As the old saying goes, "Nothing is certain but death and taxes." Financial planning cannot postpone or prevent the first inevitable (death), but, in some instances, planning can postpone, reduce, or even eliminate the impact of the second, (taxes).

An important step in financial planning is income tax planning, to see what can be done to improve your position by reducing the current tax burden. This may be accomplished by converting taxable interests or dividends into non-taxable investments, or by deferring the tax on current income until a later date when you may be in a lower tax bracket.

It is clearly important to emphasize that the taxpayer has the legal right to order his/her affairs so as to legally minimize his/her taxable liability.

We at CWA want to be certain that you aren’t making interest free loans to the government. So ask yourself the following questions:

What’s your tax bracket?

Are you getting all of the tax relief to which you are legally entitled and which is logical and suitable for you?

Have you considered making tax-favored investments?

We will just enumerate here a few tax saving techniques:   

 

Tax deferral (shifting a tax liability from the present into the future at a lower tax bracket)

Tax reduction (maximum use of allowable itemized deductions)

Conversion (investments where interest may not be taxable)

Appropriate withholding levels

Careful use of “Tax Shelters”

   A major part of our work at CWA is devoted to minimizing our client’s tax payments, while remaining within the legal boundaries.  We regularly review our client’s affairs to ensure that they are organized as tax effectively as possible.

To ensure that our advice is current and relevant, our professional team carries out extensive and ongoing professional development, reviews new legislation, case law and tax rulings.

It is important to establish and update the appropriate structures as necessary, if the desired taxation outcomes are to be achieved.  We are able to quickly assess your needs, provide detailed recommendations, and supervise the set up process in accordance with these recommendations.  We work co-operatively with other professionals, when necessary, to achieve the required result.

Proficient in serving the complex needs of individuals, family members and ventures, CWA can help you evaluate the tax consequences of transactions and assist in structuring them so that you reach your tax objectives. We also can help minimize the future tax impact by advising you on the interplay of income tax planning strategies with other aspects of your wealth.