Customer Stories: Getting a Refund on Your Taxes

Delivering exceptional customer service is what I do every day. This comes in many different forms. Whether it is problem resolution, providing proactive solutions, or being flexible in meeting client’s needs, I want to be the hero for my clients. During a call with a young lawyer with his own practice, he told me that he was able to access his Lawyers Trust account online and wanted to suspend access to avoid issues with his province’s Law Society. I immediately executed his request. After resolving this, I asked more conversational questions about him and his business. I discovered that he was selling his property and may need to invest some money short term. I quickly arranged a follow-up appointment for a few days later. Upon arriving at his office it was clear he was a busy man and time was certainly limited. My colleague uncovered that he had been paying astronomical taxes for the past few years. Being so focused on his practice, I could see how managing taxes efficiently could fall to the bottom of his list of priorities. He knew criminal law, we knew investments. We put some best practices in play to maximize tax deductions. He was very pleased to know we could get him a refund rather than have him pay! There are a number of ways to shelter income from being taxed, including but not limited to:

• Tax Free Savings Accounts
• RRSPs
• Tax efficient investment options

Tax efficient investment options are ideal for minimizing taxes through a variety of investment vehicles, these are particularly important for those in higher tax brackets. It’s important as a business owner to keep track of all elements of your venture. Letting things like taxes fall between the cracks can cost you money, while staying on top of them can help keep more money in your pocket. What are your obstacles in keeping on top of your finances? Do you have a plan to overcome them?