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A circle diagram with tax planning in the middle. Arrows pointing out in all directions with things to consider when planning.

Blog FAQ – Tax Planning

December 30, 2023

As tax planning professionals we deal with clients at various planning stages. We have found that individuals looking for tax planning often have similar questions to the ones outlined below. We have not provided answers to these questions as the answers will vary depending on each unique situation. If you have questions similar to the ones below, it may be time to connect with us to discuss business tax planning for you.

Common Tax Planning Questions:

  • How can a family trust help me save taxes?
  • When should I consider setting up a holding company?
  • How do I get money out of my business as tax-efficient as possible?
  • How is my business taxed when I sell it?
  • How do I minimize tax on the sale of my business?
  • What business structure is most tax-efficient for my company?
  • Can I transfer assets to my spouse and kids without paying tax?
  • Should my rental properties be held personally or in a corporation?
  • How will the preferred shares I own be taxed when the company redeems them from me?
  • How do I minimize tax on my death?
  • How can life insurance help reduce my tax liabilities on my death?
  • Is life insurance a tool I should be considering to cover my tax liabilities?
  • What income-splitting opportunities are available to me?
  • What risks do I have if I pay my spouse a salary even though they don’t work in the business?
  • Is it better to be paid with dividends or salary?
  • Can I pay my kids a salary from the business to reduce taxes?
  • Can intercorporate loans cause tax issues?
  • What is the Lifetime Capital Gains Exemption and how can I use it?
  • Should I max out my TFSA contributions or keep the money invested in my holding company?
  • How will investments in my holding company impact my business’s small business tax rate?

If you have questions about tax planning, the advisors at Three60 Wealth can help. Our team of Calgary-based wealth and estate planners can integrate its vast experience and network to create a customized plan for you, your family and your business.

For a truly different financial planning experience, contact our office online or at 403-640-4414 to schedule an introduction meeting.

Authored by: Jason Nagel, Director of Advanced Planning at Three60 Wealth