Many people go through the tax preparation routine once a year and are happy to be done with the entire process. Tax planning is a year round activity and unfortunately many people lose thousands of dollars every year to income tax when it is simply unnecessary. This is especially true for small business proprietors and partnerships, small business corporations and family businesses. Relying on Canada Revenue Agency for tax advice is also a big no no as CRA does not provide advice or tax counseling. They might provide a chapter and verse description of your query from the tax act but this is not necessarily the best response for you. This is why CRA has an appeal system and Tax Court. In other words just because CRA says it is so does not necessarily mean it is so! We do not promote tax avoidance and in fact our views are quite contrary to tax avoidance.
We believe in a strong tax system however we do practice the Taxpayer Bill Rights
1. You have the right to receive entitlements and to pay no more and no less than what is required by law.
Tax planning is also very different from tax preparation. We start with tax planning and one of the by products is tax preparation and filing. The large majority of tax payers start with tax preparation and then attempt some planning after the fact. This means that opportunities to reduce your income tax bill are lost in the current year and as things change frequently, future years as well. Is tax planning for everyone? In a word Yes!
Our review process starts with your three previous year’s tax returns and then the current tax year. Call us today at 780-449-6292 to find out how this process will work for you!
“It is not how much you make that is important but how much you keep” James Kew