Tax Planning

We believe healthy finances don’t happen by accident. And they especially don’t happen at your annual meeting with the accountant once tax season is underway if you haven’t given them a second thought otherwise. We know finances are stressful and complicated, and sometimes it’s easier to avoid them. But that method of coping won’t help your wallet. We work with you throughout the year to keep you updated on financial statements and best practices. We strive to minimize your tax burden by reviewing your finances specifically through a tax lens. This is known as tax planning. We do this through a combination of communication and education, resulting in efficient tax preparation and a lower bill.

Tax planning is similar to financial planning in general. We want to help you make the smartest and safest decisions for your family and your finances. The more complex your finances are, the more planning we do. Strong planning now can save you thousands of dollars in the future.

Because the tax code is available and known, it is entirely legal to look for ways to minimize your tax burden through the strategic application of the laws. You can plan financial decisions with that in mind, and in fact, should. We know the Income Tax Act and Saskatchewan laws that affect Regina’s local businesses, and we’ll help you come up with a plan, using tax planning worksheets and strategies.

What are some tax planning strategies?

  • Reduce your tax burden using credits for people in different life stages and experiences.
  • Students, seniors, first-time home buyers, working parents, and persons with disabilities are all eligible for pertinent credits.
  • Plan for retirement using a Registered Retirement Savings Plan (RRSP), Registered Pension Plan or tax-free savings account. By doing this, you defer your tax burden until you withdraw the money from the account.
  • Consider strategies that redistribute your income within a family unit. This reduces taxes for high-income earners by offsetting it to a lower income family member. Income splitting has many restrictions, but options exist that can minimize your tax burden.
  • Family trusts and estate freezing make estate planning more tax efficient. Learn how to claim home office expenses, moving costs, and your car.
  • Invest in mutual funds, stocks and bonds, and similar.

Why use KB Accounting?

Hands-on

Using an independent accounting service like KB Accounting means getting a hands-on, involved accounting professional who will work with you to ensure you know what your finances look like and what that actually means. Too often big accounting firms and established accountants leave clients vulnerable to audits by not keeping current on today’s CRA criteria or changes to the Income Tax Act. They fail to educate clients on basic accounting and bookkeeping principles. And often they don't communicate until after companies finalize the fiscal year. You’re getting old news from your accountant at that point. And if you’re in the (financial) past, how can you optimize your future? We recognize the need to stay ahead of your finances, not behind.

Proactive

The Canadian government constantly updates the already vast Income Tax Act. We keep up with these changes so we can apply them effectively to your financial situation. Often the tax code is a gray area that is only clarified when legally challenged. These changes can result in differences of thousands of dollars if finances aren’t updated as the laws are. Our professional expertise can give you peace of mind that you are doing everything you can to make the most of your finances.

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