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Whether you are an employee, self-employed or a shareholder of a corporation, you will have to pay taxes on the income earned. However, proper tax strategies can minimize the amount of taxes and will often prevent from making mistakes that can result in double taxation, punitive taxation at the highest tax bracket or penalties and interest for non-compliance or late filing of required returns/forms. Hence it is very important to reach out to a tax specialist to check if there is potential for tax savings or deferral of tax payments. At our firm, we do not start any engagements if we don’t believe that our services can bring value to the customer. After the initial consultation we are usually able to tell if we think that we can help to implement a taxation plan that will minimize the overall amount of taxes owed.
Some of the strategies that can be considered include:
All of the above strategies can result in massive tax savings, but they must be planned for and implemented in advance. In addition to tax planning, we also offer tax-related assistance for events that have already occurred, and that need attention now. CRA audits or review cases often make business owners stressed and overwhelmed. This is mainly because the taxpayers do not know what to expect from such procedures and are not sure what kind of documents they should provide to the tax authority. Should you find yourself in this position it is important to contact a tax specialist immediately, so that there is enough time to analyze the situation and prepare sufficient response.
Building a psychotherapy practice will not only provide you with on-going compensation, but you will be building an asset that can be sold at a later date. It is very important to plan for a potential sale well in advance to ensure that all available tax strategies are utilized in your case. Do not hesitate to contact us to go over your tax situation.