Request a Free Initial Phone Consultation Now via email or Call 1 855 TAX DOCS (+1-855-829-3627).

Canadian tax planning strategies

Tax planning is using the Income Tax Act to structure your affairs to reduce the tax you pay legally. If you wait until April, when you are doing your tax return, it is too late to do any tax planning because the year has past. The sooner you start the better. Tax Doctors Canada can help you with all your Canadian tax planning strategies

Tax Doctors Canada has 3 office locations (by appointment only) in Toronto, Markham and Mississauga to serve you. You can also have one of our certified tax accountants assist you with your personal tax return requirements remotely from the comfort of your home utilizing Tax Doctors Canada's secure document transfer portal. We accept clients from Canada and worldwide.

Free Initial Phone Consultation

Tax Doctors Canada offers a stress free Initial Phone Consultation with one of our professionally certified tax accountants. We Welcome Your Business!

Do not hesitate any longer.Contact Us by Email or call 1 855 TAX DOCS (+1-855-829-3627) for a free no obligation consultation regarding all your Canadian Tax Planning requirements.

Tax and Estate Planning | Tax Doctors Canada

The Importance of Professional Tax Planning

Many Canadians don’t give much thought to how they can reduce their taxes. Most Canadians simply file their tax returns at year end and this is it. However, it is the tax planning throughout the year that saves you money. Waiting until April, when you are doing your tax return, is not advisable, it is too late to do effective tax planning because the year has past.

Tax Planning and Your Business

Tax planning for your business is important and hiring professionals is key to help your business grow. This will allow you to focus on what you do best - run your business and generate revenue.

With many business owners, their days are very busy. What inevitably happens is the business owner does not have time to manage the tax preparation and financial planning of the business. Many clients call us that are behind in filing and state that they are too busy to manage the tax preparation. In the more serious scenarios, Canada Revenue Agency (CRA) has frozen the bank account of the business. This is not a good situation for the business to be in.

If tax preparation is neglected by the business owner, CRA can seize assets i.e. freeze bank accounts, take money from the bank account etc. This type of action by the CRA can be very detrimental to the success of the business. Why risk CRA being aggressive with collection efforts?

The business owner should consider reducing the payroll burden as well. Perhaps a dividend would be in order to reduce payroll taxes; or maybe the owner would like to qualify for a retirement savings plan and would require a wage to be paid. Questions like this need to be addressed.

Budget provisions have been introduced into tax law that will decrease the small business rate if too much passive income is earned in the corporation. This negligence to address this issue could lead to higher tax rates being paid by the corporation. Why pay higher tax rates?

Why waste your valuable time with tax collectors, tax audits and tax laws? Hire the pro’s to help with your small business and corporate tax filing and keep the tax man at bay. Rest easy and focus on growing your revenue for your business.

Tax Planning and Your Family

We consistently put tips on the website for tax planning ideas and tax saving tips to reduce your family’s overall tax. It is important to do the tax returns for your family together and not separately. Tax credits in some situations are calculated based on the family income and some credits can be transferred to other family members. Therefore, the family needs an overall tax plan. A few hours invested by one of Tax Doctors Canada's tax accountants in reviewing your tax situation can pay off substantially and help you organize other areas of your financial affairs. Certified Financial Planners at our parent company, GTA Wealth Management Inc, can also help you with your wealth management plan. Individuals that meet certain qualifying criteria have the option to meet with a GTA Wealth Management certified financial planner.

Legalities of Tax Planning

Tax planning is using the Income Tax Act to structure your affairs to reduce the tax you pay legally. However, tax evasion, on the other hand, is illegal. Tax evasion includes activities like not declaring income, making up false invoices, not submitting HST/GST remittances etc. Tax evasion is a criminal offense and is punishable by fines, interest and / or imprisonment.

Start Your Tax Planning strategies Now!

Let the experienced certified tax accountants at Tax Doctors Canada help with your tax planning and tax Strategies. Tax Doctors Canada has been successfully helping clients with their tax planning requirements for over 25 years.

Tax Doctors Canada has 3 office locations (by appointment only) in Toronto, Markham and Mississauga to serve you. You can also have one of our certified tax accountants assist you with your personal tax return requirements remotely from the comfort of your home utilizing Tax Doctors Canada's secure document transfer portal. We accept clients from Canada and worldwide.

Free Initial Phone Consultation

Tax Doctors Canada offers a stress free Initial Phone Consultation with one of our professionally certified tax accountants. We Welcome Your Business!

Do not hesitate any longer. Contact Us by Email or call 1 855 TAX DOCS (+1-855-829-3627) for a free no obligation consultation regarding all your Canadian Tax Planning requirements.

For complete financial planning and services (Investments, Insurance, Mortgages etc.) contact our parent company GTA Wealth Management Inc, or request a referral from your Tax Doctors Canada tax accountant representative.