Tax Planning

At KBFP, we are knowledgeable about the complexities of the Canadian Tax System. Whether a private business, a partnership, a limited corporation or non-profit agency, our dedicated tax planning professionals can help steer your organization through the myriad of regulations, tax rules, and deductions that will help your enterprise pay the lowest tax possible.  

It’s important for tax planning to be done prior to simply filling out your tax returns, as there are practices that could help reduce your tax burden, such as the method of capital depreciation. Governments often provide tax reduction vehicles for small businesses in order to promote economic growth or reduce unemployment. At KBFP we ensure organizations are fully aware of the most recent tax changes to minimize tax liability.

Our tax planning experts help your organization to find deductions you are entitled to. There is an important difference between tax evasion and tax planning as a strategy to avoid paying more taxes than required. Tax evasion is illegal, but tax planning is not only legal, it is desirable.  For example, when operating a business out of a home based office, there will be deductions that can be claimed on certain home expenses and utilities, and we will advise you on how to maximize those deductions. Further, our tax experts can help you make decisions on types of investments that defer taxes, entitling you to the lowest possible tax rate.  At the same time, we will ensure you know the risks of these investment tools so an informed decision can be made on the types of investments chosen.

When a tax filing is prepared and submitted to the Canadian Revenue Agency, it is the individual or enterprise that is responsible for its accuracy and not the preparer. That is why it is important to choose tax return professionals and tax advisors like ourselves with a proven track record and reputation, as a result of only hiring skilled and qualified accountants.  When our tax advisors give advice you can be sure that advice is accurate and legal. We at KBFP ensure you are aware of the records and personal tax receipts you must provide if you are asked to be a subject of a government audit.  Failure to provide the information asked for can result in fines and penalties.

In summary, tax planning is a necessary part of any organization needed to improve after tax profits. Tax planning encompasses accounting procedures, investment tools and taking advantage of all deductions as defined by the Canada Revenue Agency. It is important to use qualified tax accountants to ensure all legal requirements and deadlines are met in a given taxation year. New government initiatives such as a provincial pension splitting or family tax cuts makes tax planning and filing even more challenging. That is why we at KBFP will help any individual or organization reduce the amount of tax you need to pay.