Without a doubt, we are one of the heaviest taxed countries, therefore a tax focus is extremely important when building a wealth strategy. A few taxable consequences are earned income, interest, dividends, capital gains, rent, purchases of goods and services, the sale of a business, the sale of a rental property and of course taxes upon your demise. I will collaborate with our tax specialists and your existing team in order to help minimize your tax burden.
Some tax-smart strategy’s includes:
- Taking advantage of the tax sheltering provided in registered plans (TFSA, RRSP, RESP, IPP/PPP)
- Optimizing tax-preferred income and use of capital losses in non-registered plan
- Establishing trusts and endowments
- Choosing tax-deferred and tax exempt options
- Splitting income among family members
- Appropriate asset allocation of investments per accounts
- Spousal loans
- Focusing on the net IRR and net estate values.