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SafeBridge Private Wealth

Tax mitigation has a big impact

Having a successful business or a high income is great, except when the government’s tax department comes calling.

Depending on how your personal or commercial finances are structured, you could be paying as much as 53 percent of your earnings in taxes. However, when structured appropriately, that percentage could be a lot less, explains Chris Karram, founder of SafeBridge Private Wealth.

“With the right strategies to take advantage of the tax-free assets available in Canada, you can ensure the money you earn is working for you,” says Chris. “We create custom strategies for our clients to maximize their ability to grow and protect their wealth. Every time you pay more tax than you need to, you’re giving up the opportunity of compounding growth on your current and future assets.”

SafeBridge Private Wealth knows it is essential to explore and investigate all possible ways to minimize tax as part of their “build, protect, multiply” approach. Chris and his team of experts find custom solutions for each of their clients, crafting balanced portfolios using a variety of assets.

There are only three main tax-free assets available in Canada, so proper planning and structuring is essential for keeping more of your own wealth. These assets are your home, your tax-free savings account (TFSA), and a tax-exempt, cash value life insurance policy.

Homes and properties will grow over time, but there is only so much you can do to maximize your return on investment. TFSAs only offer a small opportunity for high-net-worth individuals and families due to their maximum contribution limits.

But when managed by experts, a life insurance umbrella can be like a heavy-duty TFSA that isn’t exposed to market volatility and doesn’t have maximum contribution limits. Plus, you can use personal or corporate funds to purchase life insurance.

“With life insurance, you can grow your money tax-free, you can access your money tax-free, and you can do so without slowing down the compounding growth and future impact of those funds as well,” says Chris.

As well, it can be huge benefit for estate planning as funds invested in a life insurance policy allow families to take money out of their family corporation, holding company, or business completely tax free and put it in the hands of their children.

“It can completely eliminate dividend tax when succession occurs,” explains Chris. “So, they’re growing and protecting their money within the life insurance plan, and then passing it on to the next generation tax free.”

Once you’ve started to build your wealth, you want to protect it and see it grow. The professionals at SafeBridge Private Wealth can help make that happen.

TEXT CHRIS OCCHIUZZI | PHOTOS ANDREW FEARMAN

www.SafebridgePW.com

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