Serving the Canadian wealth space for over 15 years, Michelle Connolly, Senior Vice President of Tax & Estate Planning at Wellington-Altus Private Wealth, knows a thing or two about how a family office can develop an optimal tax strategy.
In this article, Michelle discusses key considerations for Canadian family offices as they set out to formulate their tax strategy, including:
- Families need a good understanding of new Federal rules to ensure alignment of wealth transfer with their goals
- Philanthropy is key to tax planning consideration and the specific type of donor can have significant tax implications
- It is important to involve all family members—not just the principals—in a discussion of family goals
- Open dialogue on death, divorce, marriage and remarriage enables tax advisors to work at their best
- The two most important tax-related questions for a family are “How do you want to live?” and “How do you want to give?”
“Success is about developing a tax strategy that delivers what the family enterprise wants or needs.”
Michelle Connolly
Wellington-Altus Private Wealth
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