How is tax planning different from tax preparation?

Preparation reports what already happened; planning changes what happens next. Preparation is backward-looking and deadline-driven, while planning happens during the year — timing income and expenses, structuring compensation, deciding when to buy assets — while those decisions are still open.

When in the year should tax planning happen?

Before your fiscal year end, while there is still time to act. Once the year closes, most of the levers have already moved. For owner-managed corporations a review a few months ahead of year end is usually the most useful point.

Is tax planning worth it for a small business?

Often yes, because the decisions that matter most to a small owner-managed business — salary versus dividends, timing of purchases, GST/HST registration and instalments — are the ones where a wrong default quietly costs money every year. The value comes from getting the recurring structure right, not from one-off tricks.

Can planning reduce the chance of a CRA audit?

Nothing eliminates the possibility of a review. What planning and accurate, timely filing do is reduce the errors and inconsistencies that attract attention, and make a review far easier to answer when one does happen because the supporting records already exist.

Accounting & tax services to support your business needs

Tax Planning

We can help prepare you for any critical financial situations that can arise in your business at any time.

Put Your Tax Planning Needs In Expert Hands

Financial management and forward-looking tax planning are mission-critical components for every business. This presents a unique challenge for business owners and other stakeholders, because navigating complex and ever changing tax regulations is time-consuming and complicated–and handling it all internally comes with increased risk.

As a chartered professional accountant, we alleviate the burden of maneuvering through the shifting minefield of tax regulations, allowing you to focus on your core business.

Leverage our accounting expertise to avoid costly filing errors, maximize tax credits and other benefits, and streamline your accounting processes. We ensure your business complies with accurate and timely filing of corporate tax returns, keeping you safe from fines, audits, and other penalties.

Let the Tax and Accounting Experts at F. Leilaby handle it:

Commodity tax filings (PST, GST/HST)
Preparation and filing of corporate tax returns
Information returns (T4, T4A, T5, T5018 and other CRA requirements)

We’re More Than Just Taxes and Accounting

We can provide valuable strategic advice for your business, including corporate tax planning needs. Our detailed knowledge can help you efficiently allocate funds for taxes at the federal, provincial, and municipal levels and identify cost-saving opportunities.

You want to make the most informed and forward-looking decisions possible regarding your operation’s financial health and tax compliance, and we’ll help you do exactly that.

The best corporate tax planning requires meticulous attention to detail and substantial time investment. However, due to the complex and evolving nature of tax laws and regulations, it’s easy to make costly mistakes that can derail your business goals.

Why take the risk? With our corporate tax planning and bookkeeping services, you can rest assured that your filings are current and compliant while saving time and resources that can be allocated elsewhere in your business.

We Protect You From Costly Mistakes

Tax laws and regulations evolve yearly, making it a challenge for non-specialists to stay current.

Without professional guidance, businesses expose themselves to risk, such as overlooking important changes to the rules, which can result in costly and time-consuming filing errors. This can also attract unwanted and stifling government audits or other penalties. Our services allow you to avoid this unnecessary operational stress.

Furthermore, without the right expertise, your business could miss out on critical opportunities to minimize tax liability, causing you to lose money that could have been invested elsewhere in your industry.

Our advanced knowledge of tax credits, deductions, and other incentives specific to various jurisdictions and industries will help you avoid unnecessarily increasing your tax burden and hindering your firm’s growth.

Give Yourself A Tax Planning Advantage

Having a certified professional accountant in your corner, you can eliminate the guesswork in your tax planning and business development strategies. We’ll help you limit your business tax liability and mitigate the costs of bookkeeping errors.

Take advantage of our strategic advice: feel secure and have a clear roadmap so that you know exactly what to expect and your business doesn’t suffer from a tax season surprise.

Avoid roadblocks and obstacles that stifle your firm’s growth, such as:

Audits, penalties, fines
New tax laws and regulations are issued every year
Errors in filings, resulting in additional costs and lost time

Regardless of which stage of development or growth your business is in, it’s always profitable to have a second set of eyes with specialized expertise–someone who has your business’s interests in mind.

Frequently asked questions

How is tax planning different from tax preparation?: Preparation reports what already happened; planning changes what happens next. Preparation is backward-looking and deadline-driven, while planning happens during the year — timing income and expenses, structuring compensation, deciding when to buy assets — while those decisions are still open.
When in the year should tax planning happen?: Before your fiscal year end, while there is still time to act. Once the year closes, most of the levers have already moved. For owner-managed corporations a review a few months ahead of year end is usually the most useful point.
Is tax planning worth it for a small business?: Often yes, because the decisions that matter most to a small owner-managed business — salary versus dividends, timing of purchases, GST/HST registration and instalments — are the ones where a wrong default quietly costs money every year. The value comes from getting the recurring structure right, not from one-off tricks.
Can planning reduce the chance of a CRA audit?: Nothing eliminates the possibility of a review. What planning and accurate, timely filing do is reduce the errors and inconsistencies that attract attention, and make a review far easier to answer when one does happen because the supporting records already exist.

Explore our other services

Get started with our bookkeeping, tax, or business planning services. We invite you to book a consultation today.