{"id":790,"date":"2024-02-29T05:00:00","date_gmt":"2024-02-29T05:00:00","guid":{"rendered":"https:\/\/growyourwealth.ca\/?p=790"},"modified":"2024-02-29T13:18:30","modified_gmt":"2024-02-29T13:18:30","slug":"dont-lose-all-your-hard-earned-money-to-taxes","status":"publish","type":"post","link":"https:\/\/growyourwealth.ca\/dont-lose-all-your-hard-earned-money-to-taxes\/","title":{"rendered":"Don\u2019t lose all your hard-earned money to taxes"},"content":{"rendered":"<p><html><head><\/head><body><\/p>\n<div>\n<style type=\"text\/css\">\n@-webkit-keyframes oryCellResizeableAnimate {\n  0% {\n    background-color: hsla(0,0%,100%,.26);\n    top: 45%;\n    bottom: 45%;\n  }<\/p>\n<p>  50% {\n    background-color: hsla(0,0%,100%,.12);\n    top: 0;\n    bottom: 0;\n  }<\/p>\n<p>  to {\n    background-color: hsla(0,0%,100%,.87);\n    top: 45%;\n    bottom: 45%;\n  }\n}\n@keyframes oryCellResizeableAnimate {\n  0% {\n    background-color: hsla(0,0%,100%,.26);\n    top: 45%;\n    bottom: 45%;\n  }<\/p>\n<p>  50% {\n    background-color: hsla(0,0%,100%,.12);\n    top: 0;\n    bottom: 0;\n  }<\/p>\n<p>  to {\n    background-color: hsla(0,0%,100%,.87);\n    top: 45%;\n    bottom: 45%;\n  }\n}\n<\/style>\n<style type=\"text\/css\"><\/style>\n<div class=\"juiced\">\n<div id=\"postToSend-15\">\n<div class=\"ory-row\" style=\"box-sizing: border-box; display: -webkit-box; display: -ms-flexbox; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: -webkit-box; display: -ms-flexbox; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-cell-inner ory-cell-leaf\">\n<div>\n<h2>Don\u2019t lose all your hard-earned money to taxes<\/h2>\n<p>Tax planning is an essential part of managing your money \u2013 both while living and after your death. You want to maximize the amount of money to your beneficiaries, not the government. We have three tips to help you reduce taxes on your hard-earned money:<\/p>\n<ol style=\"list-style-type: decimal; margin: auto 1em 1.5em;\">\n<li>Make the most of the lifetime capital gains exemption<\/li>\n<li>Decrease your end-of-life tax bill<\/li>\n<li>Look into Immediate Financing Arrangements<\/li>\n<\/ol>\n<p><strong>Lifetime capital gains exemption<\/strong><\/p>\n<p>The good news is that you can save a lot of money on taxes using the lifetime capital gains exemption. The bad news is that you could lose out on some of those savings unless you follow all the appropriate steps. Having a financial team to guide you through these steps is essential.   When it comes to selling all or part of your business, your lawyer, accountant, and financial advisor must be all on the same page. <\/p>\n<p><strong>End-of-life tax bill<\/strong><\/p>\n<p>As with the lifetime capital gains exemption, working with your financial team to ensure your affairs are in order is crucial. Without the proper paperwork, your hard-earned money may not go to the family members, friends, or charities you want to support. Take the time to ensure that your wishes are properly documented and that you have filled out all essential paperwork.<\/p>\n<p><strong>Consider an Immediate Financing Arrangement<\/strong><\/p>\n<p>An Immediate Financing Arrangement (IFA) lets your business:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li>Get a life insurance premium on behalf of a shareholder<\/li>\n<li>Create a tax deduction<\/li>\n<li>Transfer assets tax-free from the business to a shareholder\u2019s estate<\/li>\n<\/ul>\n<p>Also, you can use an IFA to help increase your business\u2019 cash flow by pledging the life insurance policy as collateral for a loan. The loan can be invested into the business or other investments if the company does not need the additional cash flow.  <\/p>\n<p><strong>The Takeaway<\/strong><\/p>\n<p>While this can all seem overwhelming, it is essential to make sure you take the proper steps to protect your business and minimize your tax bill. But you don\u2019t have to do this alone \u2013 contact us today for expert advice and guidance.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/body><\/html><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s essential to manage your tax planning properly \u2013 both while you are living and for after your death. You want as much of your money as possible to go to your beneficiaries, not the government.  Our article contains three tips to help you do that:<br \/>\n1.\tLearn how to make the most of the lifetime capital gains exemption.<br \/>\n2.\tFigure out ways to decrease your end-of-life tax bill.<br \/>\n3.\tLook into Immediate Financing Arrangements.<\/p>\n","protected":false},"author":2,"featured_media":792,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[12,18,19,20,21,22,23],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Don\u2019t lose all your hard-earned money to taxes - Grow Your Wealth Financial Planning Ltd.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/growyourwealth.ca\/dont-lose-all-your-hard-earned-money-to-taxes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don\u2019t lose all your hard-earned money to taxes - Grow Your Wealth Financial Planning Ltd.\" \/>\n<meta property=\"og:description\" content=\"It\u2019s essential to manage your tax planning properly \u2013 both while you are living and for after your death. You want as much of your money as possible to go to your beneficiaries, not the government. Our article contains three tips to help you do that: 1. Learn how to make the most of the lifetime capital gains exemption. 2. Figure out ways to decrease your end-of-life tax bill. 3. 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