Frequently incorporated in estate plans for affluent clients, an estate bond is a tax efficient strategy that creates a large and immediate estate value. An estate-bond strategy is also an estate wealth accelerator that allows assets to pass on to heirs or shareholders, tax-free. Typical…
Canadian and U.S.authorities are about to make a dramatic shift in the way they determine the residency of individuals who split their time between both countries, and snowbirds unprepared for the changes could face serious tax consequences. Canadian snowbirds’ dream of U.S. vacation home fading…
Figuring out how much insurance you need is easy if you stick to fundamentals. Simply answer one of two questions: How much money do you lose if you die or How much money do you need to create at your death. Life insurance for young…
Prudent business owners know the importance of thorough business planning and the impact that the death or disability of a principal owner could have on the future operations of any company. Disability buy-out or disability buy-sell insurance is the best way to protect the business…
Saying “I do” is perhaps the most rewarding and riskiest investment any individual can make, but according to experts, the stakes for high net worth clients can be exceptionally high, with millions of dollars of assets on the table. From protecting wealth to combining legacies,…
Estate Planning Considerations for Family Business Owners Once you have set your succession plan, you should then ensure that your estate planning goals are coordinated with this plan. When coordinating the estate and succession planning, balance is critical. There are many tools you can use…
Always use caution when deregistering assets This article describes how the RRSP/RRIF meltdown strategy works and highlights some potential risks to consider if you’re thinking about implementing this type of tax-saving strategy. The RRSP/RRIF meltdown strategy involves paying the interest accrued on a non-registered investment…
Most transfer their assets into a RRIF at 71 for regular monthly payments. You can leave your investments inside your RRSP until you’re 71, regardless of whether you’re working or not. But at age 71, you have to wind up your RRSP and start taking…
Introduction This Tax Topic discusses some of the planning techniques available to maximize the use of the $750,000 capital gains exemption.1 A review of the capital gains exemption rules are found in the Tax Topic entitled, “The $750,000 Capital Gains Exemption”. Only the capital gains…
What is Disability insurance? A disability insurance policy generally provides a benefit on a periodic basis to an individual if they become disabled and their ability to earn income is compromised. The common element of the various definitions of “disability” is an incapacity or inability,…