Are you a real estate investor, healthcare professional, or business owner who wants to build wealth, create legacy, and save taxes – a lot of taxes. Then welcome to our video on tax planning with other people's money. In this video, part 1 of 2, tax expert, George Dube, and insurance specialist, Brian Laundry, discuss how Canadians can use innovative tax planning and insurance planning strategies to reduce taxes, generate wealth, and create a lasting legacy.
Highlights:
1. **Why Do People Hate Insurance?**: George and Brian discuss the common reasons people dislike insurance and how their perspective changed once they saw it as a powerful tax-saving tool.
2. **Tax vs. Insurance**: Comparing the dislike for taxes and insurance, they delve into why leveraging insurance for tax planning makes sense.
3. **Using Other People's Money**: Brian explains the use of whole life insurance as collateral, which allows for a 100% loan-to-value ratio, making it an attractive asset for leveraging.
4. **Practical Uses of Insurance Planning**: George and Brian explore various practical applications of insurance planning, including tax-free income, loans, and estate planning.
5. **Real Estate Investors**: They discuss how real estate investors can benefit from insurance planning, especially in terms of liquidity and tax efficiency.
6. **Healthcare Industry**: Brian explains how medical professionals in the healthcare industry can use insurance planning to address specific needs, such as managing investment income and ensuring liquidity.
7. **Who Needs Insurance Planning?**: George and Brian emphasize that anyone looking to minimize taxes and avoid the default option of paying more tax should consider insurance planning.
8. **Revenue Canada's View**: They address concerns about how the Canadian government views insurance planning and clarify that the strategies discussed are legitimate and well within the bounds of the Income Tax Act.
If you're a Canadian looking to optimize your tax planning and financial future, this video is a valuable resource. Join George Dube and Brian Laundry as they demystify the world of insurance planning and show you how to make the most of other people's money to secure your financial legacy.
Still want to learn more? Check out part 2:
youtu.be/O7ZePB56cBo
00:00 Introduction
01:01 Resistance to Insurance
02:05 Why people hate insurance
05:09 Using “other people’s money” to pay for taxes
06:51 100% leverage - wow
08:30 What you can fund with this planning
13:47 How real estate investors use this planning
17:34 How healthcare professionals use this planning
21:09 Who needs this planning
22:29 No kids – do you need need insurance
24:50 Revenue Canada – any risks?
More resources
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Email: georgedube@georgedube.com
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Saving the world from tax, one bowtie at a time™
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Remember – circumstances are unique! This information is summary in nature. Seek out advice from your tax advisor about your specific situation.
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