Ensuring investments are held in the right account at the right time in a client’s life are critical to mitigating taxes on growth and income
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Next to providing steady investment returns to achieve client goals – be it retirement, capital preservation amid high inflation, or passing wealth on to the next generation – taxation is often the next greatest concern for advisors. Some strategies are within her area of expertise, such as tax-loss harvesting for year-end. It’s particularly salient this year amid a down market with many clients having potential capital losses that could be realized to help claw back taxes paid on capital gains realized in 2021.
“I sat in on the meetings and was part of the wealth planning process, but I let the accountant drive the more complex parts regarding taxation,” she notes. “That’s not something we do in-house, though; we’re more like the quarterbacks,” he says. “I’m here to help guide the client to select the strategy that’s best.”As well, Mr. Muir has looked to grow his team’s bench strength on taxation, hiring advisors with chartered professional accountant designations as well as certified financial planners, like Derek Lacroix, whose role is building tax-efficient wealth plans for clients.
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