Tax reduction strategies

Tax reduction strategies to keep more of the money you earn

While the old adage suggests that death and taxes are the two things that are certain in life, it doesn’t mean that you shouldn’t protect what matters most in your passing or pay more taxes than you need to.

We help business owners and high-worth individuals reduce the taxes they pay to keep their income where it belongs: in their pockets!

Tax reduction strategies

If you’re a business owner or high-worth individual, you’re likely paying significant amounts of taxes. And while we should all contribute fairly to our tax system, many people pay higher taxes than they need to. With the right tax-reduction strategies, you can reduce the amount of taxes that you pay while staying in full compliance with all federal, provincial and local tax laws.

Tax reduction strategies for business owners

By taking a holistic approach to a business owners’ tax situation, we can help you minimize the amount of tax that you pay. There are many different strategies that consider whether your business is set up as a holding or operating company, your business’ current and historical retained earnings and dividend payout situation, how your personal investment platform is configured, and what you expect your business succession to be.

Tax reduction strategies for high-income individuals

If you earn more than $200,000 per year, you might be paying personal income tax rates as high as 50%. You don’t need to. With the right investment strategies including TFSA’s, RRSP’s, spousal RRSP’s and other tax-sheltered investment vehicles, and by adding tax-exempt insurance products, you can reduce the tax rates you must pay. At higher income levels, these reduced tax rates can generate significant savings.

Let our financial planning experts help you keep more of your hard-earned income in your pocket with holistic tax reduction strategies.

Our collaborative approach

Creating and implementing tax reduction strategies for business owners and high-income individuals can be complicated. Your individual investment and insurance situation, your income past, present and future income tax situation, how your business is organized and it’s corporate tax situation and many other factors need to be simultaneously considered and aligned to help reduce the amount of tax that you pay.

As part of a comprehensive approach, we work with you, your corporate and personal accountants, your lawyers and other professionals that you trust and that are intimately familiar with the inner workings of your business. By taking this collaborative approach, we can help minimize the amount of tax that you pay while keeping you and your business within the guidelines of tax and corporate law.

If you need an accountant, lawyer, actuary or other business professional to complement your existing team we would be happy to recommend one of our trusted referral partners.

With a proven collaborative approach, let us help guide you along the path to reducing the amount of taxes you pay so you can keep more of your income and wealth where it belongs: in your pocket. Let’s chat.

Changing with your business’ life phases

While it should always be your goal to pay as little tax as possible while staying within the guidelines of municipal, provincial and federal tax laws, your tax reduction strategies will evolve with the changes in your business.

When you first start your business, your focus might be on making as much money as you can to establish your business and not as much on how to pay less taxes. However, keeping in mind that the corporate income tax rate is less than the personal tax rate, there are still opportunities to pay less taxes in the earliest stages of your business.

As your business grows, building your investment portfolio with the appropriate types of products and adding the right types of insurance coverages – either personally or corporately owned – will provide tax savings, help you build toward the retirement you deserve, and protect what matters most along the way.

By working closely with you and your team of trusted professionals, we can help guide you along the path of reducing the amount of tax that you pay through the changing phases of your business.