An Introduction to Planning

Many people have heard the words “tax planning” or “financial planning” but few understand why they are important, or how good planning can benefit you. Below are the planning services we offer and how they can help you achieve your ideal future. 

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Corporate Tax Planning

Corporate tax planning is the process of finding the optimal structure of your business to reduce taxes over the life of your business. Tax rules are constantly changing and staying on top of them each year is crucial. As Chartered Professional Accountants, we spend several months every year learning the changes and updates to the rules and how we can use them efficiently and effectively to help your business succeed.

For instance, in 2021, under certain circumstances, you can sell the shares of your business for up to $892,218 and pay zero tax. However, there are a host of requirements and exceptions. A good corporate tax plan will help you guarantee your eligibility for this exemption.

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kelowna accounting firm navigate accounting CPA
kelowna accounting firm navigate accounting CPA

Personal Tax Planning

Personal tax planning is arranging your income sources (i.e. rental properties, employment income, business income, etc.) in a way that minimizes taxation and is in compliance with tax legislation.

For example, deciding if you should contribute to an RRSP or pay down your mortgage would be a key aspect of your tax plan. We’ve seen clients with poor tax plans (or no tax plans) that are paying far more tax than they need to—sometimes in the tens of thousands of dollars!

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Financial Planning

Have you ever wondered if you’re spending too much money or stayed up late wondering if your current choices will affect you down the road? Would you like to know the amount of cash/investments you’ll have at age 65 and through retirement? There is an answer to both of these questions.

A financial plan is a documented mathematical representation of your finances today and where you will be over the course of your life. It’s made to be easy to understand and simple to read. We believe that everyone should have a documented financial plan with clear directives for savings each year and investment objectives that can be simply communicated to investment advisors.

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financial planning kelowna
kelowna accounting firm navigate accounting CPA

Cash Flow Forecasting & Budgeting

Ensuring that your cash flow is accurate and properly captures the realities of your business can be challenging. Determining the timing and the dollar amount of the movement of money involves significant estimation and professional judgement. That’s where we come in. We can help you make the best decisions possible through clear, easy-to-understand explanations so your business can thrive.

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Free Consultation

Set yourself up for freedom. Find the right opportunities to save money and earn more income for you and your business by setting up an appointment with one of our accounting professionals.