$1 TRILLION Is Coming In The Next Few Years…

It is estimated that about $1 trillion worth of assets and wealth will be passed down from senior family members to their younger family in the next few years. The majority of Canadians, on the other hand, are simply not ready to easily transfer their wealth. There is a huge gap in education, information, and the basic understanding of effective legacy wealth transfer. That is where our team at Eternity Consulting steps in – as your trusted advisors.

An article from CPA Canada shows that there is an enormous shift in the generational wealth that has been accumulated – yet Canada’s tax system is designed for managing income – not wealth. A huge percentage of Canadians do not understand wills, estate planning, or wealth transfer to where they can maximize their inheritance and gifts. With the cost of living continually rising – you cannot afford to leave even a single cent behind.

Intergenerational Succession Planning isn’t just a plan; it’s a promise to make sure that businesses have a strong future. Leaders who put this method first make sure that their businesses are ready to handle changes in demographics without missing a beat. Aligning teams of people from different generations to reach shared Key Results is a key part of this planning. This helps the teams work together and achieve success as a whole.

By using tax-advantaged investment vehicles as part of their business strategy, companies can offer strong incentives that keep workers of all ages loyal and secure financially.

If you learn more about moving your savings into tax-sheltered accounts, you’ll see that there is a more robust way to plan your estate and finances, that aims to maximize your legacy while lessening the tax impact.

Here is a more in-depth look at how picking the right mix of investment tools can change the way you handle your money.

Our professionals with Eternity Consulting move your financial planning forward by advising on management of your RRSPs, TFSAs, FHSAs, and RESPs with unmatched skill, all with the goal of achieving substantial RIFF savings. Our method to planning for retirement is different from the norm because we focus on building wealth in tax-advantaged areas.

This smart planning makes sure that every dollar you spend works harder for you, taking advantage of tax breaks to make sure you have a more comfortable and worry-free retirement.

Understanding A Tax-Advantaged Approach:

• RRSPs: A Registered Retirement Savings Plan is one of the most important parts of planning for retirement because it lets you put off paying taxes until you retire, when you may be in a lower tax rate. By putting money into an RRSP, you lower your taxed income now, which helps your money grow through compounding, and you also plan for a comfortable retirement.

• TFSAs: The Tax Free Savings Account is a flexible way to spend your money because you can grow it and take money out tax-free. This means that you can take out any money you earn in your TFSA tax-free, whether it’s from interest, earnings, or capital gains. This gives you more options for planning your finances and saving for retirement.

• FHSAs: The new First Home Savings Account is a smart way to save for a first home because it lets you make tax-deductible contributions and take money out tax-free to buy a house. This double benefit makes it easier to save for a big event in your life while also saving you money on taxes.

• RESPs: Designed to support post-secondary education funding, Registered Education Savings Plans allow for tax-deferred growth and government grants. Contributions grow tax-free until withdrawal, at which point they are taxed in the student’s hands, typically at a lower rate.

• RRIF Savings: Transitioning from accumulation in RRSPs to withdrawal in retirement, Registered Retirement Income Funds provide a structured way to receive retirement income, maintaining the tax-sheltered status of your savings while meeting mandatory withdrawal requirements.

Why Choose Eternity Consulting?

• Stress-Free Customized Wealth Building: Our strategies are not one-size-fits-all. We tailor our approach based on your unique financial situation, goals, and risk tolerance, ensuring alignment with your long-term objectives.

• Tax Optimization: By strategically positioning your investments within these tax-advantaged accounts, we maximize your savings potential, ensuring that you retain more of your hard-earned money.

• Wholistic Financial Planning: Beyond just savings and investments, we consider all aspects of your financial life, including estate planning, tax planning, and risk management, to construct a comprehensive plan that addresses all facets of your financial well-being.

• Educational Empowerment: We believe in empowering our clients with knowledge. Understanding the mechanisms and benefits of each investment vehicle allows you to make informed decisions about your financial future.

• Continuous Support: Financial planning is an ongoing process. We provide continuous monitoring and adjustments to your plan, ensuring it evolves with your changing needs, market conditions, and tax laws.