For most Canadians and particularly for accountants and tax practitioners, the end of tax season comes with a lot of relief…relief from all the long hours of compiling financial information and filing of tax returns. However, in the midst of the relief, we often forget to take time to consider important planning tips to save future taxes and plan for a decent retirement.
The fact is Canada has one of the highest tax rates in the world. If you’re a Canadian resident for tax purposes, one thing is certain: Taxes will seriously erode your net income over the next year unless you act now! You can act now by doing one or more of the following:
- Take advantage of lucrative tax write-offs
- Benefit from tax-advantaged investments
- Get your tax refund a whole year in advance
- Establish a side business as a tax shelter
- Use RRSPs and TFSAs more advantageously to save tax dollars
- Claim tax breaks available for professionals
- Sell small business shares and bank the profit tax free
- Employ strategies like the Smith Manoeuvre, Lifecycle Investing, etc. to accelerate your non-registered and TFSA portfolio
- And much more…
In the next couple of months, you will have the opportunity to book a time with us to review important information from your 2017 tax returns and to consider what planning strategies will work for you to minimize future taxes and ensure a happy retirement.
For now, if you have any questions, don’t hesitate to contact our office.
