Tax Planning Services

Tax Deferral

Deferring tax is one of the most powerful tools in a financial plan. Delaying the payment of tax allows your money to grow uninterrupted and compound over time. Tax deferral strategies include:

• Maximizing RRSP and pension plan contributions
• Leveraging corporate investment accounts for incorporated professionals
• Timing capital gains or dividend income to occur in lower-income years

Registered Account Optimization

RRSP (Registered Retirement Savings Plan)

Contributions are tax-deductible and grow tax deferred. Ideal for reducing taxable income during high-earning years.

TFSA (Tax-Free Savings Account)

Grow investments tax-free and withdraw them without triggering tax. Perfect for both short-term and long-term goals.

IPP (Individual Pension Plan)

A powerful tool for business owners or incorporated professionals with high income. Allows large, tax-deductible contributions and creditor protection.

RESP, RDSP, PRPP, and more

Each plan has unique tax benefits. Choosing the right combination based on your financial goals is key to optimizing tax outcomes.

Efficient tax planning for retirement can help preserve capital, reduce OAS clawbacks, and control how and when income is taxed.

Strategies May Include:

• Income layering from RRSPs, TFSAs, and non-registered accounts
• Deferring CPP or OAS to maximize payouts
• Pension splitting to lower household tax liability
• Using an IPP or RRIF drawdown strategy

We design retirement income strategies that align with your desired lifestyle and minimize taxes over your retirement horizon.

Tax loss harvesting is the practice of realizing capital losses to offset capital gains, thereby reducing taxable investment income.

How It Works:

If you realize $10,000 in capital gains but sell investments with $10,000 in losses, your net taxable gain becomes $0. Losses not used in the current year can be carried forward indefinitely to offset future gains or reduce regular income (up to $3,000 per year federally).

Important: To avoid a wash sale, you must wait at least 30 days before repurchasing the same or a similar investment.

Even in years without capital gains, harvesting losses can be a powerful tool for future tax relief and income smoothing.

What Is Income Splitting?

Income splitting is the practice of shifting income to a family member in a lower tax bracket to reduce the overall household tax bill.

Income Splitting Examples:

• Contributing to a Spousal RRSP
• Splitting eligible pension income between spouses
• Transferring CPP benefits
• Using RESPs for children’s education savings
• Establishing Family Trusts for long-term asset distribution

Effective income splitting requires careful setup and ongoing monitoring to remain compliant with CRA rules, especially around attribution.

For business owners and incorporated professionals, tax planning extends beyond personal finances. We help structure your corporate earnings in a way that:

• Defers taxes using retained earnings and corporate investment accounts
• Extracts income tax-efficiently via dividends, salaries, or bonuses
• Optimizes shareholder compensation
• Prepares for succession or business sale with minimal tax friction

If you’re self-employed or run a professional corporation, tailored tax strategies can significantly enhance after-tax wealth accumulation.