TAX CONSULTING
With a careful tax-planning strategy in place, you can grow the wealth you have accumulated while minimizing your tax burden.
Effective Tax Strategies
Evaluate Tax Inefficiencies
Planning to take dividend vs. salary
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.
| Category | Tax Lawyer | Accountants | Bookkeeper | Tax Preparer |
| General Tax Planning | √ | Tax Accountants Only | √ | X |
| General Tax Planning Implementation | √ | X | X | X |
| Tax Reorganizations-Planning | √ | Tax Accountants Only | X | X |
| Tax Reorganizations- Implementation | √ | No | X | X |
| Tax Reorganizations- Forms | X | √ | X | X |
| Estate Planning | √ | √ | X | X |
| Will Drafting | √ | X | X | X |
| Estate Tax Return Preparation | X | √ | X | X |
| Tax Return Preparation | X | √ | √ | √ |
| Financial Statement Preparation | X | √ | X | X |
| Tax Audits | √ | √ | X | X |
| Tax Appeals- Notices of Objection | √ | √ | X | X |
| Tax Appeals- Tax Court | √ | X | X | X |
| Negotiations with CRA Collections Officers | √ | √ | X | X |
| Taxpayer Relief (Fairness) Applications | √ | Tax Accountants Only | X | X |
| Voluntary Disclosure (Tax Amnesty Application) | √ | Some Accountants Will Submit but no provilege if they do | X | X |
| Business Plans | X | √ | X | X |
| Loans Applications | X | √ | X | X |
| Family Trust Deed Preparation | √ | X | X | |
| Trust T3 Tax Returns | X | √ | √ | √ |
| Tax Research | √ | Tax Accountants Only | X | X |
| Tax Opinion Letters | √ | Tax Accountants Only | X | X |
| Tax Opinions for Offering Memorandum or Prospectus | √ | √ | X | X |
| Calculation of Potential Tax Liability | X | √ | X | X |
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.
