Do you feel surprised by your tax return every year? You don't need to with tax planning. Here are some ways your taxes can be less painful ― and we can assist you with all of them.
If you are a new or pre-existing investment client with Matchett Financial Services, we encourage you to book a free consultation with our tax specialist to make sure all of your tax needs are taken care of.
Every year, Canadian residents are required to file a tax return. By doing tax planning with us, you will know what to expect and you will feel more in control of what your tax year looks like — all thanks to some common strategies we implement with our clients.
The most commonly understood strategy is for you to make deductions from your taxable income. Examples of tax-deductible items are RRSP contributions, child care expenses and professional fees.
In Canada, we operate under a marginal tax rate system. This system was put in place to help define how much tax you need to pay on your annual income. You can be taxed by the federal government and the provincial government through this kind of system and each government will have different dollar values and percentages defining each bracket.