Tax Time Blues - Be Prepared
Estimated reading time: 35 seconds
After a long and miserable winter, Canadians now face the annual dread called tax time.
Some taxpayers are in ‘search and sort’ mode right now, looking for the receipts and documents required for their personal income tax return.
Without their tax stuff in hand, the searchers grow more desperate as the April 30th deadline approaches.
Former boy scouts and other “Be Prepared” adherents are less stressed today because their taxes have already been filed.
They carefully recorded their income and expenses, saved their receipts throughout the year, and dutifully clocked auto use in neat logbooks.
Accountants and tax preparers LOVE those types. (Wish I was one of them!)
A 70 year old divorced client was introduced to me recently. His desire to create a gift for his newest grandchild was the catalyst for us to complete a comprehensive tax and estate review.
He was shocked to learn that his hard-earned RRIF nest egg of $2.8 million will be cut by almost half when he passes.
The government will collect $1.3 million in taxes.
If he was married he could leave behind the entire $2.8 million to his wife, but as a single his estate will get slashed.
Divorced people, older singles, widows and widowers need to know about this and find ways to protect their savings.
This article I wrote for the TaxLetter® describes tax liabilities and other threats to retirement savings and explains defensive strategies available now to eliminate taxes and preserve estate value.
Most people are blissfully unaware of their true tax liabilities. Read this to get a jump on your own estate planning and read this to learn how being charitable can reduce your tax bill or bring it to zero.
Please be in touch to get a no-obligation review of your situation.
Discover what you can do now to protect your hard-earned savings, reduce your tax bill, leave less for the tax department and more to the people and charities you really care about.
Contact us now to get started. Call me toll-free at 1-866-566-2001 or send an email to info@illnessPROTECTION.com
I hope you get a big tax refund and look forward to helping you and your family.
Stay healthy