Tax Planning
At Triad Financial Planning, we collaborate closely with our clients' accountants, and lawyers when necessary to craft a tax plan unique to our clients individual circumstance. By doing so, our clients benefit from having experienced, independent advisors each with a different perspective of your situation, united with a common goal of minimizing your tax liability.
What is Tax Planning?
Tax planning involves analyzing an individual, family or company's financial situation and working to ensure they minimize their tax liability. This is distinct from tax evasion, the intentional and illegal non-payment or underpayment of taxes.
As Canadians, it is our right to organize our finances within the law to pay as few taxes as possible. This is important as Canada has a progressive tax system with personal top marginal income tax rates in excess of 50% in some provinces. Add to that corporate taxes, sales taxes, and property taxes, it is not uncommon for individuals to pay large percentages of their income in taxes of some form.
​Depending one one's stage of life and individual circumstance, tax planning can take several forms. For those in their working years, it can be optimizing contributions to RRSP's to reduce one's taxable income and shelter investment gains from tax. For retirees, it may involve strategically liquidating different investment accounts to avoid punitive tax brackets and/or OAS clawback.