Calgary, Alberta, Canada – June 26, 2023 – When it comes to remuneration planning in today’s fast-moving and fiercely competitive business landscape, Canadian business owners and managers face numerous challenges. Those who can successfully optimize compensation, which drives robust and sustainable growth, while minimizing tax exposure and maximizing financial strength and ease of management, will benefit greatly. That is why the cross-border tax planning advisors at Cardinal Point Wealth Management urgently emphasize the need for strategic and proactive remuneration planning.
Kris Rossignoli, Cross-Border Tax and Financial Planner at Cardinal Point Wealth Management, explains, “Effective remuneration planning allows business owners and managers to enhance their wealth accumulation, protect their assets, and achieve sustainable growth. Intelligently designed compensation packages factor in the potential tax implications, regulatory compliance issues, and create ideal alignment with business objectives. Remuneration planning is an essential component of financial management that involves designing compensation packages that align with the business’s objectives while considering taxation implications, regulatory compliance, and individual financial goals.”
Business owners and managers across Canada operate in a dynamic environment, constantly adapting to market fluctuations, regulatory changes, and shifting tax laws. In this complex environment, remuneration planning has emerged as a savvy and strategic tool for optimizing compensation structures and safeguarding the long-term success of businesses. Such planning can also boost employee morale, loyalty, and retention while attracting top talent in today’s historically competitive hiring market.
Cardinal Point Wealth Management, a leading provider of cross-border wealth management solutions, urges all businesses to seek experienced, qualified guidance from certified cross-border financial advisors and tax planners to take full advantage of the benefits of insightful and effective remuneration planning.
Specialized help is recommended because Canadian tax laws are intricate, difficult to interpret and apply, and are continually evolving. Professional tax planners can help make sure that businesses stay current regarding new and upcoming changes in tax law, and financial advisors can similarly ensure 100 percent compliance by staying abreast of impactful regulatory changes. Rossignoli says that the significance of such proactive planning cannot be overstated. “Working closely with experienced advisors, business owners and managers can enable you to deploy tax-efficient strategies such as income splitting, dividend planning, and capital gains optimization. These strategies help optimize remuneration, minimize tax liabilities, and enhance your opportunities to grow and preserve wealth while remaining competitive and financially secure for the sustainable future.”
That advice also applies equally to the growing number of Canadian businesses that have cross-border components, whether due to expanding their operations into the U.S. market or employing individuals who have U.S. tax obligations. The unique value of a cross-border tax planner or financial advisor is that they are well-versed and up-to-date on rules and regulations on both sides of the border. They can help ensure that any type of business stays in full compliance with both Canadian and U.S. tax regulations, while maximizing financial outcomes and minimizing tax liabilities.
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Company Name: Cardinal Point Wealth Management
Contact Person: Kris Rossignoli
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Country: United States
Website: https://cardinalpointwealth.com/