There have been a lot of tax changes so many current plans are out of date.
There have been dramatic changes to the Income Tax Act since 2014, the most recent of which have only come into effect in 2018. As a result, structures and plans more than six months old may be out of date – especially plans involving corporations and trusts designed to take advantage of old legislation.
Many people are frustrated as the recent tax changes have resulted in them having to pay substantially more in taxes.
Mike Harris and MaryAnne Loney in our Tax Group would be happy to provide recommendations regarding what, if any, changes may be advisable to help you limit taxes.
The fall is a great time to review and make changes so they will be effective in the new year.
Consider giving MaryAnne Loney or Mike Harris a call to discuss reviewing your tax planning.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.