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Tax Planning 101: Maximize Your Savings

tax planning

With proper tax planning you can grow your wealth faster and use it in the way that you want, including taking care of your family in the long-term and even building a legacy of philanthropic goals.

Tax planning can be especially complex for High Net Worth (HNW) individuals as the tax landscape is multi-faceted, with tax laws and regulations constantly changing.

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How to Manage Inheritance Tax in Canada

inheritance tax

In Canada, there are no taxes that apply directly to inheritances. However, this does not mean that property and assets left to beneficiaries are not taxed.

There is no inheritance tax charged to beneficiaries, but by the time assets are distributed to them taxes have already been paid by your estate.

With proper planning and a fully comprehensive estate plan, including a will, you can manage the tax effect on your estate and maximize the assets passed on to your heirs.

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How to Manage Estate Tax in Canada

estate tax

Canada does not have an “estate tax”, unlike some other jurisdictions such as the United States. However, you may not realize that there is a “deemed disposition tax” that applies at the time of your passing.

There are ways to structure your estate plan and/or your will so that this tax can be managed, enabling your beneficiaries to receive the maximum amount possible.

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