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With the annual tax filing deadline upon us, it's too late to take steps that will improve your 2006 tax situation, but it's an ideal time to start thinking about 2007. According to John Waters, tax expert with BMO Nesbitt Burns, tax planning should be a year-round process and all Canadians, particularly small business owners, should start planning their taxes well before next year's April deadline.
“When tax time rolls around, you can hear the collective groan from everyone who has to start sorting their financial records to meet the deadline,” said Waters. “My message is: Don't put it off. Preparing your tax return presents an opportunity – not a necessary evil – to evaluate why you're paying the taxes you are and how to change that for next year. Be proactive now and you may actually lower your 2007 tax bill.”
“There are many strategies, some very simple, that you may be able to use to reduce the amount of income tax you pay. The best strategy is to plan ahead.”
| Who: | John Waters, C.A., CFP, TEP Manager of Tax Planning, BMO Nesbitt Burns |
| What: | John can provide tips and straightforward explanations that Canadians and small business owners can use to get the most out of tax season. |
John can discuss:
- The biggest misconceptions when it comes to taxes, such as thinking that tax planning is just for the wealthy or those with complex situations.
- Tax planning and savings tips - simple things almost everyone can do to improve their tax situation, including how to avoid common tax filing errors.
- Understanding the potential impact of recent significant changes to Canadian tax law and how to take advantage of the new tax credits and deductions available in 2007, including the incentives proposed in the recent Federal budget.
- Importance of planning, not just filing your taxes. Why entrepreneurs in particular need to look at the big picture, including taking into consideration their personal, business and family situations.
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