Tax Planning

calendarTax planning is the most important part of the FBC services.

Based on your financial goals, personal tax history and business situation, we help you develop a personal, family and business tax plan that maximizes your tax savings today and over the long run.

New Member Tax Profile

When you join FBC, we review your previous 3 years’ tax returns for an initial tax review of your situation.

We review your past income tax returns and notices of assessment, your existing business structure, and your personal and family tax situations and meet with you to discuss your short and long-term tax goals.

This builds a strong database for future analysis and helps us establish future tax-saving strategies for you, and ultimately ensures you are better off financially over the long term.

Year-Round Tax Planning

Tax planning is an ongoing process that minimizes taxes, maximizes credits and protects assets. We do the initial tax review of your situation when you join FBC and continue to provide tax planning strategies for you to consider on an annual basis.

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

Integrated Approach

FBC’s integrated approach develops tax planning strategies that take your individual, family and business all into account.

We'll flag, for your consideration, tax-saving opportunities appropriate to your situation, such as:

  • Income splitting
  • Income averaging or deferral
  • Income conversion
  • Tax credit, incentive and deduction optimization
  • Business organization

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. Examples are Capital Cost Allowance (CCA) and RRSP deductions.

Be assured, however, we track such decisions to make certain these claims aren't forgotten, particularly as the carry-forward period nears expiry.

Financial Planning

FBC Financial & Estate Planning can help you with financial security planning matters such as:

  • Income splitting
  • Income averaging or deferral
  • Income conversion
  • Tax credit, incentive and deduction optimization
  • Business organization
  • Estate equalization for business owners
  • Partnership agreements using buy-and-sell funding
  • Estate tax protection via tax-exempt universal life policies
  • Review of life insurance and investment portfolio
  • Retirement planning (RRSP, TFSA, RRIF, LIRA, annuities)
  • Disability, long-term care and critical illness insurance
  • Health plans for groups and individuals
  • Term, whole life, individual, and joint life insurance
  • Charitable giving
  • Educational funding
  • Mortgage/loan insurance

Year-End Tax Planning

A pre-year-end tax planning analysis by FBC allows you to use a variety of strategies designed to put more money in your pocket during current and future years.

If your business is incorporated, before your year-end is also when you should make decisions on the best method of compensation for owner-managers and other corporate shareholders.

This analysis ensures that you get the maximum benefit from our expertise in planning for your business inputs, capital assets, inventories and cash flow.Connect with your Local Tax Consultant to learn more

"I’ve been a Member with FBC since 1962. Initially we were worried about the price, but the representative was very informative and reassuring. We like the home visits and that they’re only a phone call away. To me FBC means secure and friendly service. They provide excellent service with a smile and our questions are always answered. We would recommend FBC to other farmers and business owners."
- Herman Van Wieren, Hensall, ON