Challenge: A Calgary business owner in their mid-40s was taking shareholder loans from their business to fund a personal project. The total amount of these shareholder loans was far more than anticipated, and the client was concerned about the impending tax liability.
Solution: With the guidance from one of Three60’s trusted tax advisors, and the client’s accountant, Three60 was able to implement a strategy to greatly reduce the client’s tax liability.
Outcome: With Three60’s help, the client was able to complete their project without the tax worry. The implemented strategy reduced the clients tax liability by over $200,000.
Tax planning is the process of structuring your financial affairs within the applicable rules to allow you to defer and/or reduce the amount of taxes payable.
Paying taxes is an unavoidable reality. That being said, certain strategies exist to enable you to defer and/or mitigate the amount of taxes you pay. Since tax rules are always changing, it is imperative that your plan be continually monitored and updated. Tax planning is a large part of the wealth and estate planning process, and must be considered within each element of the plan.
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