Reduce your tax burden with an in-depth evaluation of your finances.

Are you paying too much in taxes each year? Are your mortgages, investments, and taxes managed by different people without a coordinated plan?

Most people do not realize that their mortgage, investment, and taxes are closely connected. There is enormous potential for substantial tax savings when you structure your loans and investments in the right way.

Home equity can be leveraged to diversify investments and reduce your taxes. Smart borrowing strategies can reduce your interest payments or make mortgages tax deductible. Our team can show you how to use these strategies to save upwards of $2,500 each year on taxes — and we’ll offer a refund if you’re not satisfied with the result.

Our in-depth Scout Evaluation can help you find ways to reduce your tax burden, lower your interest rates, and make your mortgage tax deductible. Get started with an evaluation today to find out how much you could be saving.

Start a Tax Evaluation and discover how to save on your taxes.

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What is a Scout Tax Evaluation?

The Scout Tax Evaluation is an in-depth review of your financial situation, which will determine ways to reduce your taxes, improve your investment results, and lower your interest payments. This evaluation includes:

  • Credit Report
  • Property Report
  • Mortgage Assessment
  • Investment Review
  • Tax Review

Your evaluation will be presented in an easy to understand one-page summary. The summary will highlight our team’s recommendations and what you should do right now.

Initial Consultation

The first step in our evaluation process is to have an open conversation about your financial situation. During this consultation, we will discuss your financial goals and identify any areas of concern.

Information Gathering

To begin the evaluation, you will be asked to complete a client agreement and then we will collect the information we need to assess your financials, including photo ID, a recent pay stub, a property tax bill, a mortgage statement, and an investment statement. If you are self-employed or own an investment property, we will also need your T1 General.

Evaluation Findings

The final step in the process is a second meeting for our team to present their Scout Evaluation findings and review the results. We will discuss our proposed action plan for meeting your goals, next steps, and any additional suggestions

How We Can Help

Learn more about the ways that we can help you save on taxes.

Home Equity & RRSP Contributions

Did you know that your home equity can be used to catch up on RRSP contributions? If you’ve seen the value of your home increase over the past years, you may be able to refinance your mortgage and put the proceeds towards saving for your retirement.

This approach will not only help to diversify your investments, it will also reduce your taxable income. Maxing your RRSP contributions will reduce your taxable income significantly — and proper use of home equity is the key to this process. That’s how our team was able to help our clients, Boris and Bonnie.

The RRSP catch-up strategy helped them to diversify home equity into other investments, kick start their retirement savings, and save them over $204,000 in taxes over 5 years.  The net impact was that they paid an after-tax cost of -2.58%.  Yes, that a negative 2.58%. Read our case study on RRSP catch-ups here.

Borrowing to Invest

In order to deduct your mortgage interest from your annual taxes, you must satisfy two requirements:

  1. You must purchase an investment with the money that you borrow. This could be an investment property, a new business, stocks, bonds, etc.
  2. You must be able to show that your investment is generating income. This could be rent from a property, business revenue, or interest from investments.

If you have existing funds that you want to invest, it is better to use these funds to pay off your current mortgage. Then you can re-borrow what you planned to invest and qualify for an investment loan, making your interest payments tax deductible.

Discover how you can save on your taxes.

Start Your Evaluation

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