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What is tax planning?

Optimize your investments with tax planning

If you own a business or have invested personal funds in it, you may be interested in optimizing your investments. Tax planning is an approach that allows you to legally reduce your taxes on investment income.

Thanks to a personalized analysis of your situation and your business, as well as tailored advice, you can optimize your investments. This means you can get more for the same amount of money invested.

How does tax planning work?

Effective tax planning involves examining your short- and long-term goals, including your working life and retirement, to determine a strategy that will enable you to achieve them. The goal is to optimize your company's resources by taking advantage of the best tax measures available.

With a tax planning service, you'll benefit from personalized advice from chartered accountants. These professionals will be able to reduce your corporate taxes by informing you of the tax credits and deductions for which your company is eligible.

To take advantage of tax benefits for your company, you can withdraw surplus funds from your business and invest them in an RRSP (Registered Retirement Savings Plan). This approach will further reduce your tax liability.

The importance of sound tax planning for your business

The importance of good tax planning for your business is considerable. Tax management plays a crucial role in your overall financial plan, and should be considered in all its aspects.

Tax planning strategies can reduce the amount of tax payable, including on investment withdrawals and capital gains. Effective tax management can also reduce the taxes your estate will have to pay, allowing you to retain more of the growth in your investments.

What are the advantages of tax planning?

Effective tax planning allows you to maximize the deductions, exemptions and tax credits allowed by law. As a result, you won't pay as much tax on your investments and business tax returns.

With the help of a tax planning expert, you can keep more money in your business. This money can be used for future investments or spending, giving you greater freedom to achieve your goals and grow your wealth.

How can I find an expert for tax planning?

Bankeo is a platform that puts you in touch with specialists who can help you optimize your tax strategy.

So don't hesitate to contact us if you'd like to find an accountant who can help you optimize your tax situation. https://www.bankeo.ca/

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