Personal Tax

We provide comprehensive tax reporting and tax planning services to individuals.

Why (we can help)

The tax rules undergo constant change, which tends to add increasing layers of complexity to the tax reporting and planning processes. We find that an increasing number of individuals seek out our services because they do not have the ability, the inclination, the time (or some combination of these) to deal adequately with their tax reporting obligations.

Particularly when your circumstances stray from your normal pattern, you may suddenly find yourself outside your comfort zone. These are some of the events that frequently trigger a need for professional tax return preparation services:

  • inherit a significant sum of money;
  • receive stock options from your employer;
  • accept a job that enables you to claim auto and other employment expenses;
  • become severed from your job;
  • become an independent contractor;
  • start up a business on your own (proprietorship);
  • start up a business with a partner (partnership);
  • acquire a rental property;
  • acquire investments through your advisor that you find increasingly difficult to understand;
  • become separated from your spouse; or
  • become responsible for the tax filing obligations of others (informally, as a responsible family member or formally, as a trustee or executor)

There may not be a single event that pushes you over the edge. Perhaps the annual job of preparing your tax return has finally become too arduous and time-consuming, beyond your threshold of tolerance. Or you may no longer be completely confident that you are getting the full benefit of every deduction and credit to which you are entitled.

These are some of the questions that frequently trigger a need for professional tax planning services:

  • when can I afford to retire?
  • how can I minimize the taxes arising on my death?
  • how can I structure my investments to minimize current taxes?
  • does it make sense to buy more insurance?
  • is there a place for trusts in my financial or estate plans?
  • how can I split income with members of my family?
  • does it make sense to borrow for investment purposes?

Providing tax reporting and tax planning services goes hand in hand. The process of annual tax return preparation provides us with the opportunity to recognize planning opportunities and to follow-up on the implementation of tax strategies.

How (we do business)

Although our profession is based on mastering a vast knowledge base of technical information and rules, we fully appreciate we are in the business of reducing stress. When our clients tell is what they want, the message is remarkably consistent. They want to:

  • claim every legitimate deduction to which they are entitled,
  • pay their fair share of taxes (but not a penny more),
  • know how to arrange their affairs to be more tax efficient in future, and
  • sleep peacefully at night.

They also freely tell us that they do not want to:

  • make aggressive claims on their tax returns,
  • incur interest or penalties,
  • have the tax authorities knocking on their door, or
  • experience any other unnecessary surprises.

These values, expressed to us repeatedly, inform and guide our approach to business.

We are experienced at making complex issues understandable, working around your organizational deficiencies and dealing with short attention spans.

What (we offer)

Tax return preparation:

  • T1 personal tax returns;
  • Quebec personal tax returns (TP1 returns);
  • deceased taxpayer (terminal) tax returns;
  • immigrant tax returns;
  • departure tax returns;
  • section 216 tax returns;
  • non-resident tax returns;
  • T2 corporations tax returns; and
  • T3 trust tax returns.

Tax planning, including:

  • income splitting;
  • borrowing to invest;
  • education trusts; and
  • tax saving strategies.

Estate planning, including:

  • charitable planned giving;
  • estate freezes;
  • alter ego and joint spousal trusts;
  • intergenerational business & wealth transfers; and
  • will planning.

Retirement planning, including:

  • cash flow projections;
  • RRSP conversion decisions; and
  • pension plan decisions.

Personal financial planning, including:

  • cash management and budgeting;
  • investment planning and asset allocation;
  • risk management and insurance;
  • tax planning;
  • retirement planning; and
  • estate planning.

If you feel that you could benefit from any of these services or you would like to explore the possibility, please feel free to contact John Mott.

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