7068 Nottawa Side Rd. East, Collingwood, Ontario L9Y 3Z1View on Map »

Income Tax Planning

Completing a personal income tax return is one of those things on your list that is easy to put off, like a car with an oil leak. Instead of taking it to the mechanic, you might just add oil to it. “It’s a slow leak,” you tell yourself. Well before you know it, there is a huge puddle of oil on your driveway, and you can’t even go to work. Taxes are just like that.

Personal income tax planning is not just about writing the government a cheque; it can be a deeply involved process that takes months of planning. This careful work can dramatically lower the taxes you owe. Every investment option has a tax implication, and understanding the tradeoffs between each choice is critical to maximizing your returns.

RRSP, RRIF, LIF, TFSA, JTWROS, LIRA – who can make sense of this alphabet soup? A financial advisor can help you understand your investment options, their different taxation rates, and how they fit into your overall financial strategy. The more assets you have, the more complicated this process can become. Owning a corporation, being a beneficiary of a trust, or being in a limited partnership can all affect your tax plan.

Investment tax planning is another essential service offered by our team. Not only can an advisor help you choose the right investment options, they can show you why some alternatives aren’t the best fit for you.

TFSA

The Tax-Free Savings Account is a registered savings account that allows taxpayers to earn investment income tax-free inside the account. Contributions to the account are not deductible for tax purposes, and withdrawals of contributions and earnings from...

Read more

RRSP

A Registered Retirement Savings Plan is a retirement plan that is registered with the federal government and that you or your spouse or common-law partner can establish and contribute into until the end of the year when...

Read more

RRSP Loans

A Borrowing money to invest in an RRSP has many advantages. Besides the immediate tax refund, you also can...

Read more

RESP

Registered Education Savings Plans are registered education savings plans that grow tax-free until the child is ready for university, college or a vocational institute. The student usually pays little or no tax on those funds when they are withdrawn at the student's lower...

Read more

RDSP

Since 2011, the Registered Disability Savings Plan has been available to Canadians who qualify for the disability tax credit and offers a tremendous bonus to those who are eligible. The RDSP is a savings plan that you...

Read more

Borrowing to Invest

Leveraged investing is defined as borrowing money to finance an investment. You are familiar with the concept of leverage if you've ever...

Read more