Some Tips for Tax planning

Some Tips for Tax planning

Jan 21, 2025

Business Restructure

The tax rates in Canada vary based on the type of business structure. Choosing the most suitable structure for your business can help you avoid paying unnecessary taxes.

Wealth Reallocation

Wealth can be reallocated to your family members by:

  • Paying dividends

  • Distributing wages

  • Allocating to trust beneficiaries

Increase Investment

Investing in property or a new business can reduce your tax burden while creating future opportunities and benefits.

Keep Good Records for Business Expenses

Develop the habit of keeping records for all claimable expenses, such as:

  • Tax invoices

  • Cash receipts

Consult a Professional Tax Agent

A professional tax agent can help manage your tax matters effectively.