Ace Financial Group Inc. specialists help individuals, estates and trusts reduce or defer taxes payable while meeting all tax requirements. We have the experience and comprehensive knowledge needed to help you minimize taxes for yourself and your beneficiaries. With a clear understanding of your goals, we can provide options to you on the opportunities to reduce or defer the taxes you pay. Calculating tax in Canada can appear to be complicated as there are two systems in place – provincial taxation and federal taxation. Canada has a number of double-taxation agreements in place with other nations. This is to ensure that those who have paid tax in one country are not then charged tax in the other on the same income. You will be required to prove that tax has already been paid on qualifying income. All tax returns must be submitted by the 30th April each year. If the return is submitted late you may be required to pay interest or a small fine. Income tax paying in Canada depends upon many different factors. One of these is residency and others include owning a home in the country, having relatives who live there and Canadian bank accounts. If you are not considered to be a resident of Canada (in the country for less than 183 days each year) then you will only pay income tax on money that you have earned in Canada. If you are in the country for longer than 183 days then you are considered to be a resident of Canada and you can be taxed on money that you earn anywhere in the world. Most people who earn money within Canada will not need to file a physical tax return as there is a ‘PAYE’ system in place for most workers.

We're up-to-date on the ever-changing tax environment and the key tax issues relating to deceased individuals, such as :
• Spousal rollover of property
• Deemed disposition of capital property
• Collapsing or transferring RSPs and RIFs
• Medical deductions and charitable credits
• Accrual of income to the date of death
• Income tax elections to reduce or defer tax
• Dividing income among several types of returns for a lower marginal tax rate

We offer top ten tax-saving strategies:
1. Jump on board the RRSP tax-saving train.
2. Arrange investments to be tax-smart.
3. Consider income-splitting with your spouse.
4. Beef up your spouse's earned income.
5. Retirement has its tax benefits.
6. Split income with your children.
7. Consider an RESP.
8. Consider 'freezing' your estate.