Most Canadians are unaware of their ultimate tax liabilities.

Does that include you?

Have you and your spouse been fortunate enough to accumulate substantial savings in RSPs? Did you roll your RSPs into a RIF? Did you know that 46% of those hard-earned retirement savings will be taxed on the second death of you and your spouse? In other words, your estate will pay the government $460,000 on $1 million of retirement savings.

Have you accumulated assets in a holding company? Did you know that 32% of those assets in the holding company will be paid as taxes on the second death of you and your spouse? In other words, your estate will pay the government $320,000 on $1 million of investment holdings.

If you have accumulated capital gains from your investments or business, did you know that 23% of those gains will be will be paid as taxes on the second death of you and your spouse? In other words, your estate will pay the government more than $1 million on $5 million of investment growth.

The bad news summary: A ticking time bomb called taxes is looming in your future.

The good news summary: All of the taxes described above can be reduced to zero with proper planning!