Tax Savings Strategies

Canada's progressive tax system means higher earners face increased tax rates. To manage this burden, consider using life insurance to cover estate taxes and explore insurance-based investment strategies for tax-free retirement income. Family income splitting can also help, through methods like family trusts and spousal loans. Maximize RRSP contributions for tax-deferred growth and utilize tax-free savings accounts. Be mindful of how different investments are taxed, and consult a qualified tax advisor for personalized advice.