Start paying less taxes
Tax planning isn’t something that happens at year end. It’s assessing your full financial picture and putting a plan in place to reduce your tax obligation for the longterm.
Tax planning strategies
for small business owners
Small business owners stand to benefit from tax planning the most. But every business is unique, and consulting with an advisor can get you personalized guidance tailored to your specific circumstances. Below are just a few high-level strategies to consider that could help you keep as much of your money as possible.
Lifetime Capital Gains Exemption
As a business owner, the value of your business is likely a big part of your retirement savings plan. In Canada, the lifetime capital gains exemption shields up to $1.25 million in small business gains from tax, if you qualify.
Lesser-known investment vehicles
Once your RRSPs and TFSAs are maxed, Canadian business owners can explore retirement strategies like IPPs (Individual Pension Plan) or RCAs (Retirement Compensation Agreement) which can generate a tax deduction for the business.
To incorporate, or not to incorporate?
Once your business becomes profitable, incorporation can provide significant tax advantages. Deciding to incorporate involves considering various factors like business tenure, cash flow, profitability, and tax rates.
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Tax planning for everyone
Regardless of your situation, our advisors consider your full financial picture to put together a plan specifically tailored to your needs to make sure you’re on track for retirement in the most tax-efficient way possible. This would include a number of the strategies and approaches listed below.
Spousal RRSPs
Avoiding OAS Clawback
Converting RRSPs to RRIFs
Leveraging TFSAs
Personalized Guidance
Case Studies & Resources
Book a 30-minute meeting
with an advisor.
Through a casual, no-cost, no-obligation meeting, we will ask questions about your current financial situation and discuss your financial goals to see if we can help you reach them. If both parties feel it’s a good fit, we’ll then prepare a written financial plan to present at a second meeting.