Tax planning should be a year round activity, in order to maximize the savings opportunities available to you. The Personal Tax Calendar has been updated for 2019 and summarizes important tax deadlines and provides some planning tips for you to consider throughout the coming year.
Knowing how the tax rules affect your investments is essential. Tax strategies that you should consider such as income splitting, charitable giving and estate planning.
The federal government released an important tax consultation paper on July 18, 2017. The consultation paper outlined proposed policy responses for certain tax planning strategies involving private corporations that it perceives unfairly reduce personal taxes of high income earners through a variety of tax reduction strategies unavailable to other Canadians.
Trusts are often used in tax and estate planning because of the flexibility they offer over the control, management and distribution of appreciating assets. In particular, the use of a discretionary family trust to reduce the after-tax cost of children’s educational and other expenses is a common tax strategy and the focus of this publication.