Tax planning is an important component of wealth management since taxes can have a significant impact on your wealth. We look for ways to minimize the taxes that you and your family pay.

Business planning involves structuring business affairs to create financial and tax efficiencies. This planning cannot be done in isolation and it must be integrated with the business owner's personal financial affairs and family circumstances.

There are 5 key areas in tax and business planning:  

Most tax savings plans are either aimed at reducing taxes or deferring taxes. Tax reduction strategies can involve claiming specific deductions or credits. They can also involve having income earned by a family member or other entity to take advantage of lower income tax brackets that may apply to them.

A plan to defer tax is based on the belief that it is always better to pay taxes later rather than sooner. This is especially the case if it is anticipated that a lower income tax rate will apply in the future. A common method for deferring tax is through an RRSP.

Business planning involves an ongoing review of the business to ensure that the business structure is still appropriate. Are there changes that could be made that could provide greater tax or financial efficiencies?

Often the business owner's main source of income is from his or her business. There are many ways that the owner's compensation can be structured. Tax and other considerations play a key role in determining the best method.

Business succession is a key piece of the planning required for the business owner. After all, the business is often a major component of his or her wealth and proper succession is often vital to protect the value of the business.

As is the case in most planning, tax and business planning is an on going process. It must take into account changing tax laws as well as your changing circumstances.