Yes
Not Sure
No
1. I have a plan in place to convert taxable income into capital gains on a yearly basis.
2. An RRSP is a tax deferral mechanism rather than a true tax savings strategy. I am taking advantage of alternatives to RRSPs that provide similar annual tax savings without “locking” money in.
3. If my spouse is in a lower tax bracket, I am taking advantage of current income splitting opportunities such as a spousal loan.
4. The interest on the mortgage of my principal residence is tax-deductible.
5. I have a plan in place to withdraw from my RRSP/RRIF in a tax efficient manner.
6. I have analyzed my portfolio using asset allocation software to ensure my portfolio is as efficient as possible.
7. I am familiar with Standard Deviation and know what the deviation of my portfolio is. (Without this information it’s difficult to gauge what level of risk you are taking.)
8. I have a written correlation analysis for my portfolio.
9. I have a retirement income analysis in place to ensure I am spending (or planning to spend) just the right amount. A lack of income projection leads some to deplete assets too quickly while others may not lead their preferred lifestyle due to the uncertainty over whether or not money will last.
10. I know exactly how much monthly income I can expect from all of my combined assets.
11. We will be income splitting during retirement to ensure that, as a family, we are paying the least amount of tax on our combined income.
12. I have a net worth and financial analysis in place that calculates the financial outcome of my current approach which also compares this to the outcomes of alternate approaches which I have not yet explored.
13. When I retire or if I am retired already, I know exactly which accounts to draw money from in order to keep my tax lower. (The various accounts can include registered and non registered plans, TFSAs, one spouse’s accounts vs. the next, corporate investments, pension plans, rental properties, corporations etc.)
14. I have an estate needs analysis in place that calculates the approximate estate taxes and probate fees on my estate should I pass away during any given year; and I have a plan in place to minimize those taxes and leave my estate to my beneficiaries in the most tax efficient manner.
15. There is a plan in place to ensure assets I leave to my beneficiaries are protected from current and future spouses and other potential creditors.
16. I have a records book which will allow my heirs to quickly access information on my various financial affairs.
17. I understand how the use of various trusts could decrease taxation.
18. If I am interested in leaving assets to charity(s) I am aware of which assets I’m better off leaving to the charity(s) and which assets I should leave to the children in order to maximize taxable benefits.
19. Our Wills, Power of Attorney’s, Living Wills and Representation Agreements have been reviewed during the last 3 years.
20. I can honestly say that I am taking advantage of all of the tax reduction strategies currently available to me.
21. I am comfortable that my spouse and/or children will be able to manage our family assets when I am no longer here.
22. I am happy with my risk adjusted portfolio returns and feel my portfolio is as efficient as possible.
23. I know my advisor is much more than an investment advisor as he/she has reviewed all of the above financial matters with me.
I have a plan in place beyond taking out dividends to access my corporation’s retained earnings with little to no personal income tax.
I have a plan in place to pass along the assets within my corporation to my heirs without any tax liability.
I have a succession plan in place to either sell or pass on my business in the most tax efficient manner.
Yes
Not Sure
No
Total Yes Responses:
