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Tax Preparation versus Tax Planning


Estate Planning | Tax Planning | Powers Of Attorney | Attorney of Property
Who to choose | Leave Money Behind | Pay Down Debt
Tax Preparation vs. Tax Planning

April 30 is the tax filing deadline. If you are like most Canadians, this is the first time since last April that you’ve seriously thought about what you can do to reduce your tax bill. You can’t turn on the television without seeing commercials from tax-preparers who claim that they can get you a great refund. Unfortunately, by April it’s generally too late.

There is a big difference between tax planning and tax preparation. Tax preparation is simply the organizing of your year-end tax documents, filling out the proper government forms and filing your return by the April 30 deadline. While an experienced tax preparer may be able to help you find savings by pointing out certain deduction or credit opportunities you may have missed, this is no substitute for careful long-term tax planning.

Tax planning is proactive. A good long-term tax plan looks at things such as deferring taxes using RRSPs or Universal Life, income splitting strategies, and ways to reduce the taxes payable on your estate. It involves taking a holistic look at your financial situation and goals, then coming up with a long term plan to minimize the tax you pay year after year, and get the maximum benefit from the money you earn.

It may be too late to minimize your taxes for current year, but now is the perfect time to start planning for the future.

Free Insurnce quotes over the PhoneGive me a call at 1-877-628-5762 and we can set up an appointment to discuss some long-term strategies to help you limit your future tax liability through insurance and investment strategies. I look forward to hearing from you.

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