Numeracy Accounting Solution’s estate and tax planning services in Mississauga help hundreds of companies optimize their tax filing and other requirements. But how can their services help stabilize your business?
This question might have crossed your mind!
Are you a business owner? A professional? Or someone looking to protect your assets?
It is important to understand the complexity of tax and estate planning. Seeking expert guidance can be highly beneficial when dealing with the complex tax and estate planning challenges in Canada. In this blog, you will learn how you can achieve financial security and peace of mind with our r tax and estate planning services in Ontario.
Our Tax Planning Service
There’s a lot more to tax planning than just filing your annual tax returns. It involves utilizing strategies that help you minimize the amount of taxes you pay while maximizing your income and savings.
Each year, approximately 3.5% to 4.8% of individuals fail to submit their tax returns to the CRA in time to be included in conventional datasets. Delayed tax filing leads to severe consequences for both the economy and the individual.
To avoid such consequences, here’s how we help you with our tax filing service:
Personalized Tax Strategies
At Numeracy Accounting Solutions, our team of professional accountants works closely with you to understand your financial circumstances. This involves thoroughly analyzing your financial needs and goals. Whether your goal is to maximize tax credits, deductions, or income-splitting potential, we ensure that you take advantage of every eligible opportunity provided under Canadian laws.
Income Splitting
In Canada, income splitting enables couples and families to reduce their overall tax burden by splitting income among family members in lower tax brackets. This method is especially useful for those with significant wage differences between spouses or dependents. Our team guides you through the rules of income splitting and ensures that you meet all legal requirements.
Tax-Efficient Investment Planning
Investing your money wisely can help you secure your financial future. Through our tax planning service, we suggest tax-efficient alternatives, such as Tax-Free Savings Accounts (TFSAs) or Registered Retirement Savings Plans (RRSPs). Our goal is to help you build your financial future without losing a large portion of your investment returns to taxes.
Capital Gains and Losses
Effectively managing capital gains and losses is essential for tax planning. Our skilled team will help you strategically time your investments to maximize your capital gains and recommend strategies for offsetting profits with losses when possible.
Our Estate Planning Services
Our estate planning service allows you to take a step toward protecting your financial assets. Estate planning involves critical decisions in three aspects:
- Distribution of your assets
- Care of your dependents
- Your Legacy
Inefficient estate planning can lead to unnecessary taxes, probate fees, and delays, leaving your loved ones with legal and financial burdens. We want to help you avoid these challenges, so continue reading to learn how our estate planning services can assist you.
Creating a Comprehensive Will
A will is the foundation of every estate plan. It specifies how your assets will be distributed and who will care for your dependents following your death. Our staff works with you to develop a clear, legally binding will that matches your objectives. We assist you in naming executors, guardians, and beneficiaries, ensuring that your estate is managed efficiently.
Trusts and Power of Attorney
A trust is a powerful estate planning tool that allows you to transfer assets while controlling how and when they are distributed. We can help you set up trusts that protect your assets and care for your loved ones in a tax-efficient manner.
Additionally, we can help you set up powers of attorney for financial and healthcare decisions so that someone you trust can act on your behalf if you become unable to make decisions due to illness or incapacity.
Probate and Executor Services
Taxes and estate planning in Canada can be tricky. If not handled properly, it could cost you a significant amount and cause delays.
To avoid such a situation, our team assists with everything from submitting paperwork to distributing assets according to your will. We also offer executor services if necessary, giving you peace of mind knowing that your estate will be handled professionally.
Key Takeaways
Our tax and estate planning attorney near Mississauga is designed to help you establish a stable and secure financial foundation.
By using our tax and estate planning services, you can:
- Take a significant step toward achieving your financial goals.
- Ensure that your loved ones are taken care of.
Let us confidently and carefully guide you through the process, allowing you to focus on what truly matters—living your life to the fullest. Book your first free consultation today!For more insights on choosing the right financial services, explore our guides on How to Choose a Personal Tax Accountant for Your Needs and How to Choose the Right Business Consultant Firm in Mississauga for Your Needs.