Tax planning is the most important of FBC services. Based on your financial goals, personal tax history and business situation, we develop a personalized tax plan to maximize your tax savings today and over the long run.
THE TAX PLANNING PROCESS
- When you first join FBC, we collect your prior year tax returns and any corporate returns if your business is incorporated.
- We use this data to create a Member profile for you that includes your tax information.
- We assign a Local Tax Consultant (LTC) to you.
- When you meet with your LTC, they will look over your profile and initiate the basis of your long-term tax plan. The LTC will assess your business structure and make recommendations to maximize your tax savings.
- With the information collected from the discussion, FBC starts preparing a tax strategy.
- Throughout the year, we create and file amends and/or priors if necessary, update our database and use our proprietary software to ensure your tax strategy is optimized for your situation.
EACH YEAR FBC
- Reviews your previous year’s tax return and assessment notice
- Assesses your current record keeping and reporting requirements
- Updates strategies to reflect changes in tax legislation and your personal business situation
FBC's integrated approach to tax planning helps us develop strategies that take your individual, family and business into account.
We’ll flag tax-saving opportunities for your consideration that are appropriate to your situation. This could include income splitting, income averaging or deferral, income conversion.
We also advise on tax credit, incentive and deduction optimization. Through our long-term tax planning, we may suggest you don't claim all deductions and credits in the current year. Some deductions are discretionary and may provide greater benefit later when your marginal tax rate might be higher.