Income Tax Planning Services | Reynolds and Cantelo CPA Professional Corporation

Income Tax Planning and Preparation

Through our tax planning services, we also help you minimize both your current and future tax liabilities.

We offer Taxation for Personal, Corporate and HST

Income Tax Preparation

Income tax return preparation of your individual or business returns can be a challenge that often leaves you with more questions than answers! Because tax laws are constantly changing, we work with you throughout the year to keep you abreast of these changes and their effects. Through our tax planning services, we also help you minimize both your current and future tax liabilities. Even if you use a computer software program, there is no substitute for the help of an experienced Chartered Accountant tax professional.

If you do not have the time to meet directly with us regarding your income tax return preparation, you may fax, mail, or e-mail your information to us. We will complete your individual and/or business tax returns and will contact you if additional information is needed. This can save you valuable time during your busy schedule and can accelerate the completion of your income tax return.

You can expect these income tax return services from us:

Your income tax return will be checked and rechecked by our computer software identifying potential problems or audit risks that the CRA may investigate.
The software also eliminates errors that are commonly made on paper income tax return.
Your refund, if you are due one, can be direct deposited into your bank account!
Our staff will show you how to adjust your payroll withholding to minimize your deductions each week.
We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year’s tax liability.
All returns are reviewed by a licensed Chartered Accountant.

Income Tax Planning

Income Tax planning can play a crucial part in assessing your tax exposure and can provide a road map to avoiding or reducing your tax risks.

The importance of an assessment or tax planning of your situation should never be over looked nor understated. This is an essential first step if you want to reduce your taxes.

Not only will it help you to understand how to avoid the tax traps, you will gain valuable insights as to how to increase your income tax efficiently and protect your hard earned money from the tax man.

You will be able to accurately predict or assess how much your tax bill will be before the end of each year, on an ongoing basis.

Ever Stopped To Think About How Much Taxes You Are Paying Unnecessarily?

As a crucial part of the financial and tax planning process, tax analysis is concerned with

- Identifying or establishing tax objectives
- Identifying and evaluating risks associated with specific tax situations
- Evaluating the tax costs and benefits of suitable alternatives that address these tax risks
- Selecting appropriate strategies and implementing them and
- Monitoring the outcomes as part of the overall process.

The Anatomy of Tax Planning

Assets and liabilities assessment
Income sources e.g. salaries, investment income, capital gains, business income, dividends etc.
Expenditures, these are either discretionary and non discretionary
Tax deferral vehicles and tax efficient investments
Levels of tax deductible debt
Types of investments
Risk management

In summary, tax planning provides a roadmap for a tax payer to reduce taxes while he/she earns, reduce taxes while he/she spends and guides him/her to strategies to protect, preserve and increase investment income in a tax efficient manner.

Reynolds and Cantelo CPA Professional Corporation

For Accounting or Tax questions, contact us to find out how we can help you and your business