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Income Tax

Canadian residents are taxed on their worldwide income for the year. The sources of this income could include any combination of employment income, professional or business income, property income (which includes interest, dividends, rents and capital gains) and other income, such as pension benefits, alimony and maintenance, scholarships, and RRSP withdrawals.

Income tax preparation may be time consuming and complicated for many people. Consider consulting a FFS professional to provide tax advice and prepare your personal income tax returns.

FFS professionals prepare tax returns for individuals, business, estates and trusts

FFS professionals can provide clear answers to your complicated tax questions. They can assist you in avoiding tax problems by analyzing the tax effect of transactions in the planning stage.

As a starting point, why not consider these tax saving ideas:

• Make your maximum annual RRSP contribution early in the year
• Make spousal RRSP contributions if your spouse has little or no income
• Transfer investments to your spouse or children to achieve some income splitting
• Employ your spouse and children, where possible, to take advantage of their lower marginal tax rates
  
• If you must borrow, borrow for investments to maximize the deductibility of interest costs
  
• When paying down debt, reduce debt with non-deductible interest costs first
  

Tax planning will ultimately increase your personal wealth, so you can't afford not to do it!

Contact: Taxes@fortune-financials.com

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