How much of my income is taxable vs non-taxable?
Other than contributions to your TFSA, all income is generally taxable. However, there are income tax benefits that exempt you from tax on certain things such as life insurance or capital gains on a principal residence.
Is incorporation right for me?
Incorporation depends on many personal factors and should be considered on a case-by-case basis. If you are thinking about incorporating your practice, we advise you to contact a financial advisor to help you with this decision. As a general rule of thumb, incorporation is favourable if the advantages are greater than costs associated with the incorporation process.
What are some ways I can improve my tax return?
There are many ways to decrease your taxable income. Our financial advisors will ensure that you are considered for every possible benefit. In addition to incorporation, some common strategies include RRSPs, TFSAs, life insurance, and estate planning.