Taxes are done for another year…. Phew! Now what?

Sit back and reflect on your 2015 tax preparation and outcome. Do you:

  • Get a sizeable return, or have to pay?
  • Have difficulty finding all your receipts, and are worried you’ve missed out?
  • Have questions about your tax return, including tax and retirement planning?

If you answered yes to any of those questions, it may be wise for you to consult a financial professional. If your tax accountant offers financial planning services, it may be prudent to schedule a meeting with them to discuss your return and how best to optimize your outcome. Many accountants aren’t able to provide that type of consulting, so a financial advisor may be a better and more comprehensive way to go.

Although there is no bad time to look at financial, retirement, estate or tax planning, it’s great to look at now while your return has yet to be filed away in a drawer, and all your documents are at hand.

Wondering how tax planning can benefit you?

With a proper plan and ongoing consultation with a financial professional you can:

  • Avoid paying or receiving too much income tax, so that your money remains yours
  • Make you aware of some of the more obscure and current deductible expenses so you don’t miss out
  • Help you to keep your finances organized throughout the year
  • Create a budget if you have to pay income tax (i.e. self-employed) so you can avoid penalties and interest
  • Introduce and help to implement tax-saving strategies designed for you so that you can be proactive, instead of waiting until April rolls around to try and save on tax

This year’s federal Liberal budget introduced new tax changes, including the elimination of some deductions. A financial professional can help you navigate those changes.

“But we don’t have time to make a financial plan…”

Do you have time to waste without one? A comprehensive Financial Plan will not only address your tax questions and concerns, but will also ensure that your assets and family are protected, your retirement will be what you dream of, that your loved ones will be taken care of in the event of a catastrophe, that your assets will transfer to the next generation with limited hassle or tax loss, and so much more. Best of all, it will give you peace of mind to know what still needs to be done for your future, or provide reassurance that you’re where you need to be.

A few hours with a financial professional is all it takes … Call to start your financial plan today!