Planning that happens before the year ends, not after

By the time you file, most decisions are locked in. Planning is what happens while you can still change the outcome.

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Pension income splitting: Up to 50%
Planning deadline: December 31
Small business limit: $500,000

Overview

Tax Planning, done properly

Tax preparation records what already happened. Tax planning changes what happens next - and almost all of the leverage sits in decisions made before December 31st.

Planning is legal, deliberate use of the exemptions, deductions and credits already written into the Income Tax Act. Earlier is better, but it is rarely too late to improve the next year.

Who this is for

6 common cases

If one of these sounds like you, this service is a good fit.

Incorporated business owners deciding how to pay themselves
Couples whose combined income affects their benefits
Families with children claiming CCB and childcare
People with RRSP or FHSA room and a decision about when to use it
Anyone with a windfall, bonus, or property sale on the horizon
Retirees and near-retirees splitting pension income

What's included

What you actually get

Nothing appears on the invoice later that was not described here.

Salary versus dividends
Modelled at your actual income level. Salary is deductible to the corporation and creates RRSP room; dividends are taxed more lightly in your hands. The right mix is arithmetic, not opinion.
Family-level optimisation
Benefits like the CCB and the groceries and essentials benefit are calculated on combined family income. Planning at the couple level, not the individual level, is where the money is.
Credit transfers
Tuition, age, disability and pension credits moved to whichever spouse can actually use them.
Pension income splitting
Allocating eligible pension income between spouses to lower the combined bill.
RRSP and FHSA timing
Whether to contribute now or carry the deduction forward to a higher-income year.
Structure review
Whether your current setup still fits the business, and what it would cost to change it.

The process

How this works

4 steps, from first message to filed.

Step 01
Understand the whole picture
Household income, corporate income, benefits, and what you expect to change in the next twelve months.
Step 02
Model the options
Real numbers on each route rather than general rules of thumb.
Step 03
A written recommendation
What to do, when to do it, and what it is worth.
Step 04
Implement and revisit
We put the plan into effect at filing time and review it as circumstances change.

Step 01
Understand the whole picture
Household income, corporate income, benefits, and what you expect to change in the next twelve months.
Step 02
Model the options
Real numbers on each route rather than general rules of thumb.
Step 03
A written recommendation
What to do, when to do it, and what it is worth.
Step 04
Implement and revisit
We put the plan into effect at filing time and review it as circumstances change.

Questions

Tax Planning questions

Straight answers to what people ask us most.

When should I start tax planning?

Before your year end, because that is when the decisions are still open. That said, the second-best time is now - planning done in January still shapes the twelve months ahead.

Salary or dividends - which is better?

Neither universally. Salary is deductible to the corporation, creates RRSP contribution room and builds CPP credits. Dividends face a lower personal rate but are paid from income the corporation has already been taxed on. The right answer depends on your income level and what you want the corporation to retain, so we model both.

Does planning matter if I'm an employee?

Yes, though the levers are different. RRSP and FHSA timing, credit transfers between spouses, childcare allocation and charitable donation timing all move the number, and all have to be decided before year end.

How is planning priced?

RRSP planning is $149. Broader engagements are quoted by scope after a conversation, so you know the fee before any work starts.

Get started

Ready to sort out your tax planning?

Tell us your situation and we will come back with the exact scope, what we need from you, and the fee, before any work starts.

Key numbers

Pension income splitting: Up to 50%; Of eligible pension income, shared with a spouse to lower your combined tax
Planning deadline: December 31; Most moves count only in the calendar year they are made
Small business limit: $500,000; Active business income taxed at the lower small business rate