Best Tax Preparation Services in Cambridge, ON

“If You Fail to Plan, You Are Planning to Fail” — Benjamin Franklin We like this quote as it applies to almost all (if not all) aspects of life. Be it starting the moment we wake up in the morning, or starting a project (small or big); if we don't have a plan of action, the execution (efficiency and effectiveness) becomes much more difficult and the results can go sideways. It may not be that realizable in day to day tasks but the importance of planning is much more appreciated in bigger projects and long term goals with a time horizon of say 1 year, 5 years or 10 years. As important as planning is in other areas, planning for our finances is utmost critical, especially when we embark on a journey of entrepreneurship. If we don't understand the numbers, we would fail to take important decisions that could result in missed golden opportunities or a decision that could put a bad dent on the financial situation. For a simple example, for a small business owner taking cash out of corporation, it is important to understand how much tax would be paid if the withdrawal is made as salary vs a dividend vs bonus and how each of these options could further impact personal taxes and their opportunity to use certain tax planning tools (such as RRSP etc.) available to all Canadian taxpayers. So, PLAN! Be it the plan to go out on a date on a Friday night, to planning for retirement, create a plan and bring it into action. You will achieve more by doing less when you have a plan!