Taxes are one of life’s certainties, but there are ways to minimize your tax burden, at the time of the initial investment and upon its disbursement.
Imagine having the chance to receive an income without having to pay taxes. You probably already know what you would do with this newfound wealth. While having to pay taxes is a certainty, there are several investment strategies that can help you minimize your tax burden, whether at the time of the investment or upon its disbursement.
Capital gains and investment income are taxed differently depending on the investment product you use. With good planning, you can ensure you choose investment vehicles that reflect your tax situation so that you can grow your wealth more efficiently.
Your advisor will help you analyze your portfolio and identify ways to reduce your tax burden. For instance, he may advise you on income splitting – with your spouse or children – or suggest you invest in a registered plan.
Contact your advisor today to learn more.