A Tax Minimization Case Study
An owner of a company, with $2 million of income, approached us with substantial tax burden issues. Having drawn more than $150,000 over a ten year period, he faced the highest level of taxation in Ontario at 46.4%.
We customized a proactive solution to reduce his tax burden and help him build his wealth more effectively, both near and long-term. First, we recommended an “Individual Pension Plan” for his company. He followed our advice and benefited immediately. In accordance with its regulations, his company was allowed to make a tax-deductible deposit worth $250,000 into the plan as compensation for his years of service. Representing yet another benefit, his company could begin making contributions to the plan significantly larger than what could be deposited in their RRSP.
Second, we implemented The Wealth Creator™, allowing our Client to make ongoing deductions against income, providing him with annual tax relief. Over time, these tax-savings can be put towards a tax-free Retirement Plan.
- With our assistance, the Client converted his tax burden issues into wealth accumulation opportunities:
- He lowered his tax burden, saving himself a substantial amount of money.
- He created a long-term tax reduction plan.
- He redirected his tax-savings towards a tax-free Retirement Plan and tax-deductible investment opportunities.
Quite simply, we helped our Client turn a negative situation into a number of very big financial positives, helping him achieve his financial goals. Let us help you.
Tax Minimization: Next Steps
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Our Investment Advisors work closely with clients across Toronto, Niagara Falls, Kitchener, Barrie, Peterborough, Hamilton, Oakville, Guelph, Oshawa, Markham, Vaughan, Brampton, Mississauga, St.Catharines, Orillia, and Collingwood, Ontario.