Tax Planning

What is Tax Planning?

Tax Planning means either deferring or avoiding taxes by taking full advantage of the beneficial tax-law provisions, increasing tax deductions and tax credits, and by making good use of all applicable deductions that are available under the Income tax act. Financial Management and tax Management are closely connected due to the fact that taxes are a huge expense as you go through life. If you become very wealthy, taxes will be your single greatest expense over the long run, thus Management to reduce taxes is a critical part of the overall financial Management process.