An RRSP is a great way to save on tax. We have others.
Strategies for saving on tax are a key part of a financial plan.
Our Investment Planning Advisors* can recommend different ways to save on tax. We often work with dentists' accountants to coordinate tax strategies within a comprehensive financial plan.
These are some of the strategies we may consider based on your individual situation:
| Take full advantage of registered accounts (RRSP, TFSA, RESP) | The government provides these plans to encourage saving—make sure you use them. |
| Utilize insurance | There are solutions to manage earnings in your corporation and reduce tax transferred to your heirs. |
| Pay yourself wisely | There are advantages and disadvantages to receiving a salary or dividends, or both. We can help you make the right choice. |
| Withdraw cash tax-effectively | Your financial plan will coordinate withdrawals from many sources when you retire. |
| Create a tax efficient corporate structure | You can shelter retained earnings with a sister or holding company. |
| Reduce tax for your heirs | Permanent insurance, trusts, and corporate structure options are all potential tactics in a well-constructed estate plan. |
Learn more in our article:
How a Financial Planner Helps You Save on Taxes
Book a meeting to find out how we can help you reduce tax.
* Advisory services are provided by licensed advisors at CDSPI Advisory Services Inc. Restrictions may apply to advisory services in certain jurisdictions.