We understand that tax strategy must take into consideration various key factors for its proper execution. In depth tax knowledge of current and future tax pronouncements, an understanding of our clients’ overall financial situation, advance planning of tax strategies and communication of options form our tax foundation. We believe it is critical to have our clients’ involvement in the tax strategy so that we can align our expertise to their short and long term financial objectives.
The preparation of personal income tax returns requires our attention to the fine details to ensure that we have the deductions specific to the client. We have to ask the right questions to know what you are eligible for and for the proper reporting of income. We know how to communicate well and in doing so we can work alongside with you to ensure the best possible outcome.
Self employed individuals have specific filing requirements and are subject to enhanced deductions for automobile and office at home. GST/HST implications need to be always considered and may be optimized for the self employed.
Real estate strategies may involve the timing of recapture and capital gains as well as discussion on return on investment. Timing of the sale should be contemplated by taking into consideration the investment nature of the property and as well the taxation thereon. Many clients rely on our expertise to consider principal residency exemptions in the tax planning as well as the complex change in use rules.
The consideration of corporate tax structures can be vital to a corporation’s long term growth of investment holdings and tax minimization. Tax structures are also essential for estate planning as well as limiting liability from the operating company. Every client has unique situations and understanding how each client views risk as well as growth are all factors in ensuring our clients embrace the strategy they feel most comfortable with. Our team has both partners and staff that have been trained under CPA Canada’s In Depth Tax courses to ensure we are equipped with the skill sets to strategically advise our clients.
Partnerships with greater than 5 partners need special treatment with respect to the filing requirements demanded by Canada Revenue Agency (CRA). We have handled partnerships in excess of 400 partners which required detailed handling of the allocation of income as well as tracking the equity accounts. The division of income is very sensitive to partnership arrangements and in particular where there are large gains on dispositions. We respect that understanding the partnership agreement and correct compliance with CRA are essential to the fairness and accuracy of the partnerships filings.
Trusts could be effectively be utilized to income split between individuals with high marginal tax rates to those beneficiaries with lower tax rates. Careful consideration must be made with respect to ensuring the trust could effectively income split amongst the settler and the beneficiaries as well as ensuring the trust had been properly established to ensure compliance with CRA. We can assist in the guidance on considering if a trust is appropriate for your circumstances as well as complete the necessary annual filing requirements.