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Vice President and Senior Private Banker | CFP, FEA
BMO Private Wealth
595 Burrard St
PO Box 49500
This article provides an overview of select strategies to assist you in reducing your tax bill.
Alter-Ego Trusts, which are set up for individuals, and Joint-Partner Trusts, which are set up for spouses (including common law couples), are often used as Will substitutes by many high net worth families.
Knowing how the tax rules affect your investments is essential. Tax strategies that you should consider such as income splitting, charitable giving and estate planning.
Separation, Divorce and Your Financial Plan outlines the financial and tax implications of a breakdown in a relationship for issues relating to both married and unmarried (i.e., “common-law”) spouses.
People often choose to fulfill their philanthropic goals by making gifts to charity in their will. There are many benefits to this form of giving and one of them is the tax benefit. When an individual provides for a charitable gift in his or her will, his or her estate is entitled to a donation tax credit. If the estate qualifies as a “graduated rate estate” (GRE), the donation tax credit may also be used to reduce or completely offset the tax liability that arises from the deemed disposition of capital property that occurs upon death. In the year of death and the year prior to death, up to 100% of a taxpayer’s net income can be offset by charitable donations.