Tax Minimization and Philanthropy. A match made in heaven!
Will Power
National Webinar Event - Canadian Hadassah-WIZO (CHW)
If you are old enough and grew up in the GTA, you probably remember the Hadassah Bazaar.
It was organized by Canadian Hadassah-WIZO (CHW), a women's volunteer organization (my late mother, of blessed memory, was a member) which raises money to fund health, social welfare and education programs in Canada and Israel.
Long before dollar stores and the internet, the Bazaar was a legendary annual fundraiser that people looked forward to attending.
It was a real happening - a genuine BIG flea market - attended by thousands.
It ran for 84 years until 2008, often at the CNE grounds.
I was delighted when Lisa Colt-Kotler invited me to speak at the national webinar event on October 18th where I explained several giving strategies available to generous people who like the idea of creating a legacy and paying less tax.
Timing IS Everything
A few years ago I was introduced to a wealthy real estate family with an extensive property portfolio assembled over 2 generations.
Lots of real estate, no estate planning - and not surprised.
Getting them properly organized in the most tax and cost-efficient way would be a complex and time-consuming and something we love to help clients with.
Anticipating a lengthy planning process, we recommended that each family member apply for $10 Million of Term Life Insurance right away.
Once issued, that Term Insurance could be quickly converted, partially or fully, into permanent policies - without any medical underwriting or the need to re-qualify.
Note: All Term Insurance offers this option.
A great interview on the Tonic Talk Show
Mark was interviewed today by Jeff McArthur on Global News Radio AM640 Toronto.
We discussed the findings of a just-released RBC survey that indicates retirement levels are expected to surge after the pandemic.
(By the way….when does ‘after the pandemic’ happen?)
A recent FP Canada survey says 40% of Canadians aged 55+ cite saving for retirement as their top source of financial stress.
Jeff sought my suggestions on how ‘about-to-retire’ people should be preparing now.
I explained the importance of a changing mindset from investing to planning and shared my 3 top recommendations: preserve what you have, maximize income and optimize tax efficiency.
If you speak to a professional planner to help navigate, you will likely find out you actually CAN retire and not run out of money.
GREAT event last week for supporters of @St. Joseph’s Health Centre Foundation.
As a member of St. Joe’s Promise Legacy Council, it’s especially gratifying to share ideas that raise money for the hospital while helping people convert taxes to charitable gifts.
My zoom presentation on June 16 was titled “Create YOUR Family Legacy: Maximize Giving, Minimize Taxes”
I explained how we create Accidental Philanthropists™ and presented several wonderful ways to be remembered for leaving more to charity and family instead of a large sum to the tax department.
Many thanks to Maria Dyck, Steven Presser, Carrie Gemmell and the entire Foundation team for organizing such a successful event.
If you are involved in Philanthropy, I’d be delighted to speak to your colleagues and community.
Winning Portfolio? Use the prescribed rate loan strategy
Fundraising In Challenging Times
Delighted to announce that Steve Lloyd, Publisher of Foundation Magazine, has invited me to write a regular column on Philanthropy.
My column is called "The Accidental Philanthropist”.
Here is my inaugural article “Fundraising In Challenging Times”.
It’s a great publication.
https://foundationmag.ca/
Foundation Magazine | The Business & Spirit of Philanthropy
Consider subscribing free if you have a connection to charities, foundations and non-profit organizations.
Create YOUR Family Legacy: Maximize Giving, Minimize Taxes
9 Generous Ways to Use CPP Benefits
“Swerve To Avoid Tax Hikes Ahead”
It’s April 30th - Personal tax returns (and payments) are due today
My interview yesterday with Jeff Andreas of CHNL radio
Video of my Recent Interview With Brian Crombie