Personal Tax Planning Mississauga
For over 27+ years we’ve proudly served thousands of individuals in Greater Toronto Area, more specifically in Mississauga. With proper and personalized tax planning strategy we can be prepared to save as much as ethically possible in this year’s tax season. Don’t wait too long to get started…
Reputable Accounting Firm Located Here in Mississauga
Farrukh Ahmed, CPA has been providing personal tax planning advice and service to people of Mississauga since 1993.
Tax Planning Strategy
The main objective is to form a tax plan for individuals, businesses or families looking to plan their finances in the most tax optimized way. We help you take legal methods of tax minimization to lower your tax liability.
Hire a certified professional accountant with 27+ years of experience. I’ve worked as CRA auditor for a few years early in my career. Currently a professor teaching at Sheridan college.
What is Tax Planning?
Tax planning is the analysis of an individuals financial situation in order to minimize the tax burden for both near and long term. This include things like maximizing the RRSP contribution or TFSA contribution. It’s the little things that can be a big help at tax time each year.
Things that can help…
- Proper Timing of Income.
- Timing of Specific Purchases.
- Knowing what qualifies as an expense (deductibles).
- Tax shelter opportunities for small businesses.
- Use of tuition credits for students.
- Maximizing RRSP and TFSA.
- For families, using the RESP as an investment vehicle for children.
- Filing Tax Refund
- Incorporating vs sole proprietorship
Farrukh has been responsible for doing my taxes for the past two years. What I like most is that he is very accessible. Whenever I have a question I can call or reach out via email and he always gets back in a timely manner.
There’s a notable difference in hiring an inexperienced accountant versus one that’s been in the game for 27+ years. I’ve worked as CRA auditor for few years early in my career. Currently teaching tax software to students at Sheridan college, and am a certified professional accountant. This is not to brag but to give you the confidence to realize that you’re in good hands.
Tax Planning Strategy
Schedule an appointment or call now for free consultation. Let’s form a legal tax strategy to help you this tax season.
- Tax planning for retirement
- Claim non-refundable tax credits
- Tax minimization, tax deferral, and tax sharing strategies.
We’ll help you prepare documents and offer representation in case of an audit by the CRA.
- CRA Representation
- Forming Tax Documents
- Minimize the financial impact of an audit
- Schedule and attend all meetings with CRA
Farrukh’s Tax Tip – Invest in a Child’s RRSP
You can defer taxes by diversifying your income to family members. For example, gifting money to your child to invest in their RRSP. This money will be ‘tax sheltered’ until the child decides to withdraws money from this plan. This method only works if the child has earned income which creates room for RRSP contribution. To be eligible and register for this plan the child must have actively earned income (e.g. reported income through babysitting, shoveling driveway, lawn care, or buying and selling) and filed his/her tax return to report this income every year. Would also recommend looking into RESP as tax deferred plan to save for child’s education and RDSP as saving plans for the benefit of a disabled person.