Tax is a complex area, and becomes more so if you run a business or have several sources of income.
Numerous factors will affect the amount of tax you should pay each year, including your job, savings and personal circumstances. But for many of us, fear of paying too little tax (and the possibly consequences) means we often end up paying too much.
We provide tax planning advice to our clients in combination with strategies on how to build wealth.
You can boost your finances with some careful tax planning. This will be an ongoing process rather than a one-off activity, because tax law is complex and never stays still for long. By staying up to date with the latest rules, reliefs and allowances, you can ensure that you are not paying any more than you need to.
At Sageplan Finance, we can help you identify all your areas of tax wastage and advise you on ways to become more tax efficient, saving you a significant amount of money over the longer term.
Key Tax Planning Strategies
By obtaining strategic tax planning advice, we assist clients in reducing their taxable income with a number of key strategies, including:
→ How owning an investment property can generate tax deductions for expenses like mortgage interest and property taxes, potentially lowering your annual tax liability.
→ How prepaying interest on your investment loans can provide you with a short-term tax deduction, offering immediate tax savings in the current fiscal year.
→ How redirecting a portion of your salary or income into a Registered Retirement Savings Plan (RRSP) to reduce your taxable income can lead to significant tax savings. This strategy is particularly useful for higher-income earners.
→ How building a diversified share portfolio with dividend-paying stocks can help you benefit from the Dividend Tax Credit, reducing your overall tax burden. Depending on your marginal tax rate
→ How structuring your investments wisely can help reduce taxes on income and capital gains. We'll help you decide whether to hold investments in personal accounts, corporations, or through registered plans like TFSAs and RRSPs to maximize your tax benefits.
→ How Proper retirement planning ensures you’re minimizing tax liabilities when transitioning into retirement. From efficient RRSP withdrawals to pension income splitting, we help create a plan that minimizes your taxes during your retirement years.
