Most people think about taxes once a year, usually right before the deadline. But waiting until tax season to get everything in order can lead to missed deductions, higher tax bills, and unnecessary stress.
At Infinity & Beyond Business Inc., we believe proactive, year-round tax planning is one of the smartest steps individuals and business owners can take. By staying ahead, you not only reduce what you owe but also gain clarity and control over your goals.
Start with a Tax Plan, Not a Tax Reaction
Good planning begins with understanding where you’re now and where you’re going.
- Review previous years’ returns to uncover missed opportunities
- Estimate current-year earnings and deductions
- Build a strategy based on your goals (retirement, investments, business growth)
Why it matters: Planning gives you time to make changes and use available deductions and credits before it’s too late.
Track Income and Expenses Monthly
Whether you’re self-employed or running a business, tracking your expenses regularly makes a significant difference.
- Use apps or software for automatic tracking
- Separate business and personal expenses
- Keep digital records and receipts for deductions
Why it matters: Staying organized helps avoid errors, speeds up filing, and gives you stronger records if you’re ever audited.
Maximize Retirement Contributions
Adding to retirement accounts supports your future and can help reduce the amount of tax you pay now.
- RRSP (Registered Retirement Savings Plan): Contributions reduce your taxable income
- TFSA (Tax-Free Savings Account): While not deductible, growth and withdrawals are tax-free
- Employer Plans: Contribute enough to receive complete matching, if available
Why it matters: Contributing steadily throughout the year prevents a last-minute scramble and ensures you use all available benefits.
Review Payroll and Withholdings
If you’re an employee, double-check that the correct amount is being deducted from your pay. If you’re a business owner, review how payroll is handled.
- Are your withholdings too high or too low?
- Can you benefit from income-splitting strategies?
- Are you following CRA remittance rules?
Why it matters: Mid-year adjustments can prevent a surprise bill or a large refund, indicating that you’ve been overpaying.
Make Use of Tax Credits and Deductions
Rules and eligibility requirements can change annually. Staying current lets you claim what you’re entitled to.
- Home office expenses
- Business vehicle mileage
- Childcare or education costs
- Medical expenses
- Charitable donations
Why it matters: Small, consistent claims throughout the year can add up to significant savings.
Schedule a Mid-Year Tax Review
Don’t wait until year-end. A check-in halfway through the year helps you adjust your strategy if needed.
- After significant life changes (marriage, home purchase, new job)
- If income varies month to month
- Before large purchases or investments
Why it matters: Catching issues early helps you act intentionally, not reactively.
Plan for Quarterly or Installment Payments
If you’re self-employed or earn additional income outside of regular payroll, you may need to make scheduled payments to the CRA.
- Estimating totals with your accountant
- Setting aside funds monthly
- Marking installment dates on your calendar
Why it matters: Missing deadlines can mean interest charges. Regular planning helps avoid penalties and stress.
Tax planning isn’t a one-time task—it’s an ongoing approach that pays off over time. Whether you’re an individual, freelancer, or business owner, staying proactive can lead to significant savings and fewer unexpected expenses.
At Infinity & Beyond Business Inc., we support our clients year-round with strategies that go far beyond basic tax filing. Let us help you create a clear plan so you can stay focused on what matters most—your business and its goals.
Ready to build a more brilliant tax strategy? Contact us today to get started.
