Tax Planning Strategies to reduce present and future income taxes

Tax planning involves reviewing your personal financial situation to determine how you can structure your affairs to pay lower tax. Tax planning involves using the Income Tax Act to legally minimize your tax.

Do you feel that you are paying too much tax? Have you reviewed your personal tax situation to determine if you are set up in a tax efficient manner? If you are preparing your tax returns on your own, you may miss a tax credit or a deduction. Why not engage a financial advisor that has experience in this area to ensure you don’t miss the tax credits and tax deductions that are available to you; who has the experience to see the big picture financially for your benefit. If you omit one tax credit or tax deduction for five years, this could be $10,000 that could have been in your pocket and not the government’s coffers. The financial advisors at GTA Wealth are extremely adept at saving your hard earned money from taxes, helping your grow your wealth.

Tax Planning Information

• Tax planning occurs all year not just on April 30th
• Review your affairs with a tax professional and financial advisor to determine if you can structure your affairs to be tax efficient
• Review your investment structure to ensure tax efficiency
• Review your compensation package to determine if it is tax efficient
• Review your business structure to determine if you can reduce your tax
• Having a tax professional prepare your income tax return will enable you to utilize the available deductions and credits
• If you have excess cash in your corporation, review options on removing the cash from the corporation and investing the funds in a tax efficient manner
• Reducing your income tax is huge part of your wealth building process.  The highest income tax bracket in Ontario is approximately 46%. Professional tax planning can minimize the taxes you pay.
• Prepare the family income tax returns together. There are tax credits that can be transferred between family members; hence, it is profitable to prepare the family income tax returns together with one financial advisor / tax accountant who takes into account all aspects of your financial planning environment.

Another important component of tax planning involves reviewing your entire family’s income tax position. Different family members will have different tax situations. For example, one family member may be in a higher tax bracket than another family member; this could present a tax planning opportunity. Tax credits can also be transferred between family members resulting in income tax savings.

Benefits of GTA Wealth tax Planning Assistance

• Free financial review: With the preparation of a tax return, GTA Wealth will provide you with a free financial needs analysis i.e. tax planning, investment return review etc.. Integrated tax solutions can make a positive difference to your financial planning needs.
• Integrated: GTA Wealth financial advisors can construct an integrated financial plan involving all your financial planning needs.
• Expertise:  Tax Accountants and certified financial planners to provide you with the advice you need to retire early, plan for your child's higher education, investments etc.; all with an integrated tax strategy to help save on the taxes you pay.
• Efficiency:  GTA Wealth can provide multiple services.  This can save you time and money; one financial advisor to help you with your tax, investments, mortgages, and insurance. Efficiency:  GTA Wealth can provide multiple services.  This can save you time and money; one financial advisor to help you with your tax, investments, mortgages, and insurance.
• Flexible:  GTA Wealth has multiple offices across the GTA and flexible meeting times to meet your busy schedule

In addition, different types of income attract different income tax rates. A taxpayer can generate interest, dividends and capital gains. Which one receives the lowest income tax rate? Currently, capital gains are at the lowest income tax rate. Perhaps you should adjust your financial portfolio? Your GTA Wealth financial advisor will help you make the right financial decisions in order to maximize your wealth building and reduce income taxes.

What investment vehicles are appropriate for your situation? Should you be utilizing an Rsp or a TFSA? Should you incorporate your business? Should you own a permanent life insurance policy that can hold your investments? Should you own real estate? All these questions need to be answered, and GTA Wealth Management Inc can supply the required optimized tax planning and investment solutions; GTA Wealth Management Inc. can put you on the right track and help you benefit from our vast experiences helping other happy clients with their tax and financial planning requirements.

Tax Planning with GTA Wealth reduces your taxes

The options regarding tax planning are endless, let the financial advisors and tax accountants at GTA Wealth help you make the right decisions allowing you to pay the least income tax possible.

Contact or call GTA Wealth Management toll free 1 855 GTA WLTH (855 482 9584). A professional tax accountant is ready to serve all you tax planning and financial planning needs. GTA Wealth Management Inc. has three convenient locations in Mississauga, Toronto and Markham to serve you.