Financial Perspective – Are you familiar with cascading life insurance?
An effective strategy for transferring wealth to the next generations, tax free.
Since 2020, the number of Canadians aged 65 and up has risen from about 6.8 million to about 7.8 million. This means that a growing number of people are coming to a time of life when they are thinking about how to transfer, either while living or at death, at least some of their wealth to their loved ones.
Which raises a question: what’s the best way to do this from a tax perspective?