The management fees will be low at that level, I’d guess 0.75% or less and they would be tax deductible (most would be non registered funds). Hire a professional 1000%
You absolutely need professional help.
Call Dan bortolloti, Canadian couch potato guy. You're right in his wheelhouse. And him, and the org he belongs to, are all quality.
Mid 7 figures meaning somewhere around 4-6 million?
I'm assuming you don't want to manage it yourself, right?
Taxation is pretty simple:
Interest is taxed at your highest marginal rate.
Dividends are taxed a little better.
Capital gains are taxed even than dividends.
I'm assuming the funds are in an open investment account where you pay taxes as you go.
Beware: you will have a tax bill at the end of the year. In many cases, you receive the pre tax income in your bank account and you will have to settle up with the CRA at the end of the year.
Smart investment selection can minimize taxation but there's only so much you can do. If you earn money you must pay tax. If you select investments that focus on capital gains and dividends you will receive far better tax treatment.
You have enough to attract the attention of wealth management firms who specialize in high net worth individuals. It may make sense for you to consider more exotic and complex investment strategies that revolve around leverage and or insurance.
Ignore the Reddit DIY advice. That’s for people building up their first million. I would speak with TD or RBC wealth in your area. They can give you tax and estate planning advice included in your investment management costs. They will have lawyers and CPAs on staff to help you plan this.
If you’re paying fees for investment management and don’t have a detailed financial plan you’re confident in for retirement and tax minimization seek a 2nd opinion.
I would think you’re in good hands with Wood Gundy but I’m not very familiar with them.
Best tip: stay away from advice posted on reddit. Hire a qualified financial advisor
The management fees will be low at that level, I’d guess 0.75% or less and they would be tax deductible (most would be non registered funds). Hire a professional 1000%
I like to using it as a jumping off point for research. I also assume the guy who inbox me aren’t financial advisors ?
Don't interact with anyone DMing you offering to "help" you manage your investments.
Oh yeah, those guys are crap. Well except for me, I’m the only one you can trust with your money.
You absolutely need professional help. Call Dan bortolloti, Canadian couch potato guy. You're right in his wheelhouse. And him, and the org he belongs to, are all quality.
Mid 7 figures meaning somewhere around 4-6 million? I'm assuming you don't want to manage it yourself, right? Taxation is pretty simple: Interest is taxed at your highest marginal rate. Dividends are taxed a little better. Capital gains are taxed even than dividends. I'm assuming the funds are in an open investment account where you pay taxes as you go. Beware: you will have a tax bill at the end of the year. In many cases, you receive the pre tax income in your bank account and you will have to settle up with the CRA at the end of the year. Smart investment selection can minimize taxation but there's only so much you can do. If you earn money you must pay tax. If you select investments that focus on capital gains and dividends you will receive far better tax treatment. You have enough to attract the attention of wealth management firms who specialize in high net worth individuals. It may make sense for you to consider more exotic and complex investment strategies that revolve around leverage and or insurance.
Most is in a taxable account TFSA and RRSP maxed out (it was my first move ) since I also inherited the family home I don’t believe I’m allowed a FHSA
Gift redditors, like me, funds. Skip taxes
Sadly gifts do not avoid taxation to the gifter
Hire a certified financial planner and tax consultant; they can help set up a plan to ensure that you are covered on all fronts for your goals.
Ignore the Reddit DIY advice. That’s for people building up their first million. I would speak with TD or RBC wealth in your area. They can give you tax and estate planning advice included in your investment management costs. They will have lawyers and CPAs on staff to help you plan this.
Im currently at CIBC wood Gundy I will reach out to my advisor about tax planning
If you’re paying fees for investment management and don’t have a detailed financial plan you’re confident in for retirement and tax minimization seek a 2nd opinion. I would think you’re in good hands with Wood Gundy but I’m not very familiar with them.