Personal Tax Planning

When you comes to personal tax planning, most of the steps to help minimize your tax bill at the end of the year must be completed before the year closes out.  For example, whether it is incurring additional expenses for the coming year, contributing to a RRSP, or investment tax loss harvesting.  When it comes to tax planning you must be proactive and execute the tax efficient strategies.  Refer to this tax planning guide.

When executing a tax planning strategy, it is important to understand the implications not just in the current year, but forecast the strategy for the following multiple years.  Sounds tax planning strategies are forward looking and have to consider future years because this is where the strategies benefits really compound and pay off in the long run. 

For more information on personal tax planning strategies, contact us and we would be happy to discuss your options. 

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