Ideally, we would like to pay no tax while receiving as many benefits as possible. Since that is impossible, let’s use every legal means possible to try and reduce our taxes!
Canada’s Federal income tax act is over 3000 pages long. Only a team of tax accountants and lawyers can come close to understanding this complexity.
This can leave us feeling confused, overwhelmed, and often stuck. There is no need to feel so totally reliant on tax experts when a few key understandings can help us navigate the tax landscape more easily.
You’ll need some advice along the way, especially since you haven’t spent your whole career studying this. Part of our role as financial advisors is to integrate tax planning into our clients’ financial plans.
Luckily you don’t immediately need our help and guidance to get started. The first thing to understand is the effect of income taxes on different levels and types of income. We have provided our free Tax Calculator to get you started.
By incorporating our tax calculator into your financial decisions you will begin to understand their tax consequences. Without this understanding you could end up paying a fortune in unnecessary income taxes. Hopefully, by gaining clarity on your tax situation, you will accelerate your forward progress.