Would you like to ease your tax burden on death? There are tools which can help implement an effective tax strategy including charitable contributions, life insurance policies and investment products. Working together, we consider your personal situation and design a plan which suits your needs while minimizing taxes.

Various products and strategies available include:

• Income-splitting for spouses or common-law couples
• Charitable donations, benefitting important not-for-profit work and allowing donors to maximize tax credits
• Life insurance products that build tax-advantaged capital for retirement
• Investment products that provide tax benefits, such as those purchased through RRSPs or RESPs

Presently, the tax code offers incentives for gifting of one’s assets or incomes. Tax deductions are given for current contributions and, for estate owners, charitable gifts can reduce the size of the estate to help minimize estate taxes.

Individuals can designate a charitable beneficiary in his/her will to benefit the organization after death.  By using charitable gifting techniques, a donor may be able to benefit the charity while living without having to sacrifice the income that an asset can generate.  Understanding how properly structured charitable gifts can provide current benefits for both the donor and the charity could be important for the charitably inclined.

Charitable planning involves tax issues that should be discussed with a qualified tax or financial professional.

For more information of charitable planning, please contact us today.