FP Answers: How can you avoid a big capital gains tax bill when you die?
September 10, 2022
Adding a child’s name to your assets won’t accomplish your goal of reducing capital gains tax.
Adding a child’s name to your assets won’t accomplish your goal of reducing capital gains tax.
If you are going to invest in an insurance policy, you need to understand what you’re accomplishing with the insurance. There may be more than one answer. Consider these top 10 uses of life insurance.
In 1936, the Duke of Westminster structured his affairs to allow for a deduction of an amount paid to his gardener that would otherwise not be deductible. The British tax authorities of the day didn’t like it, but the judge, Lord Tomlin, ruled that, “every man is entitled…to order his affairs so that the tax..is less than it would otherwise be.”
Insurance can be an effective tool. Here’s an idea involving insurance that can provide a tax-free source of cash flow in retirement.
When it comes to most forms of insurance, many people understand the importance of having coverage. Whether it’s your car, your home, or other valuable possessions, having insurance means that you’re financially protected should disaster strike.
Types of spousal support payments and legal fees related to support payments can be deducted from a client’s income, which can help reduce their taxable income.
GICs are a safe and sound investment in these uncertain times, but they generally score badly on flexibility.
There are tax, estate and other implications when inheriting real estate, even from family.
Naming a beneficiary of a life insurance policy provides a significant benefit in planning and protecting one’s estate. With a named beneficiary, the death benefit is paid directly to the beneficiary and is received tax-free.
Tax-free savings accounts are a relatively recent addition to Canadians’ financial tool kit. They may be not as well known – or understood – as other investment tools, but TFSAs offer an easy way for Canadians to accumulate wealth and plan for their financial goals.
16 Industrial Parkway South, Suite 609
Aurora, ON L4G 0R4