Information at the end of January.  

This document includes information on new income tax laws applicable to individuals, a detailed description of the RRSP rules in layman’s terms, along with planning points for you to consider regarding RRSPs, an explanation of the Home Buyers Plan and an update on the Registered Education Savings Plan (RESP) as well as Tax Free Savings Account (TFSA).

You can request a meeting part way through the year to review your tax situation and discuss your tax planning. In some circumstances, a detailed tax plan is needed, as for businesses (above).

We can help you with your bookkeeping or do it yourself. (A key to tax planning is accurate and timely bookkeeping.) We also need all information on your RRSPs, tax shelters, as well as contact names and telephone numbers of your financial advisor.  

With all this information, as well as your Notices of Assessment, we can begin helping you pay fewer taxes.

A valuable document for other professional advisors
When you go to your financial advisor for investments, RRSPs, tax shelters, etc., by bringing the tax planning document you receive from us, they can see our tax recommendations, your plan and thereby provide you with products that fit the plan.

Client support at every turn
Every step along the way, our support staff works closely with you. You will find answers to most bookkeeping and general financial questions you have. If you need help to set up your HST and PST numbers, we're here to help. If you're looking for information we can't help you with, our staff will provide websites and phone numbers of places that will have the information. If you're interested in the Simply Accounting or Quickbooks Online systems, our staff can provide information on its workings.

Contact us today to begin saving your money.