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Tax Planning


The Canadian Revenue Agency has some very good advice for individuals and companies when it comes to tax planning:

The Canada Revenue Agency (CRA) recognizes that you are entitled to arrange your affairs as provided for under the law to reduce your tax liability and to receive the benefits to which you are entitled. However, aggressively pushing the limits creates a risk of crossing the line, the line between acceptable tax planning and what is considered aggressive or abusive tax planning.

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If it sounds too good to be true, or whenever you are dealing with a situation that is out of the ordinary for you, you might want to consult with a trusted and knowledgeable tax advisor who will explain to you the risks and consequences of various tax planning arrangements.

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The first step in minimizing your tax liability is to take advantage of expert tax planning advice. When it is time to file your tax return, it is too late to set up your finances so that they reduce your tax liability. Letting an expert set up your personal or company finances to your best advantage is vitally important. Even the government advises you to do this. Taking risks, either out of ignorance of tax law, or knowingly, can do great damage to either your tax situation or your company’s. However, you should take full the benefit from the 3 D’s of tax planning: Deduct, Defer, and Divide. Jim Yih writes:

The key foundation stones
to effective planning include:


 

Maintaining and retention of good records.

Keeping informed and up to date.

Knowing your needs and your goals.

Assemblling a team of good professional advisors.

Personal tax forecasting

ATS is able to create a personalize tax forecasting package for you and eliminate any mysteries in your financial outlook.


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Income tax deferral

ATS can advise you as to when income tax deferral is to your advantage and set up your finances to accommodate it.


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Income splitting

Small businesses and seniors, as well as families, should seek professional advice on income splitting. ATS can help you to find some unexpected tax savings.


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Income spreading

For people who have unpredictable incomes, income spreading is a tax reduction plan that will minimize your tax exposure on any large influx of income.


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Tax Shelters

There are a number of vehicles that can be set up to use as tax shelters. Acceptable tax shelters can be TFSAs (Tax Free Savings Accounts) or insurance products (both whole life and universal life).


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Reduction of taxable income

The main principal of reduction of taxable income is to minimize the amount of tax you pay.ATS will make sure that your tax exposure will be reduced as much as is legally possible, so you can be worry free.


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Conversion of income tax


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Employment insurance refund


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Find other services


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