The tax situation of our ElderCare Concierge clients are unique, and the ElderCare Life Plan properly integrates those unique needs with solutions.
Taxes are a fact of life. Whether ensuring the maximization of an estate or transferring your estate, life is full of taxable consequences that, if left unchecked, could consume an ever increasing amount of one's livelihood. While the Income Tax Act was created specifically to ensure that everyone pays their fair share it also affords all taxpayers the right to organize their financial affairs in such a way so as to minimize their taxes whenever and however possible within the legal confines of the Act. And that is the objective of tax planning, and specifically the objective of the ElderCare Life Plan is to focus tax planning for the ElderCare Concierge client.
At its core, tax planning is the process of organizing your finances in such a way to take advantage of the many rules that allow you to maximize the amount of income and/or capital you keep each year or defer into the future. While the process is essentially the same for any taxpayer, it may entail different types of tax strategies specifically for the ElderCare Concierge client. Strategies for deferring or splitting income, deferring or maximizing retirement contributions, capital gains or losses, property ownership, or charitable giving are applied differently in each situation, so they must be developed specific to your needs.
Tax planning and tax strategies involve the application of the rules and provisions of the Income Tax Act, which is voluminous and in a constant state of change. Because their effective application can result in hundreds or even thousands of dollars of tax savings each year, it is strongly recommended that you seek the guidance of a financial professional with experience in income and investment planning strategies for minimizing personal income taxes.