TAX CONSULTING

With a careful tax-planning strategy in place, you can grow the wealth you have accumulated while minimizing your tax burden.

DIFFERENCES BETWEEN TAX LAWYERS, ACCOUNTANTS, BOOKKEEPER AND TAX PREPARER

There are a lot of different types of tax professionals out there, what does an accountant do, tax preparer, bookkeeper, tax planner and lawyer do.

CategoryTax LawyerAccountantsBookkeeperTax Preparer
General Tax PlanningTax Accountants Only
X
General Tax Planning ImplementationXXX
Tax Reorganizations-PlanningTax Accountants Only
XX
Tax Reorganizations- ImplementationNo
XX
Tax Reorganizations- FormsXXX
Estate PlanningXX
Will DraftingXXX
Estate Tax Return PreparationXXX
Tax Return PreparationX
Financial Statement PreparationXXX
Tax AuditsXX
Tax Appeals- Notices of ObjectionXX
Tax Appeals- Tax CourtXXX
Negotiations with CRA Collections OfficersXX
Taxpayer Relief (Fairness) ApplicationsTax Accountants Only
XX
Voluntary Disclosure (Tax Amnesty Application)Some Accountants Will Submit but no provilege if they do
XX
Business PlansXXX
Loans ApplicationsXXX
Family Trust Deed PreparationXX
Trust T3 Tax ReturnsX
Tax ResearchTax Accountants Only
XX
Tax Opinion LettersTax Accountants Only
XX
Tax Opinions for Offering Memorandum or ProspectusXX
Calculation of Potential Tax Liability
XXX

Why is tax planning important?

Tax planning is a term increasingly used by those of us wanting to make the most of our finances, but sometimes its full meaning is not clear.

In a nutshell, tax planning is a strategy which focuses on managing your finances in order to minimize, delay or avoid taxes. This can be achieved by making the most of the various tax-law provisions, tax deductions and tax credits and other legal mechanisms available to keep your taxes as low as possible.

There is a close relationship between the concepts of financial planning and tax planning. The former relates to the strategy of managing your finances in order to achieve your short- and long-term financial goals. Tax planning is an important component of a wider financial plan and can be a key part of reducing your expenses to help you to achieve financial success.