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Smart Tax Saving 1000000

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Over funding a Universal Life to reduce your taxes

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Smart Tax Saving 1000000

  1. 1. SMART TAX SAVING STRATEGY
  2. 2. <ul><li>Do you have tax deduction need? </li></ul><ul><li>What are the mechanism being used? </li></ul><ul><li>Are you contributing to RRSP? </li></ul>
  3. 3. BENEFITS OF AN RRSP <ul><li>Contributing to RRSP gets a tax deduction and tax deferral. </li></ul><ul><li>Can be used for first time home buyers plan and lifelong learning. </li></ul>
  4. 4. DISADVANTAGES OF AN RRSP <ul><li>100% of Principal + Earnings are taxable </li></ul><ul><li>Affects your OAS & GIS and other income tested benefits. </li></ul><ul><li>Even at death, tax need to be paid. </li></ul>
  5. 5. <ul><li>Critical Illness – </li></ul><ul><li>Disability – </li></ul><ul><li>Long-term Care – </li></ul><ul><li>If you retire – </li></ul><ul><li>If you die – </li></ul><ul><li>Taxed 100% </li></ul>SMART TAX SAVING STRATEGY ‘ YES’ 100% Tax Free With Can you take money from your RRSP without paying tax if you have -- ‘ NO’ ‘ NO’ ‘ NO’ ‘ NO’
  6. 6. 143,510 147,000 404,020 3,490
  7. 7. 1,512,267 1,472,775 2,057,111 11,600,736 11,500,736
  8. 8. $ 1,000,000
  9. 9. 143,510 147,000 404,020 3,490
  10. 10. 1,512,267 1,472,775 2,057,111 11,600,736 11,500,736
  11. 12. COMPARISON
  12. 13. Comparison At Age 100 $11,500,736 $ 11,600,736 $ 220,004 $ 0 $ 285,600 $ 1,000,000 $ 0 $ 393,300
  13. 14. Insured Age FUND GROWTH
  14. 15. GROWTH BETWEEN AGE 86 - 100 $ 5,403,420 $ 220,004 $ 7,883,103 $ 7,983,103 $ 220,004 $ 11,500,736 $ 11,600,736 $ 220,004 $ 5,503,420
  15. 16. QUESTIONS ? ? ? <ul><li>THANK YOU </li></ul>

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