There are several applications of ways to minimize taxes both during your lifetime and after death. Understandably taxes are due on your income and gains year on year unless your assets are in a tax deferred position in which your taxes are due at the time of disposition. However, for the same reason, when you die, your estate is deemed to have been disposed of on that day, potentially creating a large estate tax problem, reducing the amount of money that goes to your loved ones and/or your favourite charity. Investing in life insurance, creating charitable structures, or even selling a current life insurance policy to your business can potentially alleviate taxes creating more wealth for you and your family.

There are structures in business that allow for effective tax planning as well. Creating a Holding Company or a Family Trust can put measures in place for tax free transfers and tax efficient income splitting and also can allow for individual lifetime capital gains exemption on qualifying small business shares.

They also have different applications for individuals or corporations. Consulting with a Tax Professional as well as an Insurance and Financial Advisor can provide recommended strategies to organize your affairs that can significantly reduce your tax liability including insurance backed estate planning and company restructuring.

Contact Us for more information about how this could work for you.