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Will the taxman be your principal heir when you die? What will happen to your company, and to your assets? You’re at a stage where important decisions have to be made.

Protect your assets

If you have substantial assets in other countries (e.g., U.S. stocks or another home), you may have to pay an estate tax in the country concerned. Similarly, if you have a company, there is a risk of double taxation when you die if a rigorous tax plan has not been made beforehand.

Testamentary trust

Established by will, a testamentary trust takes effect when you die. The trust enables you to protect and maintain control over your assets. In addition, even limited income splitting can result in tax savings.

A family trust is not necessarily advantageous for everyone. You have to determine whether or not it is suitable in your situation

  • according to the value of the property bequeathed
  • if there are dependents, etc.

Charitable donations

Charitable donations are a way to support a worthy cause while reducing your taxes. You can make donations during your lifetime or upon death. These donations can take various forms:

  • Gift of publicly traded stocks
  • Gift of RRSP/RRIF
  • Gift of works of art
  • Legacy by particular title
  • Etc.

Your advisor can recommend the best approach, one that won’t compromise your financial stability and that will enable you to keep the assets you wish to bequeath to your heirs.

A worry-free retirement

The taxman doesn’t retire when you do. A good decumulation plan can help you avoid nasty tax surprises. Making strategic withdrawals and using income splitting are some of the steps you can take to ensure a happy retirement.

Make your life easier

Tax rules are constantly changing. Our Wealth Management Advisors know all the ins and outs of taxes. They can guide you and help you make the right choices.

For an analysis of your situation,
get in touch with one of our advisors