Elevated Wealth posted Jan 31, 2025 @ 05:00pm by NowMedia Staff

Elevated Wealth: Building a Taxation Strategy

Mother-daughter duo, Karen and Kayla from Karen Erickson & Kayla Caruana – IG Private Wealth Management are here to shed light on one of the most important, yet often overlooked, aspects of financial planning—taxation.

In this episode of Elevated Wealth, Karen and Kayla, both CERTIFIED FINANCIAL PLANNER® professionals, dive deep into the world of taxes—showing you how to reduce your tax burden, create tax-efficient strategies, and ensure your hard-earned money works harder for you.

Many people confuse the role of a financial planner with that of an accountant. But as Karen and Kayla explain, the two professions serve different purposes. While most accountants handle the taxes that have already been incurred, financial planners like Karen and Kayla are focused on the future.

They develop proactive strategies that minimize tax exposure down the road by looking at what hasn’t happened yet. This includes evaluating how investments should be held and in which account so that you can minimize the taxes payable.

“Nobody wants to pay tax. The government isn't going to send you flowers or wine or chocolates when you pay more than your fair share of taxes. So when you're working, we really want to look at your marginal tax bracket each and every year to make sure that you're making the right contributions, maybe to an RSP, to reduce the amount of tax owing each year,” says Karen.

“By contributing to your RRSP, you can lower the taxes you owe today, but the challenge is how to handle your RRIF once you retire,” adds Kayla.

“You might need to start withdrawing from it earlier than you planned, especially if you’re in a lower tax bracket in retirement. It's all about finding the balance between minimizing taxes now versus later.”

To learn more about building a taxation strategy that works for you, watch this episode of Elevated Wealth with Karen and Kayla.

By working with a CERTIFIED FINANCIAL PLANNER®, you can develop a strategy that ensures you’re not overpaying on taxes, both now and in the future.

To book an introductory call with Karen and Kayla, fill out the form below!