Tax and Estate Planning - Introduction
The right investment advisor should have the breadth of skill and experience that would allow them to offer capable expertise when dealing with your tax or legal professional. Ideally your wealth management strategy should reinforce the value added by your other professional advisors.
Tax Planning
For the majority of Canadians taxes are the largest controllable drain on wealth. A properly constructed wealth management strategy will allow you to minimize or defer taxes. The compounding growth of your tax savings will have a substantial impact on your wealth creation. Remember also that there are usually simple alternatives to complex strategies that can result in modestly higher tax payments but lower costs.
Estate planning
Estate Planning refers to the process of transferring your estate to your heirs in an orderly and tax efficient manner. From a tax perspective, your objectives would be to minimize and defer taxes, pass the tax burden to your heirs, and minimize other costs such as probate.
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"The best legal or tax advice can be rendered null and void if conceived in a vacuum, or misaligned with your wealth management strategies"
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