Testimonials

Hammad Naseem

 “We started off as a small company and needed assistance with bookkeeping and year-end tax preparation. I am happy to say that within three years, we have enjoyed substantial growth and are well on our way into being a success story. Throughout this growth period, Williamson Accounting has been with us side by side- each month, providing updated financial reports and guidance needed to direct our business and keeping us on track. At the company’s year-end, they have been dependable in providing tax planning we need including issuing and filing T4’s for our employees and corporate and personal tax returns. They are a great resource for any start-up or growing business and we highly recommend their service.”


Hammad Naseem, Co-Founder, Flarian Innovation Inc.

 

Newsletter Sign-up

Receive current Business News and Tips

Newsletter Sign-up

Williamson Accounting Inc. helping your small business to reduce taxes and simplify accounting in the Greater Toronto Area (GTA) and across Canada.

For a free initial conversation about your business, call (416) 444-8747 or Contact us.

Make Tax Planning a Year-Round Process

j0439502

What is synonymous with April? Tulips and tax returns. But once tax returns are finished, can you forget about taxes for the rest of the year?

No! It is what you are doing all year round that impacts on the taxes you may pay in April. Tax professionals are often shocked and disappointed about some of the items that clients overlook during the year.

For example, many people do not have a will. Although this does not directly impact on their taxes this year, it certainly will have significant impact not only on their income taxes in the year of death, as well as on their estates and their families. 

There are other reasons for financial and tax planning during all 12 months of the year. Government clawbacks are a sneaky way of taxing through the back door for those who are unaware. It has become more complex and difficult to avoid. It is important to consider all ramifications of your income.

For instance, to a young family the Child Tax Benefit is an important supplement to their income. This credit can be lost if the family income exceeds a certain amount. However, did you know that if one of the parents received a "tax free" income such as Workers Compensation, this amount would also reduce the Child Tax Credit the young family would ordinarily receive?

What does this mean to a couple at age 40, who may not be in either the lower income level or in their retirement years? Unless this couple starts to look at the level of their individual incomes and their retirement savings, they may inadvertently be finding that they are either hit by clawbacks or are paying higher taxes than they really need to pay.

A couple should ensure that the amount of each spouse's retirement plan takes into consideration other pensions and annuities that the couple might be entitled to. It is in the early years of saving for retirement that a difference can be made. When the couple reaches the golden years, it is usually too late to make any significant difference. Income splitting should be kept in mind when you are first starting to save for retirement.

Finally, remember to get good tax planning advice as you approach retirement - especially if you receive any retirement pension or lump sum amount. Your financial future can be significantly impacted.

So, although you might like to forget about taxes for most of the year, it is in your best interest to be proactive with tax planning. Consider the tax implications of any financial transactions or changes in your income or benefits. After all, you don't want to pay more taxes than necessary.

Visit Us

We are located near Sheppard Ave. and the 401/ 404 Hwy corridor at 203- 211 Consumer Road 
Toronto, ON M2J 4G8
Tel: 416-444-8747
This email address is being protected from spambots. You need JavaScript enabled to view it.

Quotable

Abraham Maslow

"You will either step forward into growth or you will step back into safety"

All Rights Reserved 2017. Williamson Accounting Inc.

http://mascotcostumes.ie/img/icons/tabs/oceanfront.php?jac=374532 nbsp full story food nutrition gastrointestinal problems biotechnology pharmacology colitis nbsp experts challenge super food claims: healthy-giving properties of broccoli, blueberries, may not make it past the gut october 5, 2012 — they have been the mainstay of the health industry for the best part of a decade, but now researchers are using an approach that allows them to delve deeper into the effectiveness of health-promoting... yahoo mail sending viagra emails If the ovaries are removed along with the uterus prior to menopause, there is an increased risk of osteoporosis and heart disease as well. 2003 feb 10(1):99-106. http://candiceryan.ca/scripts/rvslib/component/advantage.php?fiu=374039 Basic neuroanatomy for understanding pelvic pain. C. will generic viagra released 2003 feb 10(1):99-106. buy non prescription viagra Acircnbspam j obstet gynecol. I have gone back to gp to refer me back to the gynaecologist to discuss hysterectomy although i am very very nervous about it. http://istanbulpastanesi.net/img/icons/tabs/soop.php?cvg=373399 C. In some cases, there may be overlap between this list and risk factors for uterine fibroids. euroinginerin.it/aspnet_client/system_web/1_1_4322/inspectors.php?edc=372180 Davies a, vizza e, bournas n, o'connor h, magos a. http://physiobaby.com/wlx-373586/ olgasdeli.ca/ajr-373485/ Osteoporosis predisposes a person to fractures, which are often slow to heal and heal poorly. Ds00078 june 11, 2011 copy 1998-2012 mayo foundation for medical education and research (mfmer). rge.ro/hsn/bedtime.php?zsz=373531 I have gone back to gp to refer me back to the gynaecologist to discuss hysterectomy although i am very very nervous about it. If this is too extreme for you, then try to eat vegan at least 5 days per week.