Tax Season: Part 1

Tax season is here

Your season is in full swing. It’s a new year and playoffs will be here before you know it. For most North American professional hockey players, tax deadlines and playoffs are around the same time. The timing is not ideal. Instead of waiting until just before the deadline, I encourage you to put some time into your taxes now. Talk with your advisor to see what is needed so you aren’t worried about this during your playoff push.

In part 1 of 5, I discuss the difference between tax preparation and tax planning.

 

Tax Preparation

Tax preparation is the service of filing your tax return properly. Things to pay attention to include

  • Compliance
  • Benefits/deductions
  • Deadlines
  • Cost

 

Tax Planning

Tax planning is an ongoing service that will help you optimize the amount of tax you pay. Key things to pay attention to:
  • Asset location
  • Residency
  • RCA Trusts
  • Insurance
  • Incorporation

Stay tuned for Part 2!

Looking for more?

Get a head start and download the Pro Hockey Players Guide to Financial Independence!

About Adam

Manitoba Bisons

We’re big believers in the old saying: Love what you do, and you’ll never work a day in your life.

I love hockey, but I didn’t make a living playing the game. Tailoring my financial advising practice toward pro hockey players has allowed me to stay involved in the game in a way I would never have imagined ten years ago.

When I’m not helping my players achieve their financial goals, you can find me spending time at the lake with friends & family, on a golf course, or enjoying a cold beer while watching the Jets play.

Career Stats

Pet:

Golden Retriever, Rosco

Non-Hockey Sport:

Golf in the summer, Curling in the winter (I know, high adrenaline)

Music:

Folk & Acoustic, Rock, Country

Podcasts:

The Investor's Podcast Network, Joe Rogan Experience & Spittin Chiclets

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Adam Henry is a Winnipeg based Financial Advisor with Harbourfront Wealth Management. His practice is tailored towards working with Professional Hockey Players who are looking for investment, cash-flow management, & tax advice. 

Disclaimer: The views expressed are those of Adam Henry, Investment Advisor and not necessarily those of Harbourfront Wealth Management Inc., member of the Canadian Investor Protection Fund, an IIROC Regulated Firm.