Tax Planning

Taxes are a large and complex part of your financial life. We work with you to make taxes manageable by exploring strategies that help you minimize the tax you pay now and in the future.

To achieve your financial goals, you often need to combine planning, strategies, and investment options. Tax planning is a necessary element of your financial plan because you have tax obligations that vary depending on your situation. We help you understand the different components of taxation to ensure you keep more of what you earn now, during retirement, and in the future if transferred to your loved ones or estate.

Key Tax Planning Strategies We Address

Tax-Advantaged Account Optimization
Strategic use of RRSPs, TFSAs, RESPs, and RRIFs can significantly reduce your tax burden over your lifetime. We help you determine which accounts to fund, when to contribute, and how to coordinate withdrawals to optimize after-tax income throughout different life stages.
Income Splitting Opportunities
Where appropriate and within CRA guidelines, income splitting strategies between family members can reduce overall household tax burden. We identify opportunities through pension income splitting, spousal RRSPs, family trusts, and other legitimate approaches aligned with your situation.
Investment Tax Efficiency
Different types of investment income face different tax treatment: interest, dividends, and capital gains are all taxed differently. We work with you to structure investments tax efficiently, placing the right investments in the right account types to minimize tax drag on your portfolio returns.
Retirement Income Tax Planning

How you draw income in retirement significantly impacts your tax situation and government benefit eligibility. We develop withdrawal strategies that coordinate CPP, OAS, pension income, RRIF withdrawals, and investment income to minimize taxes while preserving benefits like OAS and GIS, where applicable.

Estate and Wealth Transfer Tax Planning
Without proper planning, significant tax can be triggered on death or during wealth transfers. We help you understand tax implications of estate plans and explore strategies that may reduce the tax burden on your estate and beneficiaries while aligning with your legacy goals. We also work with you to incorporate permanent life insurance into your tax planning strategy to create tax-advantaged wealth accumulation and estate planning benefits.

Coordinating With Your Tax Professionals

Tax planning works best as a collaborative effort. Your FSW advisor coordinates with your accountant or tax preparer to ensure comprehensive tax strategies that integrate with accurate tax preparation and filing.

We focus on strategic planning: identifying opportunities, evaluating tax implications of financial decisions, and developing approaches that enhance your after-tax wealth. Your tax professional handles preparation, compliance, and filing. Together, this partnership ensures you benefit from both strategic tax planning and meticulous tax preparation.

Tax Planning Throughout Your Life

During Your Working Years

Focus on maximizing tax-advantaged savings (such as RRSPs), optimizing income sources, and building flexibility for the future while managing current tax obligations efficiently.

Approaching Retirement

Coordinate the timing of retirement, pension decisions, and government benefit elections to minimize tax impact during the transition from employment income to retirement income.

Throughout Retirement

Manage OAS and RIF withdrawal strategies, coordinate multiple income sources, leverage available tax credits, and adapt to changing tax situations as you move through different retirement phases. 

Estate and Legacy Planning

Address tax-efficient wealth transfer strategies, understand deemed disposition implications, and explore options that may reduce tax burden on your estate and beneficiaries. Permanent life insurance

Your Tax Planning Partnership

Tax rules are complex and constantly evolving. What worked five years ago may not be optimal today. Your FSW advisor stays current with tax planning strategies and works with you to adapt your approach as rules change and your life evolves.

We help you understand tax implications of financial decisions, identify planning opportunities, and develop strategies that keep more money working for you and your family throughout your lifetime.

Strategic tax planning integrated with your comprehensive financial plan: supporting your goals while minimizing your lifetime tax burden.