Sinking under heavy taxes? Here are three ways our tax planning services in Canada can help you legally minimize the taxes you pay.
Taxes are inevitable, and the best way to minimize them is by taking advantage of every deduction you can find.
The Canada Revenue Agency (CRA) has several measures in place to help Canadian businesses and individuals reduce their tax bills. All it takes is some expert technical and legal knowledge of a tax planning Toronto and advisory service.
As noted by Forbes, tax credits can contribute to making financial breakthroughs for businesses that can reinvest returns to further operations up a notch. This strategy can pave the way to long-term business security.
At Accounting Plus, we aim to assist you in paying the least amount of taxes legally possible so that you can reap the benefits of your hard-earned income. Take a look at our personal and corporate tax services in Toronto, Ontario, and Markham, Canada.
You can also avail our virtual personal tax return stages in five simple stages that don’t require you to leave your home!
Let’s explore three ways to minimize taxes legally:
#1 –Channel Income into a TFSA
A Canadian tax-free savings account serves the purpose of a retirement fund that offers tax-free withdrawals and income-growth opportunities.
As per the latest regulations, anyone above the age of 18 can add 6,000 CAD. You can also authorize a representative to communicate with authorities on your behalf so that you can leave these matters to our tax advisors and accountants to deal with tactfully.
Investing in a TFSA also gives you the benefit to contribute to spousal benefits, which can further help minimize taxes legally.
#2 – Keep Records Clean
Most people end up paying exorbitant sums simply as penalties for not paying on time.
Timely maintenance of records is crucial to staying organized and ahead of your tax game. Most people tend to fall behind on paying taxes due to failure to file, incorrectly estimated tax payments, or sheer forgetfulness.
A smarter move would be to hire a Canadian tax and accounting services Canada such as ours to help you stay up-to-date and minimize avoidable taxes.
#3 –Borrow to Evade
Good debt is debt that makes more money.
Whether it’s for your child’s education, a business investment, or real estate, borrowing money can save you from the burden of taxes while thinking long-term.
Even though these loans qualify for a deduction of taxes, the amount is significantly lower than the tax you’ll pay as capital gains tax.
Get Professional Help
Taxes are no layman’s game. Your best bet to evade taxes legally and ethically is to hire a professional tax advisory ontario to help you sort through your finances and come up with feasible solutions that are tailored to you.
Our online portal at Accounting Plus can help you file your taxes securely. We also offer cloud-based accounting solutions in Toronto, Ontario, and Markham, Canada.
Reach out to us online or call us at 905 771 1131.