Tax Planning Accountants for Clients Across Canada

It can be difficult to find an accounting firm that is proactive with tax planning and not just reactive with tax preparation. Whether you are looking for an accountant in Toronto, Vancouver, Calgary, or elsewhere in Canada, our team can offer tax planning for landlords, senior executives, incorporated business owners, and high net worth Canadians, as well as bookkeeping, tax preparation, and financial planning.

Unlike most accounting firms in Canada, Objective Financial Partners not only has tax accountants on our staff, but we also have Certified Financial Planner (CFP) professionals as well. This means that we can go well beyond making sure the right numbers are in the right boxes on your tax return and can take a holistic approach to integrating your investments, business, rental property, pensions, estate planning, and long-term tax planning. Our financial planners are advice-only, so we do not sell any financial products whatsoever.

We offer tax planning services across Canada through a mix of virtual (Zoom) meetings, phone calls, and in-person meetings. We can prepare personal, corporate, and trust tax returns for clients across the country.  We can prepare and electronically file your family’s tax returns with Canada Revenue Agency or Revenu Québec.

Why Us: Objective Financial Partners

Objective Financial Partners is a Toronto financial planning firm that works virtually  with clients across Canada. We take pride in the fact we do not sell any products and provide fee-only, advice-only financial planning advice. Our managing director, Jason Heath, has been a leader in the industry since 2002, and is one of Canada’s best-known financial planners. He is also a columnist for the Financial Post, MoneySense, and Canadian MoneySaver.

Our accounting department includes Scott Page, BMath, MAcc, and Ryan Kurtz, CPA, CFP. They are experienced tax accountants who have worked in small and large Canadian accounting firms, and they have a financial planner’s approach to income tax matters.

We provide most of our services online through Zoom video calls. That means that if you are looking for an accountant near you and are not based in the Toronto area, we can work with you through either an online video platform, via email, or by phone. We also use a secure cloud server to allow an exchange of tax documents to and from us easily and seamlessly. Signatures are done using digital signing software.

We do tax planning and preparation for individuals and incorporated business owners alike. Whether you need a simple tax filing, or a sophisticated plan, we can help.

Our clients’ needs range from Canadians earning an average income, to high net worth individuals, and from “mom and pop” businesses (including sole proprietorships) to small and medium-sized corporations.

Proactive tax planning is the best way to reduce and minimize your taxes not only this year but also in the future. 

There are many accounting firms in cities like Toronto, Vancouver, and Calgary, but few offer the type of multi-disciplinary services that we do – financial and tax planning combined with tax preparation.

Whether you need tax accounting services for your investments, real estate, pension, or retirement, we can help. Simply click here to get started with your no obligation free initial virtual meeting or phone call.

2024 Tax Rates and Tax Preparation in Ontario

Tax rates in Ontario are relatively high compared to other parts of Canada, so it is important to find ways to minimize your tax payable. Tax reduction is one of the best ways to boost your savings, increase your retirement income, and maximize your estate value.

One new tax credit that may go overlooked for Ontario residents is the Ontario Seniors Care at Home tax credit. This non-refundable tax credit is for seniors aged 70 or older who live at home, with somebody else, or in a care home. The credit is 25% of up to $6,000 of eligible care expenses resulting in a maximum tax reduction of $1,500 per year. This credit is in addition to the standard medical expense tax credit for these care expenses. The credit is means-tested, so higher income seniors may lose the ability to claim it.

Here are the combined federal/provincial tax brackets for Ontario residents for 2024 that apply to different sources of investment income. Note the significant advantage to earning capital gains or dividend income. Interestingly, eligible Canadian dividends paid by publicly traded stocks or certain private corporations can result in “negative” tax – effectively, tax savings – at low levels of income.

2024 Combined Federal/Ontario Tax Brackets and Ontario Tax Rates (Including Surtaxes)

2024 Combined Federal/Ontario Corporate Tax Rates (Canadian Controlled Private Corporations)

2024 Tax Rates in British Columbia

British Columbia is relatively highly taxed compared to other parts of Canada, so it is important to take advantage of various tax credits and tax deductions in order to minimize your tax payable. Tax planning is one of the most efficient ways to boost your savings, increase your retirement income, and maximize your estate value.

There are many accounting firms in cities like Vancouver and Victoria, but it is exceedingly rare to find one that can combine the elements of tax preparation with a financial plan like Objective.

Although our primary office location is in Toronto, we have team members across the country, including British Columbia,  and work with many clients who are located in BC.

BC provincial tax brackets and personal tax credit amounts had a big 5% boost for 2024 so that means less tax on the same level of income this coming year. 

The province also increased the BC Family Benefit, which pays a tax-free monthly amount for families with children under the age of 18. In order to qualify, you need to have applied for the Canada Child Benefit.  The new maximum annual benefits are:

• $1,750 for your first child
• $1,100 for your second child
• $900 for each additional child

The benefit is means tested, so payments are reduced for families with higher income.

2024 Combined Federal/BC Tax Brackets and Rates

2024 Combined Federal/BC Corporate Tax Rates (Canadian Controlled Private Corporations)

2024 Tax Rates in Alberta

While income tax rates in Alberta are relatively advantageous, proactive tax planning can still yield substantial compounded savings over the long term. This is especially true if you are a high net worth individual, a business owner, or a rental property owner. 

There are many accounting firms in cities like Calgary and Edmonton, but it is exceedingly rare to find one that can combine the elements of tax preparation with a financial plan like Objective.

Although our primary office location is in Toronto, we have team members across the country, including Alberta, and work with many clients who are located in Alberta.

According to the Alberta Treasury Board and Finance, Albertans and Alberta businesses continue to pay the lowest overall taxes when compared to other provinces. The province estimates the total additional provincial tax and carbon charges that individuals and businesses would pay if Alberta had the same tax system and carbon charges as other provinces to be between $19.7 and $31.7 billion higher per year. This includes personal and corporate income tax, sales tax, fuel tax, carbon charges (excluding the federal carbon pricing backstop), tobacco tax, health premiums, payroll tax, liquor tax and markups, land transfer tax, and other minor taxes.

2024 Combined Federal/Alberta Tax Brackets and Rates

2024 Combined Federal/Alberta Corporate Tax Rates (Canadian Controlled Private Corporations)

2024 Tax Rates in Manitoba

Tax rates in Manitoba are relatively high compared to the rest of the country. Consequently, our clients find it quite beneficial to engage in long-term tax planning. Legal tax savings, through identifying beneficial tax credits and deductions, can make a major difference to your after-tax bottom line.

There are many accounting firms in Winnipeg, but few offer the type of multi-disciplinary services that we do – financial and tax planning combined with tax preparation. 

Although our primary office location is in Toronto, we have team members across the country and work with many clients who are located in Winnipeg. We deliver big city expertise with small town hospitality. In fact, we have members of our tax team who live in small towns like New Maryland, New Brunswick; Garibaldi Highlands, British Columbia; and Lethbridge, Alberta.

The 2023 provincial budget introduced the largest ever increase in the Basic Personal Amount. Manitobans can now earn up to $15,000 before paying any federal or provincial income tax. 

Low-income taxpayers in Manitoba pay no tax on eligible dividends from publicly traded Canadian stocks or if applicable from Canadian controlled private corporations. 

2024 Combined Federal/Manitoba Tax Brackets and Rates

2024 Combined Federal/Manitoba Corporate Tax Rates (Canadian Controlled Private Corporations)

High Net Worth Tax Planning for Canadians

Tax planning for high net worth Canadians requires specialized knowledge. Unlike a typical employee with a salary and RRSP contributions, high net worth taxpayers may have other factors to consider like investment income, income splitting potential, stock options, private company dividends, foreign income, flow-through shares, or other uncommon income sources, tax deductions, and tax credits. More importantly, the long-term tax considerations and integrated financial and estate planning implications of their income and assets should be considered to reduce tax and maximize their future wealth. 

Accounting And Tax Services – FAQ

Are there any new considerations for 2024 tax filing in Canada?

The 2023 fall economic statement introduced a restriction on tax deductions for short-term rental properties. This would deny tax deductions, including interest expenses, for short-term rental properties in municipalities or provinces that restrict short-term rentals. Tax deductions would also be disallowed for short-term rentals that do not comply with government registration, licensing, and permitting requirements in the municipality or province.

Starting with the 2023 tax year, bare trusts will need to file T3 trust tax returns or face a $2,500 penalty. Bare trusts may exist when a person who has legal title to an asset is not the beneficial owner. One example is when a parent co-signs for a child’s mortgage and is on title for the child’s home as a 1% owner. Another is when an aging parent adds their child jointly on title to their home in an attempt to avoid probate fees. Both situations may be considered bare trusts subject to the new annual T3 trust tax filing rules.

The maximum RRSP contribution limit for 2024 has increased from $30,780 to $31,560 for high-income earners. The annual TFSA limit for 2024 is up from $6,500 to $7,000.

For retirees, the OAS recovery tax threshold or clawback limit has risen to $90,997 from $86,912.

Incorporated business owners and farmers who own farm properties may benefit from the lifetime capital gains exemption. It is now up to $1,016,836 for 2024.