Income tax planning and advisory

Professional tax planning can reduce your total tax liability in the long term as well as in the short term. Tax planning involves a partnership between you and your tax professional. In this step, you share all your financial decisions, business decisions, tax matters, and any significant events or changes in your family or business. We do our homework based on the information provided by you and the historical information we can access. We may be required to do further research on the applicable laws and regulations before setting up a discussion with you. Mostly, the planning step starts at the beginning of the year or before you take any financial decisions.

Tax planning becomes more complex when it comes to cross-border taxation. We at RKB Accounting keep ourselves updated with tax laws and rules and navigate the intricate landscape of cross-border taxation. This may involve tax jurisdiction, treaties, transfer pricing, local laws, nexus, and withholding requirements.

RKB Accounting provides one stop solution for your personal and business tax planning on both sides of the border.


Canadian Services

Personal tax planning

Proper tax planning reduces your personal and family’s overall income tax liability in the long run. Some of the planning that may involve are the ways to reduce your overall taxable income, for example, income splitting, RRSP, TFSA, Disability supports, Allowable business investment loss, Moving expenses, and many more. In order to reduce your income tax liability, we may need to look into what are the tax credits that may apply in your situation.


Business tax planning

When you are a self-employed person, you report your net business income on your personal income tax return. All that may involve in a personal tax planning will also apply to you. In addition, we will have more opportunities to discuss with regard to minimizing your net taxable business income. We may also need to discuss matters if you have payroll or need to register for GST/HST/QST, or WSIB.

Timely reporting and compliance will further reduce your overall tax liability. We plan in advance and guide you through each process.


Corporate tax planning

Corporate tax planning is more complex than your personal tax planning. Corporate tax planning may involve looking into a much longer period of time, for example, succession planning. Your primary goal may be to reduce your overall tax liability, however, you should also consider a better way to safeguard the assets of the corporation in the long run. For the tax planning purposes, we may need to discuss and look into the ways to reduce the over all taxable income, shareholders compensation, capital dividend planning, and many more. We discuss the deductions and the accelerated deductions you may be entitled to.

If you are a new entrepreneur, we work with you right from the beginning with business structure planning. If you are an existing business we work with you in minimizing taxes and growing the business.


Succession planning

Succession planning involves long-term vision and can make big difference in tax savings. We recommend that you plan in advance. We advise Complete Canadian replacement planning in the event of a business leader’s dismissal, retirement, or even death. Succession planning ensures an experienced and capable employee can assume the role if a succession needs to occur quickly and smoothly.


Business valuation and acquisition

We have experience in dealing with various types of industries. Which can predict the value of your new acquisition based on facts and figures. At the same time, we can also advise you the worth your business is.



USA Services

Individual income tax planning and advisory

In the United Sates your tax filing requirements is based on your citizenship and residency basis. We can also help your in filing previous years’ unfiled taxes and save you from penalties. We can help with which country to file to ensure compliance and get you the maximum tax treaty benefits across the border. Based on individual’s situation, most common items that can affect your income payable includes, your filing status, sources of income, exemptions and exclusions, your contribution to 401k or IRA, standard deductions or itemized deductions, other credits and deductions, tax deductible expenses, state taxes, and the last but not least is your foreign tax credits.

Corporate and LLC tax planning and advisory

We can develop a proper and fluent business structure based on state requirements and guide you through when you plan on doing business in both the USA and Canada. Your choice will result in setting up the best business structure with our advice. There are various information reporting requirements in which cases even though you do not have any income to report, but not filing a information return may result in huge penalties. All the states in the United States different franchise tax and filing requirements, sales tax and local taxes. We have included many commonly applicable items in our blog section, which can give a broad level of understanding.

Business tax planning and advisory

All the knowledge you need for applicability or Sales and Use tax is made available to you with our services. Let us deal with state and federal filing requirements, so you save money and be worry-free from any legal hassles.

  • Pre-designed robust inquiry template curated for each of our clients to obtain a thorough understanding of their needs and future goals
  • Provide tax alternatives with recommendations
  • Review and discuss with clients



Our services

  • Personal income tax planning
  • Succession planning
  • Corporate income tax planning
  • Cross border-tax planning

Most common tax issues that can involve planning

  • RRSP planning / First time home buyer credit, TFSA
  • Home office expenses
  • Allowable Employment expenses (T2200)
  • Capital loss Vs. business loss
  • Business ownership structure
  • Subsidiaries and Holding Company
  • Distribution of corporation income to family members
  • Section 85 of the Income-tax Act of Canada for tax deferral on the transfer of personal property to a corporation
  • Section 83 election on Capital Dividends
  • Regular withdrawal from the corporation
  • Dividend, Salaries, Bonus, or Management fees
  • Loan to shareholders
  • Use company-owned Car and other facilities
  • ABIL – Allowable business investment loss
  • Life-time capital gain exemption
  • Residency status and double taxation
  • Emigrating or re-entering Canada


At RKB, we invest time in understanding your needs and your goals. With our comprehensive knowledge of cross-border taxation, we help new and existing businesses plan their future taxes and grow their business while complying with tax laws year around.


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