Tax minimization makes use of techniques that take advantage of tax preferred, tax exempt, or tax deferred financial products to accumulate money for use today or a later date. For example, there are products that can produce an income now or later and the taxes you pay are significantly less than from GIC’s, term deposits and bonds.
If you pay less in tax, you can accumulate more or have more income to spend. In a country like Canada where taxes can be almost 40% of your taxable income, reducing taxes should always be a priority. After all, it’s not how much you earn, but how much you keep that matters.
An Erven Planning advisor can show you creative ideas that can help you and your loved ones maximize tax deferral and minimize the tax you pay today.