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Income tax deferral

There are circumstances where you can delay paying taxes until a later time period. There are many reasons for this: you may be taxed at a lower rate at a future time, or it may be part of a plan to defer the amounts. RRSPs, RESPs along with permissible investment income tactics, are common deferral techniques that individuals use to defer income tax payments.

Companies have Income tax deferral can save you a great amount of money, but should be done correctly and within legal regulations, or you can be hit with penalties and fines. ATS can advise you as to when income tax deferral is to your advantage and set up your finances to accommodate it.

Tax deferral does not imply tax elimination. At some point these taxes will have to be paid, hopefully in a time when your tax obligation and class are lower than today. The main point of deferral is not to pay it NOW.

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