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- Part 2: Legacy Gifting Private Company Shares
- Life Insurance As Fixed Income Plus
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Legato CPP
Charitable Impact Using The Canadian Pension Plan Benefit.
In Canada, a married couple retiring at age 65 can receive up to $28k per year of Canadian Pension Plan (CPP) retirement pension income.
Successful people who "do not need" that extra income to enjoy their retirement have the opportunity to create a significant donation to their favourite charity. In doing this, they can use those monies to do any of the following;
- a $1.5M charitable donation to their favourite charity(s) from their estate,
- a $1.5M charitable tax receipt that reduces taxes owed by their estate,
- up to $1.3M of tax-free dividends paid out to the shareholder(s) of their business, for corporately-owned policies.
The combination of the tax deductions offered by Canadian life insurance and the incentives we all have to make charitable donations make these opportunities possible.
Legato works in concert with tax accountants and estate lawyers to facilitate this opportunity on a case-by-case basis.
In Canada, a married couple retiring at age 65 can receive up to $28k per year of Canadian Pension Plan (CPP) retirement pension income.
Successful people who "do not need" that extra income to enjoy their retirement have the opportunity to create a significant donation to their favourite charity. In doing this, they can use those monies to do any of the following;
- a $1.5M charitable donation to their favourite charity(s) from their estate,
- a $1.5M charitable tax receipt that reduces taxes owed by their estate,
- up to $1.3M of tax-free dividends paid out to the shareholder(s) of their business, for corporately-owned policies.
The combination of the tax deductions offered by Canadian life insurance and the incentives we all have to make charitable donations make these opportunities possible.
Legato works in concert with tax accountants and estate lawyers to facilitate this opportunity on a case-by-case basis.
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