Personal tax, also known as direct tax, is a type of tax levied to households and non-corporate companies. It has a number of types, namely the individual income tax, estate tax, fiduciary tax, homestead preservation credit, and property tax credit claim.
Personal Tax Lawyer
With regard to Canada, tax legislations change quickly. The changes can be affected by a number of issues that include case law, legislation, and regulations set about by the Department of Finance and Revenue Canada. Furthermore, Canadian tax laws become more and more challenging and complex with each passing year. This is why it is necessary to acquire the legal assistance of a particular type of Canadian tax lawyer who specializes on the said type of tax, the personal tax lawyer. Let us now find out in what ways can a personal tax lawyer help you.
First of all, a personal tax lawyer can assist you in filing income tax returns, annual returns, and other tax-related forms. Through his experience and legal skills, he can ensure that every form that you file will be free from inconsistency to prevent questions from tax authorities.
Secondly, a personal tax lawyer can notify you and keep you updated about the changes in the Canadian tax law which may affect your estate tax and other related issues of concern. He can achieve this through keenly monitoring the tax system for the most current tax legislation. Furthermore, a personal tax lawyer can be instrumental in the reduction of personal tax imposed upon you by a tax authority. He can minimize, or in some instances, eliminate the burden brought about by heavy tax expenses by analyzing your assets and estate and developing a sensible financial plan to maintain your wealth.
So in conclusion, if you are planning to retire and distribute your estate, if you decide to turn your business over to a fiduciary or a trustee, or if you simply want to reduce the amount of tax that you are paying, you may seek the help of a personal tax lawyer.
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