Tax Planning 


The Essentials of Tax Planning

Many of us think of taxes as a factor in life we can’t control. Taxes are taken out of our income, or we pay them to the government. At (name of company) in (name of location), we want you to know that, while it’s true that the law requires tax payments, you have some control. With tax planning, you can ensure that you have a plan to minimize your taxes to the lowest amount under the law and to maximize your financial status.

Why Use A Tax Planning Advisor?

Do you have an accountant that does your taxes? One that looks for deductions during tax return preparation? That’s great. Do you do the same yourself without an accountant? Are you knowledgeable of the tax laws and how best to apply them? That’s good, too. When you add a (company name) financial advisor that specializes in tax planning, you amplify your efforts toward paying the right amount of taxes in both the short and long run.

A tax planning advisor will review your past tax returns as a starting point. Your advisor will work with you and your accountant, should you have one. At (company name), we assess your income, assets, lifestyle, goals and any current or upcoming changes in your life that affects your financial status.

Another great reason to consult with a financial advisor: the complicated, ever-evolving Canadian Income Tax Act. It’s difficult for individual tax planners to understand the Act and to keep up with annual changes and apply them to their taxes. Our successful tax planners study the act and know all the best ways to use it to your advantage. They keep up with annual changes and interpret the application of the amendments to your tax situation.

Specific Reasons To Reduce Your Tax Liability

The simple answer involves keeping more of your hard-earned money along with funds gained through investments, inheritances, and other means. The bigger answer lies in establishing your financial goals. Think of having more money for: 

  • An emergency fund
  • An easily accessible savings account
  • A new home
  • A family
  • A college savings account
  • A travel budget
  • A retirement plan

Many people have financial goals similar to the above items, but your unique set of goals requires a customized approach that allows the most money available to achieve them. That’s what creating a plan with a tax planning advisor is all about.

Tax Planning Over Your Lifespan

A financial plan including tax planning sets a framework for your life’s financial goals. As life goes on, events occur that change your goals and your financial status. You may, for example, start a business that takes away a lot of financial resources, requiring an adjustment in your five-year plan. After five years, you may begin to make money, so you revisit your goals and plan again. Changes may require different tax strategies than you’ve used previously. At HollisWealth Ancaster, we can advise you on the best approach for the new life event. We’re here for you through the entire journey called life.

In addition to starting a new business, some significant and common events include:

  • Becoming self-employed
  • Changing jobs and income levels
  • Getting married
  • Adding to your family with children, elder dependents, or disabled dependents
  • Getting divorced
  • Experiencing a serious health issue
  • Inheriting money or property
  • Retiring

Let’s explore the first and last items on the list. Newly self-employed workers often fear the tax record-keeping and payment processes. On top of these concerns, self-employed people should consider their tax strategy. For an individual, it can be overwhelming to plan, figure out tax amounts, and pay them as required by law. Our tax planning advisors provide the direction and practical advice needed to make the self-employment tax process work for you.

The last item, retirement, is a big one. Early in your career, you plan for retirement. As you get closer to it, your financial goals and strategies may change based on your financial status and the number of years left to work before retiring. When you do retire, your retirement plan enables you to reap the benefits of paying taxes on a lower income than you had when you were working. It will be time to review your tax planning approach for this stage of life. HollisWealth Ancaster will be ready to help, once again.

The Tax Planning Advisors at HollisWealth Ancaster

As a result of working with a tax planning advisor, you’ll be presented with a tax strategy that works to your advantage. You’ll learn what to do to lower your tax burden for the current year as well as for your future. We’ll recommend a long-term financial plan that provides the most benefit for you under the current tax laws. Does this appeal to you? Contact HollisWealth Ancaster at (905)-648-3588 to get started on your planning your financial future. They’ll work with you to make sure that you don’t pay more than your share of tax liability while staying with the law, now and into the future.

Book your free consultation today.


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HollisWealth Ancaster

We believe your success relies on the relationship you have with your advisor, the advice you receive to improve your life, and the fees you pay to achieve your life goals. Our clients are our first priority.

HollisWealth® is a division of Industrial Alliance Securities Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

This is not an official website or publication of HollisWealth and the information and opinions contained herein do not necessarily reflect the opinion of HollisWealth. The particulars contained on this website were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by Industrial Alliance Securities Inc., its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness. Furthermore, this website is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where they are registered. Insurance products provided through Hollis Insurance.