Our firm has worked closely with lawyers for over 10 years. We serve approximately 150 lawyer families in the GTA, we have clients at each of the 7 sister firms, and our process allows us to gain an intimate understanding of what is important to you. Over the years we have helped several Associates, Partners, and Incorporated Partners with their strategic financial planning.
As you can tell by your pay statement, your wealth is eroded every year by tax. The cumulative effect of this erosion can be significant over time. Our goal is to move a portion of your investments from a taxable environment to a non-taxable environment above and beyond your RRSP and TFSA account limits. The planning we do will tax optimize your strategy. This move can have a significant impact on your retirement and your legacy.
Generally our lawyer clients like to mitigate risk. For this reason we often see low risk fixed income investments inside their personal investment accounts or inside their corporate investment accounts. The growth on fixed income investments in a non-registered plan are exposed to tax rates as high as 53.53% annually in Ontario. If you are incorporated the tax erosion is still 50.17% on the growth. As you can see the tax erosion on your wealth over time is significant.
We implement strategies for incorporated and unincorporated lawyers that allow you to grow your money tax free, access your money on a tax advantaged basis, and pass on what you don’t need to your family, charity, or community on a tax advantaged basis as well.