Invest Large Lump Sum of Money Tax-Efficiently By Using Your Children

Here is the scenario

You’ve just inherited $1,000,000. You invest the million and it starts generating $40,000/year in dividends. $40,000 is great until you realize the tax man takes away $15,114 every year, leaving you with $24,886. What can you do?

Well, you have these kids, your kids! And their current annual income is a big fat $0.

So here’s what you could do.


**This example uses $1,000,000. However, the strategy would also work with smaller amounts and still save you thousands.**

Colin Sabourin is a Winnipeg-based investment & financial advisor with Harbourfront Wealth Management. His specialty is working with farmers who are planning to sell or transition their farms within the next 5 to 10 years. 

Disclaimer: The views expressed are those of Colin Sabourin, Certified Financial Planner, and Investment Advisor, and not necessarily those of Harbourfront Wealth Management Inc., a member of the Canadian Investor Protection Fund.

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