The old adage "a penny saved is a penny earned" has never been more true than now. With rising gas and food prices all of our budgets are being stretched. Lowering your tax burden is one of the most effective ways to put more money back into your pocket. There are several ways that we can help clients and their accountants reduce taxes, including:
- Implementing income-splitting strategies that can greatly reduce overall family taxes, such as the Spousal RRSP, Spousal Loan Strategy or Family Trust.
- Maximizing tax-advantaged investment vehicles, such as Registered Retirement Savings Plans, Registered Retirement Income Funds, Tax-Exempt Insurance, Tax-Free Savings Accounts and Individual Pension Plans for incorporated business owners/professionals.
- Considering the tax-efficiency of investment income generated in regular taxable accounts, for example by capitalizing on the enhanced Dividend Tax Credit or reducing taxable capital gains through tax-loss harvesting.