Case Study
Client/Challenge:
They didn’t need the CPP money to live on. They planned to just pay the taxes on the benefits received (at 54% in Ontario) and reinvest the difference. They wanted to pay less tax and leave a charitable legacy for their family.
Without WEALTHinsurance®:
They would have continued paying taxes on the CPP benefits received and their estate would be left with a $700,000 tax liability payable when the second of both spouses dies.
Outcome:
We used the CPP Philanthropy™ strategy and by just using their CPP benefits, we created a $1.4 million gift to charity for them. This also saved their estate $700,000 in taxes. They will now be remembered for their generosity, not paying more taxes.