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