Two-spirit, lesbian, gay, bisexual, transgender, or queer individuals, or those who identify with another non-binary gender or minority sexual identity, have recently benefitted from legal advancements in Canada. Those new legal rights introduce the need for comprehensive wealth planning to ensure the financial security and well-being of married and common-law 2SLGBTQ+ couples.
BMO has a long history of award-winning allyship to support the well-being of all 2SLGBTQ+ people across our global network. The Rigney Group is committed to customizing our wealth planning services to your needs with tax, family and estate law planning perspectives that you should be aware of.
Unique tax considerations: unmarried members of the 2SLGBTQ+ community need to declare themselves as common law to get survivor benefits. Marriage laws that affect you are different in terms of legal and tax implications, and we specialize in advising you regarding these tax-planning matters. We will also look at tax credits, strategies for filing your income taxes, income-splitting strategies such as the use of Spousal RRSPs, prescribed rate loans between spouses, pension-income splitting, tax-deferred rollovers of certain assets, among others.
Estate planning matters: We will consider property division and interstate succession, review and update your Will, and much more.
Retirement planning: We help you plan for a secure and comfortable retirement by starting early and maximizing your savings and explore retirement savings options like Registered Retirement Savings Plans (RRSPs), First Home Savings Accounts (FHSAs), and Tax-Free Savings Accounts (TFSAs) to take advantage of tax benefits and compounding growth.
Note: Due to the complexity of the relevant tax rules, you should seek professional tax advice as well as legal and estate planning advice when considering any wealth solutions and strategies, to determine if they are appropriate for your personal situation.
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