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Cardinal Point Wealth Management’s Kris Rossignoli featured in the Financial Post

February 25, 2022 By Cardinal Point Wealth

Kris Rossignoli, Cardinal Point’s Private Tax Manager, was recently featured in an article in the Financial Post about using trusts to protect your wealth.
A few highlights:

  • A trust is a valuable financial planning tool that isn’t just for the wealthy.
  • A legal arrangement, a trust holds money or assets “in trust” on behalf of someone who cannot manage them alone, like a child or an elderly person who is no longer able to handle his or her own affairs.
  • In Canada, there are two broad types of trusts: testamentary and inter vivos.
  • A testamentary trust is essentially an outline of how you want your assets divided after you die.
  • An inter vivos trust can be in force while you’re still alive, and there are multiple forms.
  • Rossignoli notes that many of Cardinal Point’s clients are using trusts to manage the use of vacation properties these days.
  • While useful, trusts typically carry hefty fees for establishment and management.
  • Income from trusts is also taxed at the highest marginal income rate.

Click here to read the entire article.

Protect Wealth

Summary of Financial Post Article

Hear what Kris Rossignoli, Cardinal Point’s Private Tax Manager, revealed in a recent Financial Post article about how to take advantage of trusts to preserve and protect your wealth.

Key Takeaways

  • Trusts can also be a valuable financial planning tool and legal arrangement, even if you aren’t wealthy.
  • That’s because a trust can hold and manage money or other assets on behalf of someone like a child − or an elderly person no longer capable of managing their assets.
  • There are two main types of trusts in Canada. An inter vivos trust is in effect during your lifetime, and a testamentary trust indicates what to do with your assets after your death.
  • Many people even use trusts in creative ways to help them manage vacation properties.
  • But income from trusts is taxed at the highest marginal income rate, and you may have to pay steep fees to establish and manage a trust.
    That underscores the importance of a deeper understanding of trusts, their advantages, and any potential related expenses involved with them – as discussed by Rossignoli in this blog.

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“Cardinal Point” is the brand under which dedicated professionals within Cardinal Point Capital Management, ULC provide financial, tax and investment advisory, risk management, financial planning and tax services to selected clients. Cardinal Point Capital Management, ULC is a US registered investment advisor and a registered portfolio manager in Canada (ON, QC, MB, SK, NS, NB, AB, BC). Advisory services are only offered to clients or prospective clients where Cardinal Point and its representatives are properly registered or exempt from registration. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.