Best Ways To Pay Less Tax In Canada

Are you thinking of ways to save on your taxes? Have you been thinking of starting a business or know someone who is? BG Accounting and Business Solutions will provide you with the guidance you need to start your business and how to Pay Less Tax.

How much of your hard-earned money do you pay in taxes?

The authorities carried out a survey. According to them, an average family with an income of about $83,000 paid roughly $35,000 in taxes last year. A typical Canadian household spent 37 percent of its income on basic necessities, according to a recent report, spending on housing (including rent and mortgage payments), food, and clothing amounted to $31,000 for the typical family. Many of us, particularly the employed, decide we’ll never go to their bank again, or when they file their taxes at the end of the year, we say, “Yeah, we’re getting money back,” but it’s actually the money you’ve already paid; it’s your money! So, when it comes to taxes, the way a business owner and an employee work is a complete night and day difference. If an average Canadian loses their job at the age of 44, what is your plan B? What are you doing at the age of 44? You have a big mortgage, car payments, and kids about to go to school. So it’s a difficult time, and finding another job is an even more difficult task these days. So, is there any hope? The answer is yes.

How can you keep more of your hard-earned money in your pocket? 

Let’s take an example from the life of an ordinary Canadian. Can he buy a pen for a dollar if he earns a dollar? The pen is listed at 70 cents, they have a dollar, and the employer cuts 30% of taxes and deposits 70 cents in their bank account. The question is: can he buy this pen? The answer is no because this person still has to pay HST, and by the time HST kicks in, this person does not have 70 cents to buy this pen; in fact, when you factor in HST, that’s an effective 39% tax. So, is there hope? definitely. Learn the strategies that help you keep more of your hard-earned money in your pocket and get up-to-date information on what you need to know; On January 14, at 10 a.m., there will be a Pay Less Tax Workshop. REGISTER NOW!

How can you Pay Less Tax with BG Accounting and Business Solutions?

BG Accounting and Business Solutions provide exceptional tips that help you pay less tax. These tips are part of BG Accounting’s personalized recommendations tool, called the tax health score. Once you file your tax return with BG Accounting, we analyze and produce your own unique tax health score, which outlines how you can optimize deductions, pay less tax, and maximize your potential refund in the future. BG Accounting and Business Solutions’ tax professionals help thousands of people annually with their personal tax filings. When tax season comes near, we provide our clients with a comprehensive income tax checklist to ensure that the required tax filing is done and that any available deductions are fully utilized.

What exactly do our accountants do?

Our accountants can assist you in identifying inefficiencies, developing scalable strategies, and, of course, maximizing tax savings. We highly encourage you to let the experts oversee your books so you can spend your time streamlining your business and generating profits. Here are some suggestions to help you save more money on your taxes:

Split your household income:

Splitting your household income is an incredible tax-saving strategy. Why? because it requires you to reduce your personal income! In turn, you can take full advantage of your personal allowance, reduce your national insurance, and enter a lower tax bracket.

Take advantage of employee benefits:

Employee benefits offer further tax relief for employers and employees. You see, by deducting these expenses before tax, you can enjoy the additional perks without paying tax on them. Some examples of tax-free benefits include:
  • Work phones
  • Office parking
  • Pension advice
  • Life insurance
  • Cheap or free canteen meals
  • Childcare arrangements
We can help you prepare your tax returns. Book an appointment with BG and avail all the services. Get more for your money! Remember, when it comes to taxes, your accountant is your best friend. So don’t underestimate their abilities! Instead, seek their advice and use their knowledge to your advantage. Together, you can develop tax-efficient strategies that will ensure you get the most for your money while always complying with tax legislation.

REGISTERED FOR THE WORKSHOP YET?

Pay Less Tax Workshop REGISTER NOW! We organize different workshops for our customers on Pay Less Tax, and Bookkeeping by our industry professionals to know more about the facilities we have been providing for many years. There are certain deductions and credits available due to tax treaties between Canada and the U.S., which will save you from double taxation. We can help you prepare both returns so that you pay the least amount of taxes. At BG Accounting and Business Solutions, we strive to provide tax certainty and out-of-the-box business solutions to our clients. We take the worry out of tax submission. For over 10 years, our clients have benefited from our education-based approach toward their accounting matters and have kept more of their hard-earned money in their own pockets.