BMO Tax Expert John Waters tells Canadians: be proactive now and you may
actually lower your 2007 tax bill
TORONTO, April 18 /CNW/ - With the annual tax filing deadline upon us,
it's too late to take steps that will improve your 2006 tax situation, but
it's an ideal time to start thinking about 2007. According to John Waters, tax
expert with BMO Nesbitt Burns, tax planning should be a year-round process and
all Canadians, particularly small business owners, should start planning their
taxes well before next year's April deadline.
"When tax time rolls around, you can hear the collective groan from
everyone who has to start sorting their financial records to meet the
deadline," said Waters. "My message is: Don't put it off. Preparing your tax
return presents an opportunity - not a necessary evil - to evaluate why you're
paying the taxes you are and how to change that for next year. Be proactive
now and you may actually lower your 2007 tax bill."
"There are many strategies, some very simple, that you may be able to use
to reduce the amount of income tax you pay. The best strategy is to plan
Who: John Waters, C.A., CFP, TEP
Manager of Tax Planning, BMO Nesbitt Burns
What: John can provide tips and straightforward explanations that
Canadians and small business owners can use to get the most out
of tax season.
John can discuss:
- The biggest misconceptions when it comes to taxes, such as thinking
that tax planning is just for the wealthy or those with complex
- Tax planning and savings tips - simple things almost everyone can do
to improve their tax situation, including how to avoid common tax
- Understanding the potential impact of recent significant changes to
Canadian tax law and how to take advantage of the new tax credits and
deductions available in 2007, including the incentives proposed in
the recent Federal budget.
- Importance of planning, not just filing your taxes. Why entrepreneurs
in particular need to look at the big picture, including taking into
consideration their personal, business and family situations.
For further information:
For further information: or to arrange an interview, contact: JoAnne
Hayes, Toronto, firstname.lastname@example.org, (416) 867-3996; Laurie Grant, Vancouver,
email@example.com, (604) 665-7596