10 Ways Tax Planning Can Improve Your Life

BUILD YOUR WEALTH

1. Retire on your terms – or earlier.

Building a diversified, tax-efficient investment portfolio will help your retirement savings go further and bring freedom from work that much closer.

2. Watch your savings flourish.

By holding your investments in tax-advantaged accounts (like TFSAs or RRSPs), your money can grow sheltered from immediate taxation – like flowers in a greenhouse.

3. Fund your next chapter.

Use RESP contributions or available TFSA room to build a fund for tuition, skills training, or even that photography class you’ve been considering.

MANAGE YOUR WEALTH

4. Declutter your financial life.

Proactive planning makes tax season less stressful. Organize your receipts, keep clear records, and find more time for fun when the deadline approaches.

5. Reinvest in yourself.

Structuring your business or freelance gig for tax efficiency means keeping more of what you earn. Proper tax planning can turn expenses like licencing fees, specialized tools or insurance costs into deductions that lower your tax bill.

ENJOY YOUR WEALTH

6. Make your house feel like home.

Direct tax refunds from RRSP contributions or business deductions toward those long-awaited upgrades or repairs you’ve been putting off.

7. Treat yourself wisely.

When you spread your tax savings through the year you may find a budget for the little things that bring you joy, like your favourite coffee, a well-earned massage, or sushi on Fridays.

TRANSFER YOUR WEALTH

8. Share the upside.

If you have your own business, consider income-splitting with a family member. Paying them a reasonable salary for real work done is a strategy that can benefit both you and your loved one.

9. Leave no surprises.

Ensure that more of your wealth reaches your heirs by investing in life insurance. A tax-free insurance death benefit can help cover any taxes your estate will incur.

10. Do well by doing good.

Charitable donations in Canada are eligible for federal and provincial tax credits that can reduce your tax liability – and let you feel good about supporting the causes you care about.

Our Total Wealth Solutions approach helps you define and reach your financial goals at every stage of life.

Securities-related products and services are offered through Raymond James Ltd. (RJL), regulated by the Canadian Investment Regulatory Organization (CIRO) and a Member of the Canadian Investor Protection Fund. Statistics and factual data and other information are from source Raymond James Ltd. (RJL) believes to be reliable but their accuracy cannot be guaranteed. Information is furnished on the basis and understanding that RJL is to be under no liability whatsoever in respect thereof. It is provided as a general source of information and should not be construed as an offer or solicitation for the sale or purchase of any product and should not be considered tax advice. Raymond James advisors are not tax advisors and we recommend that clients seek independent advice from a professional advisor on tax-related matters. Insurance products and services are offered through Raymond James Financial Planning Ltd., which is not a Member - Canadian Investor Protection Fund. Solus Trust Company (“STC”) is an affiliate of Raymond James Ltd. and offers trust services across Canada. STC is not regulated by CIRO and is not a Member of the Canadian Investor Protection Fund.