A Tax Whammy for High Income Canadians
Estimated reading time: 40 seconds
Healthy and Happy New Year to you and your family.
2016 began with a roller coaster ride for investors and high income taxpayers.
Stock markets around the world are still suffering wild swings with a downward trajectory
Most Canadians, including those who avoid the stock market and mutual funds, don't realize that their pension plans (including the Canada Pension Plan) may be heavily invested in equities, and therefore exposed to risk.
Stock market woes aside, Canadians earning more than $200,000 annually began to suffer paycheck shrinkage on January 1st, 2016. Tax rates went up, and wealthy Canadians are losing half of their income to taxes.
Understandably, people are anxious in this uncertain financial environment.
Timing IS everything – please visit our new website WEALTHinsurance.com and learn how we can help you with unique insurance solutions that can reduce your anxiety, help eliminate your tax liabilities, and create peace of mind.
Here’s a recommended reading list of my recent articles published in The TaxLetter®
“Safe Haven” is a must-read for business owners. This article explains how business owners can minimize the impact of tax rule changes on corporate investment income, and how to take advantage of the tax deferral opportunity available from the cash value growth inside an exempt permanent life insurance policy.
"New Rules" explains some of the tax hikes and describes several remedies available now through the use of insured annuities and tax-exempt life insurance.
“Thawing Out” describes unique ‘melt and cascade’ strategies for taxpayers to minimize or eliminate taxes on their registered assets (RRIFs and RRSPs) and non-registered assets and explains how to stream wealth tax-free to children, grandchildren and favourite charities.
Consider taking shelter with tax-exempt insurance before the new rules come into effect just months from now. Policies issued before 2017 will be grandfathered. Contact us now to learn how this strategy can help you keep more for your family and less for the tax department.
Our experienced advisors are available across Canada to answer questions and help preserve what you have worked for.
Please be in touch if we can help you.
Call me toll-free at 1-866-566-2001 or send an email to info@WEALTHinsurance.com
I look forward to helping you and your family