B405- 20020 84 Ave Langley BC
Financial Services
what we offer
Full legal advantage of Income Tax Act to reduce tax liability
Let us save you time to manage your business in the right direction which also involves taking advantage of the different rates of taxation imposed on various returns by shifting income from highly taxed economic activities.
01
Financial Planning
02
Tax Planning
03
Tax Deductions & Credits
04
Other Income
05
Accounting
06
Income Tax
Financial Planning
Financial Planning
Financial planning focuses on net worth with the goal of after-tax income maximization. Tax minimization – may lead to poor investment decisions with adverse non-tax consequence.
But Effective tax planning- focus on keeping after-tax income and cumulative net worth within the client’s household.
Tax planning involves taking advantage of the different rate of taxation imposed on various returns by shifting income from highly taxed economic activities. Take full and legal advantage of Income Tax Act to reduce one’s tax liability.
Tax Planning
Tax Planning
Tax planning can be viewed as trading across both tax rates and the time value of money through the processes:
- How does income deferral work?
- How do RRSP maximize after tax income?
- How does income split work?
- How can income be split with children?
Tax Deductions & Tax Credits
Tax Deductions and Tax Credits
Tax deduction – reduces the taxable income – for federal tax, reduces tax paid at individual federal plus provincial marginal tax bracket for a year
TAX credit– specific reduction of tax payable – has a value equal to the stated amount, regardless of tax bracket. There are 2 TYPES:
Refundable tax credit and Non-refundable tax credit
Refundable tax credits: A state or federal credit that can put cash in your pocket regardless of your tax liability.
Non-refundable tax credits: Consist of as specified percentage based on the lowest tax and are subtracted from federal tax liability to get the net federal tax amount
Other Income
Other Income
There are several other sources of income that individuals can explore to supplement their primary income. These may include freelance work, part-time jobs, rental income from properties, dividends from investments, and income from side businesses. Freelance work allows individuals to use their skills and expertise to provide services to clients on a contract basis.
Frequently Asked Questions
Employment Income
- How is employment income reported?
- What kind of income must be reported as employment income?
Business Income
- What type of business earn a business income?
- What do we mean by a reasonable expectation of profit?
- When can home office expenses be deducted?
Accounting
For Basic Accounting and Financial Advice
Accounting in Business is about planning, directing, and evaluating the results of the business operations. Quarterly and annual financial statements direct managers to make profitable decisions for the future.
Financial Accounting focuses on providing information to the owners about investments and to creditors about Lending
Finance, and accounting in business capture economic events, that must generate accurate data. Everyone working in an office knows the basic things about accounting. Professional judgment is required to make adjustments to financial records.
Income Tax
Income Tax
Personal Income tax returns are levied by the Federal and Provincial government on each individual income for the 12-month period ending on December 31 of every year. All residents report tax from the province or territory they live.
- Personal income to be filed on or before April 30 of the following year.
- Self-employed may file up to June 15- must pay balance owing by April 30
