Tax & Estate Planning

Tax & Estate Planning

Tax planning is an important component of financial planning. A dollar of reduced taxes puts more money in an individual’s pocket then a dollar of incremental income because a dollar of tax saving is ready to spend whereas a dollar of incremental income still has to be taxed. There are no tax planning strategies unique to single individuals, minimizing taxes is still a key objective.

Whether it’s simply taking advantage of RESPs, RRSPs, RRIFs, TFSAs or RDSPs, or arranging funding for any tax liabilities which cannot be avoided. We are equipped with the knowledge and strategies to guide you to a tax plan focused on making sure you are getting all your dues.

RESP

Registered Education Savings Plan (RESP) helps you save for your children’s post-secondary education. It has tax-free growth, offers flexibility and helps you plan and save many years in advance so you are not weighed down with the expenses at the time.

Canadian Residents with a social insurance number (SIN) who wish to set up the fund for any beneficiary including children, nephews, nieces, grandchildren or any dependent child should consider RESP.

 Benefits of RESP Plan

 Tax-Free Growth 

RESPs offer tax deferral. This means that interest income and investment growth earned within an RESP are not taxed as long as the funds remain in the plan. Withdrawals from an RESP are taxed in the hands of the student, which usually means they pay little or no tax. 

The Canada Education Saving Grant

With the CESG, for an eligible beneficiary under the age of 18, the government matches 20% on the first $2,500 contributed annually to an RESP. The maximum total CESG the government will give, up to age 18, is $7,200 per beneficiary. The grant proceeds are invested along with your contributions, further enhancing the benefits of tax-deferred and compound investment growth within your plan.

 Canada Learning Bond

A $500 CLB is provided for children of families who are entitled to the National Child Benefit Supplement and who are born after December 31, 2003. These children also qualify for CLB instalments of $100 per year until age 15, as long as they continue to receive the National Child Benefit Supplement. The total maximum CLB payable per child is $2,000. CLBs are allocated to a specific child; unlike CESGs, they cannot be shared with other beneficiaries. There is no requirement to make contributions in order to qualify for the CLB.

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Estate Planning

Estate planning is a comprehensive process undertaken to ensure that loved ones are well cared for after the death of an individual, the transfer of assets to intended beneficiaries take place according to the deceased’s wishes and that income tax is minimized without compromising the deceased’s intentions.  

Actions an individual undertakes while alive have direct impact on the smooth transition of his estate. This includes the structuring of asset ownership, the will, and arranging funds for tax liability, buy-out or equalizing the estate. The Estate planning is based on different scenarios such as Single, Married, Divorced person or Business Owners.  If you have no dependents, then you may not feel that it is necessary to plan for what will happen in the case of death. However planning in advance will make it easier for your survivors to administer your estate. 

We can further help ensure the taxes on your assets left to heirs will be minimized.

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