Resources

Income Tax Quotes:

• When there is an income tax, the just man will pay more and the unjust less on the same amount of income.
• The hardest thing to understand in the world is the income tax.
• The only imaginative fiction being written today is income tax returns.
• The income tax created more criminals than any other single act of government.
• The only thing worse than paying income tax is not paying income tax.

Genius Tax Solution Inc. will save your taxes & increase your wealth with proper Tax Planning Strategies:

Tax Planning for Corporations:

• Income Splitting: Save your taxes by splitting income from high income family member to low income family member.
• Withdraw profits from your corporation without paying any income taxes.
• Incorporate your business: If you are self employed, you can save your lot of taxes by incorporating your business instead of doing business through Sole-proprietorship. The tax rate in small corporations (CCPC) is only 15.50% up to first $500,000 income.
• Save your taxes by investing through Employee Profit Sharing Plan.
• If you are corporate owner, your tax liability can be drastically reduced by implementing correct combination of income withdrawal strategy.
• Issuing Non-Voting shares to family members.
• Amalgamations/Mergers of profit earning & loss earning corporations.
•  Transferring income from profit making company to loss making company.
• Try to deferred income to next year & realize expenses in current year.

Tax Planning for Personal Clients:

• Save your income tax by investing in RRSP, RIF, LIRA, LIF and LRIF.
• Claiming interest expenses by taking investment loans.
• Open tax free saving account (TSFA) and remove tax liability.
• Decide correct time to invest and/or withdraw from RRSP.
• Splitting pension income with your spouse.
• Contribution to spousal RRSP.
• Tax Planning through Insurance & Investments.
• Don't forget to claim all available credits.