TAX PLANNING
Nearly every financial decision you make, whether it’s related to investing, retirement planning, or funding education, has tax implications that can affect your income, savings, and ability to achieve your financial goals. We are dedicated to adopting a proactive approach to connecting your financial objectives and investments with the most advantageous tax methods. When considering possible financial actions, we take into account both current and future tax effects.
OPTIMIZING FINANCIAL OUTCOMES
WHAT ARE THE MOST TAX-EFFICIENT INVESTMENTS FOR ME?
SHOULD I DEFER CAPITAL GAINS?
HOW CAN I TAKE WITHDRAWALS FOR RETIREMENT IN A TAX-EFFICIENT MANNER?
Tax planning shouldn’t be limited to just tax season. Whether your financial situation is straightforward or complex, using tax strategies throughout the year can offer significant benefits in reducing tax liabilities and enhancing tax efficiency.
Some tax Consideration
Tax planning includes a number of tactics for minimizing or reducing the amount of taxes you owe, allowing you to keep more of your hard-earned money. These include deferring income, lowering taxable income, claiming deductions, credits, and other incentives, and using tax-advantaged accounts.
Withdrawing too much from a Registered Account could lead to an Old Age Security (OAS) clawback, so it’s important to create a plan to determine the best income source.
Additionally, strategies should be implemented to decide which investments should be held in taxable accounts versus tax-sheltered accounts.
When submitting their US taxes, US individuals living in Canada should be cautious of any investments that may cause tax complications. Furthermore, a tax-sheltered account, such as a TFSA, is unlikely to be an appropriate alternative.
Keep in mind that each individual’s financial situation is unique, so it’s essential to tailor tax strategies accordingly.
Our Approach to Tax Planning
We emphasize the importance of making thoughtful financial decisions year-round and structuring your investments in a tax-efficient way.
Our Wealth Management Advisors will guide you through various tax planning strategies, which may include deferring income, reducing taxable income, leveraging available deductions and credits, and using tax-advantaged accounts such as TFSAs and RRSPs. We will work closely with you to integrate tax planning into your broader investment strategy, retirement goals, and estate planning, creating a more cohesive approach.
By implementing effective tax strategies, you can retain more of your hard-earned money, accelerate investment growth, and free up more funds for your financial objectives. As your situation evolves, we will continue to offer advice and support to ensure your tax strategy remains effective and aligned with your goals.
OUR EXPERTISE
We are dedicated to supporting you with all aspects of tax planning. Here are some ways we can assist you:
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