TAX AND TAX PLANNING

Canada has various taxes including income tax, sales tax, property tax, property transfer tax (PTT), departure tax and other types of tax.

Corporate tax costs depend on the type of business, residency and structure of the entity, type of income generated (business income, investment income, dividends, capital gain, etc.), and the relationships of the parties earning such income within the business or transaction.

Departure tax is a tax on the unrealized gains of an individual’s assets when they leave Canada.

Granville Law Group assists with residency determinations, deferral of departure tax, resolving CRA disputes, and devising tax planning strategies.

Residency determines an individual’s tax obligations on income earned in Canada and worldwide, affecting income tax and eligibility for deductions, personal credits and other amounts.

Granville Law Group provides legal assistance to resolve disputes with the Canada Revenue Agency on the CRA level, minimizing time spent and fees paid by the clients.

Strategies include optimizing tax structures, deferring taxes, and ensuring compliance with tax regulations to minimize liabilities.

Yes, effective tax planning can help manage and potentially reduce property tax obligations.

Tax planning for individuals involves optimizing tax liabilities based on specific personal circumstances and ensuring compliance with tax laws to maximize savings.

Consulting with a tax planning expert ensures that all legal strategies are utilized to minimize tax liabilities and avoid potential penalties.