Ep #98 - Death and Taxes for Incorporated Professionals in Canada - with Mehul Gandhi, CFP, CLU, TEP
Description
Today I welcome Mehul Gandhi (CFP, TEP, CLU) from Westmount Wealth to discuss death & taxes for incorporated small business owners in Canada.
The episode is broken down into 3 parts:
- the layers of tax facing the estate upon death of an incorporated professional
- strategies to mitigate the tax hit
- who can help us & the importance of updating our wills
Discussion points:
Introduction (3:05 )
The layers of tax on one's estate after an incorporated business owner passes away (6:08 )
How much tax can our estate face with no planning? (18:00 )
Estate freezes (19:18 )
First post mortem tax reduction strategy - loss carryback (22:03 )
Pipeline strategy (24:34 )
Why it's important to keep our wills updated (27:30 )
Corporate share structure (30:24 )
Insurance to navigate illiquidity challenges (35:42 )
Who needs a holding company? (40:32 )
Tax reduction with proper planning - how much? (43:04 )
Help us with estate planning - who? (45:05 )
Closing thoughts (47:45 )
Mehul Gandhi
https://www.linkedin.com/in/mehulgandhicfp/
https://www.westmountwealth.com/
Yatin Chadha
beyond Radiology:
https://beyondradiology.thinkific.com/products/courses/ct-head-interpretation-course
https://beyondradiology.thinkific.com/courses/master-ct-head-interpretation-course
Email: beyondmdpodcast@gmail.com
LinkedIn: Yatin Chadha
United States
