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Personal Tax Planning Services In Burlington, Oakville & Hamilton

Keep more money in your pocket with a strong tax plan.

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.

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SB Partners

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.

Benefits Of Effective Tax Planning

Tax planning is an ongoing process that evolves with you as you build your estate and net-worth. By working with a team who understands your goals you benefit from years of experience and expertise in effective tax planning strategies.

Income Splitting

The CRA has acknowledged and provided tools for individuals to leverage income splitting. This may include structured family trusts or loans that can be utilized for investments and achieve some tax savings.

Family Trusts

Establishing family trusts may be a good way to alleviate the high marginal tax rates and facilitate wealth transfers for high-net worth individuals.

Registered Plans

Optimize tax savings with personal tax planning that incorporates RRSPs, RESPs, TFSAs and RRIFs. These tools are a good way to reduce your marginal tax rate, build wealth through investments, provide for college/university bound children and retirement.

For business owners

Business owners will find there are additional tools available such as Individual Pension Plans (IPP). An IPP is an RRSP alternative that offers several benefits such as tax deductions to your business, deferred compensation that can grow as investments, and retirement benefits.

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.

FAQs

There are three types of tax planning.

  1. Range tax planning which focuses on each fiscal year as an independent entity at the start and end of the year.
  2. Permissive tax planning incorporates legal frameworks
  3. 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.

 

Our Services

Accounting, Assurance & Advisory
Accounting, Assurance & Advisory
As a leading independent CPA firm in Southern Ontario, our Assurance and Advisory experts decipher the story in your financial reports, then share that insight to help you better understand and more effectively manage your business.
Business Advisory
Business Advisory
The scope of services we offer reduces the need to coordinate several outsourced functions and offers continuity and consistency to your business. Operating as an "in-house" group, we integrate our services with your processes to achieve maximum value.
Business Valuation
Business Valuation
Negotiate with knowledge. SB Partners offers independent, credible and objective valuation and related consulting services. Whether settling an estate or selling your first start-up, we can help you navigate and better understand the numbers and optimize your outcome.
Corporate Tax Services
Corporate Tax Services
We attend to your corporate taxes and the CRA so you can attend to your business. Our tax specialists ensure you are prepared and confident for the future with a customized tax strategy and plan.
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