Seeking professional tax advice before making major decisions on significant transactions is always money well spent, particularly if those decisions involve exclusive legal issues that require a higher level of expertise. Tax planning lawyers are highly specialized in tax law and can provide expert tax representation and planning advice that can help individuals and businesses save thousands of dollars in the filing of their taxes.
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| William (Bill) J. Smith |
Some accountants specialize in tax planning too, and can also offer some advice to help you deal with your tax planning issues or questions. Many general practitioner lawyers may also have some knowledge of tax legalities, but often their expertise is very limited in this particular legal area. Attorneys who are highly specialized tax planners, on the other hand, have specific knowledge and training on taxation law but they also have expertise on other complicated legal areas that overlap with Canada's tax and commercial legal systems, such as wills and estates law, corporate and commercial law, family law, property law, trust law, insurance law, criminal law, litigation and other areas.
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| Eric C. Taves |
Tax planning attorneys understand the detailed intricacies that revolve around tax planning for both personal income and large enterprises. Hence, it is very easy for them to engage in the interpretation of specific laws and apply its plain meaning to the legal matter at hand. Their legal expertise is what differs them from other tax experts, particularly when tax matters deal with a contentious issue and specialized legal knowledge is required to bridge the gap.
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| Sabina Mexis |
It is advisable to find a
tax planning lawyer to assist you with the following tax matters:
Estate planning and administration
If you have a large estate, you would have to pay what is called a “disposition tax" when you die. A tax planning attorney can help you devise estate-planning strategies so you can take advantage of some tax breaks to minimize the income tax that can arise on death and ensure that your assets go to your beneficiaries instead of the CRA.
Buy-Sell agreements and other new business concerns
Buy-Sell agreements are very complex contracts that involve many tax considerations. If improperly structured, it can subject either the buying or the selling party to unnecessary taxes. A tax attorney will make sure that the document protects the owner’s interest and shield him from adverse tax consequences.If you are starting a new business, a tax attorney can devise a consistent, sound legal tax structure from the outset to help reduce your overall tax liability and maximize the success of your business.
Foreign investments
All Canadian taxpayers are required to declare foreign investment income and pay any corresponding taxes to the CRA. A lawyer specializing in International Tax Law will be very familiar about taxes you’ll pay on your investments and can assist with the detailed and meticulous compliance requirements that are necessary for Canadian tax-filing purposes.
Cross Border Tax Planning
Canadian businesses expanding into other countries have various options on how they can structure their business operations. Each of those choices may have significant tax implications. They need the assistance of a lawyer with extensive experience in cross border tax law to help them fully understand tax laws of particular countries and how best to navigate them so they can take full advantage of cross-border planning opportunities to minimize any tax liabilities.
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| Frank Shostack |
Tax planning is an important part of every individual’s or business's financial plan. Tax planning lawyers can assist you with suggestions and advice on how to take advantage of beneficial tax-law provisions and available tax deductions and credits under the CRA to help you save or minimize taxes.
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