By properly structuring one's finances, substantial income tax savings can realized.
Examples of such planning are as follows:
Holding fixed-income investments in registered plans to shelter their high level of taxation.
Attributing eligible deductions to the higher income spouse.
Structuring insurance to maximize tax benefits within a corporate setting when possible.
In all cases, your entire financial picture should be discussed with a professional to ensure that eligible deductions, structures, and expenses are in accordance to the Income Tax Act (ITA). For example, your specific situation as a business owner, pensioner, or medical professional can greatly influence your eligible deductions.
It is important that all individuals focus their tax savings efforts on deductions and credits that are available under the rules and regulations set forth by the ITA. For the careful planner, the opportunities are present and should be maximized when appropriate.
© 2021. Innova Wealth Partners. All Rights Reserved.