Estimated Reading Time: 40 seconds

The NHL hockey playoffs are now underway and eternally optimistic Toronto Maple Leaf fans (1967 was our last Stanley Cup) witnessed a heartbreaking collapse last night when our beloved team blew a 4-1 lead in Game 7.  That was painful.

Today the “mourners” are  at the water cooler and all over the media discussing the  relative importance of Defense and Offense.

If you are managing a sports franchise or planning for the security of your own family you need to know that having a solid defense is the #1 priority.

Wealth is often accumulated by successful people who play great offense, and they usually get good advice from a variety of advisors (lawyers, accountants, mentors, investment advisors, tax advisors,  financial planners, etc.)… but in most cases no one is looking at their estate and risk planning from a defense first perspective  and with a helicopter view.

Despite all their  professional experts, the majority of successful Canadians still have no will, an improperly drafted will, or a will that's not up to date. (Where do you fit?).

Business owners, medical professionals, retirees and the high net worth families I meet are always surprised to discover  their ultimate tax liabilities may look like this:

The government will grab $460,000 per $1 million of retirement savings - 46% of their retirement savings will be taxed after the second death of both spouses. That money you socked away in an RSP isn't all yours.

They will pay the government $320,000 on every $1 million of investment holdings - 32% of their Holding Company/Operating Company assets will be paid in taxes on the second death of both spouses.

The government will collect about $1 million per $5 million of investment growth - 23% of accumulated capital gains from investments, real estate and business equity will be consumed  as taxes on the second death of both spouses.

Here’s the good news: all those nasty taxes described above can be reduced to zero with proper planning now.

If you have charitable inclinations, your tax dollars can become charitable donations.

How would you prefer to be remembered - as the philanthropist who created a substantial legacy for charity or as the taxpayer who left a pile of money to the government?

And that’s why playing defense makes so much sense.

Isn't it time to invest 45 minutes of your own time to create  the right defense for your family or business team?

Contact us to get started - all without obligation.

Stay healthy.