Income Tax

Income Tax

When it comes to that time of the year to have your taxes prepared, count on the professionals at IWM to get the job done right!

The Canadian Income Tax Act states that “it is every taxpayer’s legal right to structure their affairs to pay the least amount of tax possible”. Canada Revenue Agency’s mandate is to collect as much tax as possible. This conflict creates a face-off between the taxpayer and the government. Each new budget changes the rules and establishes new guidelines that can be difficult to navigate for the ordinary taxpayer.

What is the difference between a deduction and a credit? Which is better? What can I claim if I am an employee? What can I claim if I am self-employed? Should my compensation from my corporation be taken as salary, or as dividends, or a combination of both?

Tax planning is taking a legitimate proactive stance with one’s income, investments, and tax-deductible plans to reduce tax. We provide you with professional advice aimed at reducing the taxes you pay. If you are tired of paying high taxes, why not see what we can do for you.

Give us a call to start your journey to the most tax efficient tax plan possible!

Friendly, Professional Advice.

Contact us at Innovative Wealth Management Ltd.

Philip and the team at Innovative Wealth helped us to claim credits we did not know we could access on behalf of dependants. Their efforts made all the difference to our parents living a more comfortable retirement

Donna P.
, BC

The Value of Professional Advice

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