Nobody likes paying taxes, they are an unfortunate fact of life. While sitting back and paying the bill that comes due each year is a typical approach for many Canadians, it often leaves money on the table that could have stayed in your pocket. Tax planning allows us to structure your investments into the right vehicles considering your tax bracket and marginal tax rate with the goal of minimizing your tax burden.
Tax preparation deals with reviewing your past. Tax planning looks at your present and your future, making changes as needed to put you in the best position possible come your next tax preparation.
Don’t assume that the fee you pay to your accountant for tax preparation includes tax planning, that is often not the case.
Rather, the two work hand in hand to ensure that your taxes fit holistically within your wealth management strategy. Contact us today to discuss how we can help.
As a percentage of cash income, 2018 1
Moving from having tax taken off of your paycheque each month to having to pay tax by installment is not a switch that should be taken lightly. This and other changes can occur in the event of major life milestones, and it is your advisor’s job to help you plan in advance. They will assist you in preparing for the challenges and opportunities unique to your specific circumstances.
You could go it alone, but do you really want to? Too bad you can’t get your robo-advisor on the phone for this kind of help…
We offer a free 30-minute consultation. We’ll review your situation, assess your needs, and outline your options.
We offer a free 30-minute consultation. We’ll review your situation, assess your needs, and outline your options. Not ready to sit down? No problem. Drop us a line with your question and we’ll get back to you as soon as possible.
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