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Financial Planning > Tax Planning

Tax Planning

Overview

“Taxes are what we pay for a civilized society”, Oliver Wendell Holmes

We are all obligated to pay our share of taxes – what that share amounts to will depend a great deal on how you plan for you.

With the help of some tax planning strategies, you may be able to preserve more of your taxable income.

Strategies

There is a number of tax planning strategies and most plans involve the combination of one or more of them. Some basic strategies are:

  • Income splitting among family members
  • Minimizing Tax, Shifting income from one tax year to another
  • Deferring tax liability through certain investment choices and through registered plans such as RESP’s and RRSP’s
  • Contributing to RRSP’s and doing it early in the year
  • Maximizing the use of non-taxable employee benefits
  • Structuring your affairs to make interest expense tax deductible
  • Minimize Capital Gains Tax
  • Charitable gifts
  • Minimizing exposure to Us Estate Taxes

Tools

  • Beneficiary Designations
  • Trusts
  • Mutual Funds
  • Segregated Funds
  • RRSP
  • PHSP

Debt Reduction

  • Investment Income
  • Tax Deductions
  • Utilize medical and charitable credits
  • Insurance
  • Calculators
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