416-622-4041
Myron Triska, Tax Accountant, Personal Accountant,, Mississauga & Etobicoke

Personal tax planning & tax returns with a qualified tax accountant

Paying taxes is a fact of life. The way you organize your affairs, however, can make a great difference. Your tax advisor can formulate and implement a comprehensive personal tax plan for you with a view to minimizing and deferring income tax liabilities and maximizing your income tax return. Myron Triska has been a personal tax accountant in Mississauga & Etobicoke for over 30 years, and can help you with tax planning

How to maximize my income tax return?

  • File as a family and transfer deductions between spouses where possible
  • Include employment deductions if eligible
  • Minimize tax on severance by maximizing your RRSP contribution
  • Claim eligible deductions for your specialised field like those for musicians and artists
  • Claim non-refundable tax credits like the Family Caregiver amount or medical expenses

What is Income Tax Planning?

  • Tax Minimization - Taxes never to be paid that would otherwise be payable
  • Tax Deferral - Taxes which become payable at a date later than when they would otherwise be payable
  • Tax Sharing - equalization of tax rates between spouses and family members
  • Income-splitting strategies

Investment Income Planning

  • Analysis of the tax burden on different types of investment income (interest, dividends, capital gain)
  • Debt and interest deductibility planning
  • Principal residence election options
  • Who in the family should earn investment income to effect maximum retention?

RRSP & Retirement Planning

  • Spousal RRSPs and how to use your RRSP as an averaging tool
  • Contributions prior to emigration from Canada
  • Advantages of income earned in an RRSP
  • Tax-free Rollovers to RRSPs
  • Self-Directed RRSPs & Mortgages

Employment Income and Expenses

  • Employed vs. Self-Employed
  • Company Automobiles
  • Employment Deductions for auto and home
  • Moving Expenses

Other Personal Tax Planning Issues

  • Income-splitting opportunities for Small-buiness owners
  • Evaluation of employment severance options
  • Tax implications and effects of a divorce settlement/marriage breakdown
  • Representation before Canada Revenue Agency and other taxing authorities

T1 general income tax return