Tax Law is one of the most complicated areas of law because of the convulated Income Tax Act. With more than 500 pages of provisions and regulations, how does one sift through the rules and law. It has been stated that Canadians pay one of the highest taxes in the world. Albeit the high rate of taxes, the Act does provide us with mechanisms to defer on taxes or take advantage of keeping more money at the family table.
We normally work with your Chartered Accountant to strategize in determining an optimal corporate structure that will be beneficial for your company and family. We hope that strategies will allow you to defer taxes to a much later date or with some effective tax planning strategies, we can bring more money at your family table. For example, income splitting or sale of a business can result in thousands of dollars of savings. Please review our topic under tax law to better understand the breadth of topics.