Our integrated approach to managing client portfolios allows us to implement a variety of financial planning strategies that often reduce or eliminate taxes on both your investments and your estate. Some of these advanced planning solutions include:
An IPP is a benefit pension plan for one person. An IPP allows your company or professional corporation to make tax-deductible contributions on your behalf. These contributions can sometimes be 25-90% more than the contributions you can make to your RRSP ultimately improving your retirement position.
These are guaranteed contracts that provide a stream of tax-preferred income for life. Insured annuities can generate between 50-100% more after tax income depending on your age. And upon your passing, your capital is paid out tax free to your heirs.
An RCA is supplemental to a pension plan. It is established by a company to extend additional benefits after the employee has: retired, lost their employment, or restructured the way in which they deliver service to their employer. An RCA provides benefits beyond what is offered through RRSPs, pensions, and other statutory plans. And unlike registered pension plans, an RCA is not subject to contribution levels, restrictions, policy, or benefit options.
Trusts often help in scenarios of income splitting amongst family members and protection against liability. There are various types for trusts from Family Trusts to Testamentary Trusts that are used as to move assets to multiple beneficiaries via tax-preferred methods.
Private Charitable Foundations are legal entities that allow an individual to manage assets that they have designated for charitable purposes. These types of legal entities create a mechanism for establishing a viable way to create a charitable legacy with significant tax benefits.
An RRSP is a type of account for holding savings and investment assets, which has special tax advantages. RRSP approved assets include: savings accounts, guaranteed investment certificates (GICs), bonds, mortgage loans, mutual funds, income trusts, corporate shares, foreign currency and labour-sponsored funds.
A RRIF is an extension of your RRSP; it allows for tax deferred growth but is used primarily to withdraw income during your retirement. RRIFs will let you control your income, as you manage the amount and frequency of withdrawals. You can pass RRIFs onto your spouse tax free when you pass.
The Tax-Free Savings Account is a flexible, registered, general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs. The TFSA complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP).