Savings on taxes and proper estate planning when passing on assets to children and grandchildren can be a complicated task. I have many contacts to specialized experts who can work with my clients to better assess their personal situation and offer objective advice. During this process I work closely with my clients to ensure information is fully understood and that the client’s need are being met. For most cases, the meeting with such estate planning experts are complimentary and without obligation.
Tax Savings Strategies include…
- Labour Sponsored Funds (15% provincial + 15% federal tax credit). The Ontario government announced that it will continue issuing credits only until the 2010 taxation year. This means the 15% provincial tax credits will continue until the 2008 taxation year followed by a 10% tax credit in 2009 and 5% tax credit in the 2010 taxation year
- The advantages of Spousal RRSPs
- The tax benefits of dividends and capital gains over interest income
- The benefits of borrowing capital for investment purposes (to create a tax deduction) and build up your net worth
- Insured Annuities (typically for retirees looking for guaranteed income and low taxes)
- Capital Class funds/Mutual Fund Trusts to defer taxes payable
- Tax advantages of charitable giving
- Importance of joint accounts and naming beneficiaries to avoid probate tax
Estate Planning Ideas include…
- The role of insurance to offset taxes payable upon death
- Estate Freeze & Transfer of business shares ownership
- Henson Trusts (for families with special needs children)
- Passing on the family cottage
- Proper set up of wills and power of attorneys
*** For more tax tips click here.
*** For more Estate planning information click here.
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