Canadian Lawyer

w w w . C A N A D I A N L a w y e r m a g . c o m J U N E 2 0 1 5 31 corporate assets getting taxed. It really is a revelation for a lot of professionals and that's when you need insurance," says Pyle. "The insurance policy covers taxes at death and provides a more tax efficient structure for the corporation because again, assuming a lawyer is successful and is pulling a salary to meet their day-to-day needs before retirement, they probably are building up a surplus within the corpora- tion and investing the surplus. Because of the tax rules the investment earnings on those assets are taxed at the highest marginal tax rate — so investments in a corporate structure are not tax efficient thanks to the Tax Act. However by incor- porating an insurance strategy within the corporation, we can siphon funds into that policy, which grows tax free," says Pyle. "It's like creating a large tax-free sav- ings account — we can educate a lawyer as to how to use a corporation to create a TFSA of $100,000 a year depending on the surplus — it's a very effective tool for wealth planning and tax planning." Goldhaber of CBAF recommends tar- get date funds that become more conserva- tive over time are a great way for individu- als to invest their money without having to give it a lot of thought each month. "That's huge no matter how sophisticated you are. We're happy to have such a product and we continue to steer lawyers towards it so they don't have to worry about investments — the mental energy should be on socking away as much as possible. You put away as much as possible and this investment engine will take care of the other side of it," he says. CBAF's investment line-up includes retirement date funds — ready-made port- folios geared to a lawyer's date of retire- ment. Each portfolio is allocated among a number of different segregated funds based on a split between fixed income and equity. CBAF's program also shows lawyers their personalized rates of return so they can determine if they are meeting their invest- ment goals. "Monthly savings programs sound boring and dull but there's magic in it because savings take place automatically and over time but it takes that money out of the household budget and enforces a discipline. They are tools that don't get the respect they deserve," says Goldhaber. As for Keith, he is bullish on the future — he ran his fourth Ironman last June in Austria — and says he loves his work at Faskens and plans to keep working as long as he can — mostly because he loves what he does. While he has worked most of his career as a labour and employment lawyer in the health and safety practice, a few years ago he branched out into white- collar crime, investigations and compliance. "If you have good health and a vibrant practice, you're probably never going to be obsolete until you're beyond the point of which you should be advising clients. I could probably work as long as I want because I think clients see I do good work and I'm capable. I don't lack for work and I like the interesting, challenging cases that I have," he says. "Even a small mid-course correction can refresh your interest in the profession as opposed to just seeing it as a daily grind. I think you need to take some responsibility for re-thinking and re-looking at the pro- fession and firm you're at and what you're doing and listen to your clients," he says. corporate assets getting taxed. It rea is a revelation for a lot of profession and that's when you need insurance," sa Pyle. "The insurance policy covers tax Be Certain. ™ CHARTERED BUSINESS V ALUATORS TM YOU HAVE YOUR NUMBERS. THEY HAVE THEIRS. WHO DOES THE COURT BELIEVE? Disputes in business and marriage are facts of life and often necessitate the distribution of assets. Both sides have their numbers — but objectivity is often clouded by emotion. So who does Canada's judicial system turn to for objective expertise? Chartered Business Valuators (CBVs) — the designation recognized by Canada's courts for EXVLQHVVYDOXDWLRQDQGORVVTXDQWLÀFDWLRQ&UHGLEOH YDOXDWLRQV SURYLGH FRQÀGHQFH RQ WKH SDWK WR closure. That's the certainty of working with a CBV. Learn more about CBV litigation expertise. See the movie at cicbv.ca Untitled-4 1 2015-05-11 10:44 AM

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