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“I'm still a long-term optimist, there are definitely challenges out there now, but I feel good about where we're headed.”
“Depending on circumstances, it may be timely to consider a prescribed rate loan strategy to help effectively lower your family’s overall tax bill.”
If you’re the owner of an incorporated business, an estate freeze is a planning tool that may improve tax efficiency and help to simplify your estate planning.
Exploring the topic of prescribed rate loan planning and why it may be a timely approach for some families.
Start the conversation about estate planning to give you and your parents peace of mind, knowing there are documents in place to ensure their wishes are met.
“Within tax planning, two main aspects are minimizing taxable gains and finding ways to effectively manage losses. It’s here that the strategy of tax-loss selling may be beneficial.”
The Wealthy Barber says it’s important to talk to your loved ones about your estate plan and where your important documents can be found.
“For some families, there may be opportunities to reduce taxes by setting up a prescribed rate loan.”
“If you own all the shares of your business, an estate freeze can minimize taxes and provide you with more flexibility.”
“For incorporated business owners or professionals, or key employees, an IPP may be beneficial for enhancing retirement income.”