Thursday, May 4, 2017

The Need To Obtain Canadian Tax Advice

By Kathleen Miller


Taxation is a burden. This is not only because of the high rates but also because of the complex taxation system of Canada that is hard to understand. Therefore, good Canadian tax advice will come in handy. It will shed light on the various matters. It will provide information that cannot be obtained from financial shows or by reading a financial magazine. There are matters that one will only know by consulting a real expert. Such a professional will provide big time enlightenment that will change the perspectives of an individual. A person will become better informed.

People are paying more taxation than is necessary. The government has put in place measures that will facilitate the minimization of taxation burden but many people do not take advantage of such measures. This is because; it is hard to comprehend the taxation system of any country. With the assistance of an expert, one will get enlightenment on how to legally avoid taxes.

Taxation enlightenment is particularly necessary to a startup. Starting a business is not the easiest thing to do. It involves a lot of challenges along the way. Actually, most startups usually end up in business failure because of the startup owners failing to be advised on tax matters and other issues that are pertinent to the bottom-line of an enterprise.

Big businesses in Canada usually have teams of taxation consultants who constantly advice management on the various taxation matters. A multinational most likely pays a lot of taxes. That is why there is usually the desire for taxation efficiency. A top professional will help company officials to take advantage of loopholes in the taxation code of a country. Taxation avoidance helps.

Company officials can be advised by top taxation consultants to incorporate offshore. This is the latest trend in the world of business and commerce. It is the ultimate taxation optimization strategy. However, it needs to be done with a lot of care to avoid getting into conflicts with the authorities. There is need to be advised properly on offshore structures.

Setting up offshore should be done after careful deliberations. There is need to analyze matters from different angles. If the pros outweigh the cons, a positive decision should be made. There are many benefits of setting up offshore. Of course, the obvious benefit is that a company will pay fewer taxes at the end of the day. Privacy is another befit.

When the experts are advising management, they will also address the thorny issue of where to incorporate. There are more than a dozen choices. The decision making process should be driven by the nature of the business in question. There are jurisdictions that are good for tech companies and those that are perfect for financial enterprises. Hong Kong is good for technological companies.

The average Canadian needs to be advised by an expert about the various taxation issues. Taxation enlightenment is also needed by businesses. Irrespective of the business that one is carrying out, paying fewer taxes will have a positive impact on the bottom line. There is need to hire a top taxation expert who has the necessary academic papers and many years of experience.




About the Author:



No comments:

Post a Comment