Proactive, tax integrated solutions...
Personal tax planning is an important component of a client’s financial plan. A limited number of options are still available to Canadians to lower their taxes through careful tax planning. A taxpayer can defer taxes to a future lower tax bracket year by making use of various registered savings plans. It may also be possible for an individual in a higher tax bracket to split income with a family member who is in a lower tax bracket.
An equally important tax consideration is the type of income generated by your investments. Different types of investment income - eg; interest, dividend and capital gains - are treated differently for tax purpose in non-registered accounts. Interest income is generally taxed at a higher rate than the other two. It takes careful planning to ensure that your investments are tax efficient and you are left with more after tax income.
Various insurance products may also have a place in a client's overall portfolio to optimize taxes.
Fairwealth Financial recognizes the importance of tax planning and incorporates this into our recommended solutions for clients. We look at various ways in which clients can reduce their taxes – now and in future. A number of tax reduction strategies are looked at to determine their suitability for each client. We also look at income splitting opportunities to shift income from a higher tax bracket family member to a lower tax bracket family member. Tax planning is an integral part of any solutions recommended by Fairwealth Financial as part of Investment Planning and Insurance Planning for our clients.
And yes, we offer tax filing services to our clients as well.