Regular Tax Paying Canadians
Imagining a financial plan for your family’s future. Take advantage of government incentives such as the First Time Home Buyers Plan and Life-Long Learners Plan. Becoming more tax preferential through financial products like TFSA’s and RRSP’s. Properly sourcing investments to avoid incurring tax on interest/dividend/capital gains in some scenarios.
Many tax paying seniors do not realize the benefits and credits that are afforded to them in the tax code. Whether it is something complex such as Pension Income Splitting, or a simple thing such as age of taxpayer, we have the know-how to save you tax dollars. Other items and credits; Family Care Giver Amount, Home Accessibility Tax Credit, Ontario Senior Homeowner’s Property Tax Credit.
Tax Planning for Students
Tuition tax credits are now only available at the federal level in Ontario. Provincial amounts and textbook allowances have been eliminated. Usually students are not earning a huge income while still in school, so we enable students to employ some basic strategies on how to mitigate the impact of these changes. Some of these way being; application and use of bursaries/scholarships, how to deduct the interest paid on student loans, moving expenses when moving from dorm to house to home, additional tax taken off paycheques, and finding out if you qualify for the Lifelong Learning Plan which is a students equivalent to the First Time Home Buyers Plan.
Skilled Trades Tax Planning
As a Skilled Trades person you are allowed more deductions than your average hourly employee, and if your employer fills out the T2200 (Declaration of Conditions of Employment) correctly, then it furthers your ability to write off expenses. If you have to travel out of province for work and use your own vehicle you are able to deduct those costs also. If that location is far North enough, you will also be entitled to further help from the tax code. Proper documentation is always needed to claim these deductions.
Rental Property Planning
There are a slew of items available for deduction for these clients and they are featured in PDF in our download section. Along with, applying depreciation of a rental property through capital cost allowance, the non-capital loss of rental income and how it can be applied to your personal income tax return, etc..
Small Business/Commission Based/Self Employed Tax Planning
The opportunities for this type of tax planning are vast due to the nature of the income. Most importantly, please collect every receipt! If your business is based out of your home then you are entitled to many write offs you may not be aware of. The proper mix of salary and dividend draw is something seldom mentioned to people starting out also. The process of cash-damming can be useful to the client if certain criteria is met. How business accounts are named and sourced are very important too in tax planning strategies. Please contact us throughout the year for help in these matters.