Spring is the season for filing tax returns, but if spring is the only time of year that you and your Total Wealth Planner think about taxes… you might be missing out.
Dave is a Senior Wealth Advisor who utilizes a Total Wealth Plan to connect the dots between many aspects of your life, from taxes to investments, insurance to retirement and estate plans.
“The ‘best’ approach is not the same for everyone. The CRA has different incentives and rules depending on your income, life stage and asset picture, so the best strategy for you is likely different than what your neighbour or your brother-in-law are doing,” Dave says. “The goal is to optimize your finances, and that takes a personalized approach.”
6 ways a Total Wealth Planner improves your tax situation
- Collaboration: “I can talk directly with your accountant and avoid confusion and communication disruptions,” Dave says. “Having that direct connection is particularly valuable for clients with complicated wealth strategies.” Dave will also compile all of the necessary information and send it to your accountant in a simple package at tax time.
- RRSP contributions: For those still saving for retirement, Dave helps make decisions around RRSP contributions — adjusting pace and timing based on individual client needs, income, cash flow and tax brackets and more. “When a client receives a large inheritance for example, they often ask if it should all go into an RRSP. But there’s a lot to balance to ensure you receive the greatest benefit over the long term.”
- RRIF withdrawals: For those in retirement, Dave helps improve his clients’ tax outlook by advising on RRIF withdrawals. “It’s sometimes advantageous to start early or take more than the minimum required RIF payment before age 71. It depends on the client and their level of wealth — whether they have other sources of income, whether their Old Age Security be clawed back, and other factors.”
- Dividend tax credits: Dave helps clients arrange their investments to maximize the dividend tax credit.
- Corporate taxes for business owners: Many of Dave’s clients own small and medium-sized businesses, and there are tax implications there too. “Owning your own business adds another layer of considerations, but the right advisor can help you make quality decisions,” Dave says.
- Estate taxes: Taxes aren’t just something we pay during our lifetime — there are also taxes after you’ve passed away. With help from Dave Lee and his Total Wealth Management team, you can make decisions in the present that will reduce your estate taxes later.
Call 604.535.4743 to book an appointment with Dave Lee in White Rock, or email email@example.com to discuss investments, life insurance, retirement planning, estate planning, generating income and minimizing your taxes. Follow him on Facebook, Twitter and LinkedIn for more financial insights.
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