Tax and Estate Planning

Tax is something that impacts everyone, so good tax planning is paramount to any financial plan. Whether you are retired or in your working years, tax is an important area that can’t be overlooked. In depth tax discussions often lead to questions about taxation on our assets after we’re gone and how this impacts beneficiaries; estate planning can map out the most efficient way to pass along your assets to loved ones.

In almost every one of our client meetings, tax, beneficiaries and estate planning are part of the discussion. These items need to be explained to you and properly planned for; let us provide clarity and answer your tax and estate questions. 

Tax Planning

From day one of our working years, through retirement and at death we pay income tax; so it goes without saying that it is important to plan to minimize tax whenever and wherever possible. If terms like tax brackets, tax credits, RRSP contributions and tax slips have you scratching your head, let us help and educate you.

How we can help with tax planning:

  • Preparation and filing of personal income tax returns.
  • Determining the best investment vehicles for your tax situation, for example, what is the ideal amount to contribute to an RRSP to minimize the most tax.
  • Look at cash flow in retirement with the most tax efficient method; questions such as when to start your employer pension, Canada Pension Plan (CPP), Old Age Security (OAS) and when to start drawing on your RRSP or RRIF.
Estate Planning

Estate planning is the process of organizing financial details to achieve certain objectives upon death. This is a complicated way of saying “what happens to your stuff when you die”. Common objectives for estate planning can be to simplify estate settlement, ensure heirs are taken care (wellbeing and/or financially), minimize income tax or probate (estate) tax. Estate planning is often done with the help of various financial professionals such as lawyers, accountants and financial advisors.

How we can help with estate planning:

  • Assist with life insurance to provide for beneficiaries.
  • Provide advice relating to the organization of financial assets.
  • Walk through various scenarios of what would happen to financial assets if you or a loved one passed away.
  • Discuss the difference between estate income tax and probate tax (estate administration tax) and how these impact your estate.


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