Tax Planning

Banka & Company, CPA’s Tax Planning Services helps small businesses and individuals find the best results to eliminate or substantially reduce the amount of tax payable. By compiling information we provide suggestions of where you are able to minimize and/or defer taxes in the future. Our team of Chartered Professional Accountants (CPA’s) stay abreast of any new changes to the Canadian Tax system and pass on this information to our clients by regular mail or email on a quarterly basis.

Scheduling Quarterly Meetings

Our system is to provide you with a visual and written roadmap of your financial picture. As tax planning is an ongoing process, it is recommended to schedule a quarterly meeting with us to review where you are at with your income and expenses. We will review the analysis with you and indicate where you can take advantage of tax credits and deductions available to you and/or your small business.

Provincial and Federal Taxes have a different set of rules to follow. This makes trying to know where to save on taxes complicated;  A CPA can help you navigate through the maze of bureaucratic red tape.

Some of the tax planning we cover includes;

  • Steps necessary to incorporate a small business
  • Income tax filing for individuals, corporations, entrepreneurs, partnerships and trusts
  • Tax efficiency business setup for small business to know if it is to their advantage to incorporate
  • Capital gains exemption
  • Where you are able to lower your tax rate
  • Corporate dividend tax planning
  • Investment dividend tax planning
  • Tax credits to claim
  • Tax planning installment payments
  • Shareholders compensation plan for dividends versus salary. Which is presently best for your goals?
  • Reducing taxable income over the long term
  • Preparation of GST/HST, PST, payroll
  • Purchase or sale of a small business
  • Tax of Split Income (TOSI) alternatives should you amalgamate or restructure your Holdco
Your personal and/or small business tax planning will change over the years and into the future. Having the expertise of a Chartered Professional Accountant be a part of these changes brings valuable tax advice as well as increases your financial bottom line.

ACCOUNTING, TAX & FINANCIAL ADVISORY SERVICES

At Banka & Company, CPA we help clients Plan, Manage, and Succeed