Income Tax Preparation & Planning
Tax efficiency is one of the most commonly ignored facets of building a financial strategy. Ignoring the impact of income taxes on your investments could hinder the growth of your overall portfolio and make it more difficult to reach your goals. At Prism Financial Services we can integrate your personal income tax situation into your investment strategy.
Personal Tax Return Preparation
Do thoughts of preparing your tax return bring feelings of anxiety? We will meet with you to ensure that we have all your income tax slips and information needed, we can confirm directly with the CRA that none of your slips have been missed to avoid unexpected amendments, and we can make recommendations as to how you may save taxes, either for the current year or in the future. We can also make recommendations for credits that you may have previously missed and help amend prior years' returns.
Future Tax Projections
For those clients who are concerned about future tax implications, due to our expertise in tax preparation we are able to project taxes forward and give clients an estimate of how much tax they may owe for the following year, in retirement or at any point that may be of concern. All of these projections are estimates based on the current years' tax rules, but this may help in planning for the future.
Investment Tax Planning
One of the largest mistakes a do-it-yourself investor can make is not using the tools available to optimize the tax efficiency within your portfolio. Using the principles of tax deferral or tax avoidance we can help you streamline your investments to reduce your overall taxes owing. For investment accounts that are non-registered we can recommend products that are built to be tax efficient but nonetheless have excellent track records of performance.
Estate Tax and Wealth Transfer
Are you worried about how much tax your estate may encounter upon your passing? We project how much tax your estate may be subject to, and provide you tips and recommendations to reduce this tax burden. By helping to maximize the value you will leave to your beneficiaries, we can help you protect your lasting legacy.
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