Minimize taxes today

There are a number of tried and true ways to reduce your tax burden, as any good tax accountant can tell you. But once you’ve exhausted the standard credits and deductions, what else can you do?

First, take a good look at your portfolio and how you invest. While your investments aren't beyond the taxman's reach, the right planning can help you keep more of your returns. Not all investment income is taxed in the same way; our advisors can help you structure a portfolio that takes those rules into consideration in order to make it as tax-efficient as possible.

How you manage registered and non-registered investments is an important consideration when it comes to reducing taxes. Interest income attracts the highest marginal tax rates, so interest-generating investments should be placed in an RRSP or TFSA. Alternately, you can take advantage of the tax benefits of dividends and capital gains by leaving some of your equity holdings* in unregistered accounts. By sheltering your highest-taxed investments, you reduce your overall tax bill.

Minimize taxes for your estate

Minimizing taxes is equally critical to your estate planning. The basic strategy is to reduce the value of your estate by distributing your assets outside of the estate before it goes to probate. Some tactics to consider include: 

  • Designating living gifts
  • Setting up joint ownership of accounts or real estate
  • Ensuring registered investments have named beneficiaries
  • Using life insurance to offset capital gains taxes
  • Transferring assets to trusts

Your BlueShore Financial advisor and team of specialists can assemble an estate conservation team, including working with your legal and tax specialists, to develop a plan that ensures you maximize the value of your legacy while reducing the tax hit.

Investment Advisor, Niall Dempsey

Niall Dempsey

Investment Advisor

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 Mutual funds, other securities and securities related financial planning services are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.