Tax Planning

Banka & Company CPA Tax Planning Services helps small businesses and individuals find the best results to eliminate or substantially reduce the amount of tax to pay. By compiling information we provide suggestion how to set up your tax planning portfolio from present day and where you are able to minimize and/or defer taxes in future years. Our team of Certified Professional Accountants (CPA’s) stay abreast of any new changes to the Canadian Tax system and pass on this information to our clients by regular mail or email on a quarterly basis.

Scheduling Quarterly Meetings
The system we have for setting up a tax plan is to provide you with a visual and written roadmap of your financial picture. As tax planning is an ongoing process, it is recommended to schedule a quarterly meeting with us to review where you are at with your income and expenses. We will review with you the analysis where you can take advantage of tax credits and deductions available to you and/or your small business.
Provincial and Federal Taxes have a different set of rules to follow. This makes trying to know where to save on taxes complicated; a CPA can help you navigate through the maze of bureaucratic red tape.

Some of the tax planning we cover includes;

• Steps necessary to incorporate a small business
• Income tax filing for individuals, corporations, entrepreneurs, partnerships and trusts
• Tax efficiency business setup for small business to know if it is to their advantage to incorporate
• Capital gains exemption
• Where you are able to lower your tax rate
• Corporate dividend tax planning
• Investment dividend tax planning
• Tax credit to claim
• Tax planning installment payments
• Shareholders compensation plan for dividends versus salary. Which is the presently best for your goals?
• Reducing taxable income over the long term
• Preparation of GST/HST, PST, payroll
• Purchase or sale of a small business

Your personal and/or small business tax planning will change over the year and into the future. Having the expertise of a Certified Professional Accountant firm be part of these changes brings valuable tax advice as well as increases your financial bottom line.