By Gordon M. Haslam
Everyone’s goal is—or should be—to minimize the taxes they pay. Under Canada’s Income Tax Act, you have the legal right to structure your affairs in such a manner as to achieve this outcome.
Nevertheless, your clients may need to understand there are no loopholes in tax preparation and no ‘magic’ ways to save money. Only organized, detailed and accurate records will help them reduce the taxes they pay.
There is a tremendous amount of information to consider when it comes to assisting in tax planning for business owners and their families. This is especially difficult when dealing with small businesses that are growing and becoming more profitable.
You cannot start tax planning for a client in April—at that point, it is already too late. Instead, tax planning needs to be an ongoing process, adapting to changing economic conditions, family structures and incomes.
Read the full article: 20 Tips for Reducing Taxes