You have worked hard for your wealth, and we work hard to help you protect it.
Our financial advisors will provide you with a tax plan and strategy to leverage tools and resources efficiently. As part of your wealth management plan, we offer financial planning so that you may take advantage of all the tax benefits available to you and limit your liabilities.
Success starts with a solid foundation. Personal tax planning is no exception. Grow and preserve your wealth with a smarter tax strategy.
Looking for Corporate Tax Planning?
Contact us today to learn how our accounting experts can help support, transform, and grow your business.
Our Personal Tax Planning Services
High-net worth individuals can be targeted by the CRA. Working with our team on a personal tax plan will alleviate tax burdens and help you design your budgeting and wealth building strategies.
The big picture
We will arrange to assess all of your current assets, future earning potential, retirement goals and estate planning interests to develop a personalized tax plan and strategy.
Who Needs Personal Tax Planning?
High-net worth individuals and families who are seeking advice and support in wealth protection and succession planning will find value and expertise with SB Partners.
Diverse portfolios, properties, investments and business interests can have significant implications on personal taxes. We work with you to ensure you and your family are optimizing the tax benefits of your assets.
There are three types of tax planning.
- Range tax planning which focuses on each fiscal year as an independent entity at the start and end of the year.
- Permissive tax planning incorporates legal frameworks
- Purposive tax planning that focuses on a specific goal
Tax planning is part of a wealth management process. By creating a tax strategy the tax payer is able to preserve wealth over a period of time by making strategic decisions.
Reducing tax liability within a legal framework is considered tax avoidance.
Your personal income can be derived from a number of different sources including employment, pensions, investments, benefits and more. A full list of all the types of income considered by the CRA can be found on the CRA website.
Income will fall into one of two categories: taxable amounts and non-taxable amounts.
Non-taxable amounts include:
- most gifts and inheritances
- most life insurance received after a person’s death
- most lottery winnings
- most amounts received from a TFSA
- amounts exempt from tax under section 87 of the Indian Act
- amounts paid by Canada or a an allied country (if the amount is not taxable in that country) for disability or death of a war veteran due to war service
- GST/HST Credit
- Child Care Benefit (CCB) payments
- compensation received by a province or territory if you were the victim of a criminal act or a motor vehicle accident
- most types of strike pay received by your union
For more details please visit the webpage “Amounts that are not taxed” on the CRA website.