Personal Tax
Dealing with taxes is a fact of life. However, the way you organize your activities can make a significant difference. Your tax advisor can go beyond a piece of software and formulate and implement a comprehensive personal tax plan for you to minimize and defer income tax liabilities and maximize your income tax return. Aims Tax & Accounting Professional Corporation offers personal tax solutions in person and online and can help you with tax planning.
How to maximize my income tax return?
- File as a family and transfer deductions between spouses where possible
- Include employment deductions if eligible
- Minimize tax on severance by maximizing your RRSP contribution
- Claim eligible deductions for your specialized field like those for musicians and artists
- Claim non-refundable tax credits like the Family Caregiver amount or medical expenses
What is Income Tax Planning?
- Tax Minimization - Taxes never to be paid that would otherwise be payable
- Tax Deferral - Taxes which become payable at a date later than when they would otherwise be payable
- Tax Sharing - equalization of tax rates between spouses and family members
- Income-splitting strategies
Investment Income Planning
- Principal residence election options
- Tax burden analysis on different types of investment income (interest, dividends, capital gain)
- Debt, interest and legal expenses’ deductibility planning
- Suitable person in the family to earn investment income to effect maximum retention?
RRSP & Retirement Planning
- Advantages of income earned in an RRSP
- Spousal RRSPs and how to use your RRSP as an averaging tool
- Contributions prior to emigration from Canada
- Tax-free Rollovers to RRSPs
- Self-Directed RRSPs & Mortgages
Employment Income and Expenses
- Employed vs. Self-Employed
- Company Automobiles
- Employment Deductions for auto and home
- Moving Expenses
Other Personal Tax Planning Issues
- Income-splitting opportunities for Small-business owners
- Evaluation of employment severance options
- Tax implications and effects of a divorce settlement/marriage breakdown
- Representation before Canada Revenue Agency and other taxing authorities
