Got a Question?
Ask an Advisor!

Tax Planning

Tax is the expenditure imposed on individuals, estates or businesses to finance the economic activities and social operations by the government. In other words, it is the society’s support to the government’s activities and services. In Canada for example, individuals need to pay federal tax, as well as taxes to the provincial governments.

Each year, Canadian residents are required to file their personal income tax by the end of April. One is advised to file it even if no income was generated in the past year, as failure to do so may reflect negatively on items such as Good and Service Tax (GST) refunds and Child Benefits records.

Property taxation too is a recurrent event, and while it is a homeowner’s duty to pay the dues, clients should be advised to utilize available government programs such as property tax deferment to make their finances more sound.

New immigrants to the country, especially investment immigrations, who still have large foreign assets, may worry about tax consequences. They may also want to know the difference in taxation between residents and non-residents.

The above questions and other concerns can be answered by a Grandtag Financial advisor.