1 (902) 932-8568
1 (902) 932-8569

Tax Planning Halifax

Tax Planning and
Tax Advisory Services

Tax planning enhances individuals' skills to make the right financial decisions and shape their economic future.

Many taxpayers are not fully aware of the difference between tax planning and tax preparation. Some taxpayers believe that the best they can do to save on their taxes is to file their tax returns on-time; and a small minority think that they can hide or understate their incomes. Both groups are usually uninformed about the advantages of tax planning or have a limited understanding of tax efficiency.

Paying taxes is a responsibility but paying more than a fair share is not. As taxes are by far the largest expenses of our lives, it is important to understand the value of tax planning. Most people pay more in taxes than they pay for their homes, cars, and even lifetime vacations: many of us will pay taxes even after saying goodbye to life.

Tax planning enhances individuals' skills and assists them in making the right financial decisions from a tax perspective thus allowing them to shape their economic future. Effective tax planning allows taxpayers to successfully and legally minimize their tax liabilities. Through tax planning, accountants and tax consultants help clients to understand the implications of their financial decisions so they can reduce their tax liability legally.

Reduction of tax liability is an essential step toward the creation of independent wealth and is an important part of financial planning. Tax planning through minimization, deferral, and income splitting strategies will substantially increase the after-tax income of individuals, which means lower debt and an increase in assets and investments.

I have assisted many high-income clients with varied sources of income, enabling them to legally keep a larger portion of their after-tax income. Some of them are enjoying a higher standard of living or have built a better retirement. Others have chosen to use their tax savings for charity purposes and to contribute to society in this way. A lower tax bracket opens the doors to many opportunities, and whatever the financial goal may be, it is never too late to take steps toward it.
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