We are committed to helping affluent individuals and families manage the complex and evolving needs of their wealth. Whether you are recently retired or have a growing business, we take a holistic approach to your overall financial well-being. Our clients and their families are at the core of everything we do, every day.
We have helped clients across a range of needs and goals that include:
Pre-retirees and Retirees
You may have spent your working life accumulating wealth. Now you are getting ready to move to the next phase. This will involve a fundamental change in how you view and manage your wealth. While looking at ways to increase it, you are now also looking at ways to protect it to maintain your lifestyle and leave a legacy. The next stage of your life will be different.
We can help you address several realities:
- You may live longer than you expect, and maintaining your lifestyle could become a challenge
- Managing your tax bill is even more critical to protecting your assets over time
- The strategies for creating a tax-efficient, life-long income are different
- Your ability to leave a legacy depends on a well thought-out plan.
We are here to listen and help you look forward to a long and comfortable retirement.
Business Owners and Entrepreneurs
We work with business owners and entrepreneurs who have spent years and even lifetimes building their business. Whether you are just starting out or have an established business, we can help you maintain your lifestyle now and throughout your retirement. Building wealth goes beyond running a strong balance sheet and showing profits each year. A key to enjoying the results of your hard work is to build wealth inside and outside your business.
We can guide you in creating:
- a succession plan to help ensure you get the return on your life investment you deserve
- a holding company, a life insurance policy, and other tools to limit your tax liability
- a well-diversified investment portfolio outside the business that can continue to generate income long after you have sold or moved on from your life as a business owner
As fellow business owners, we understand your needs and are here to help.
If you are an executive who has spent a good part of your life building a successful career, you may be surprised at how quickly the complexity of your tax bill, investment portfolio and compensation structure has grown. To help secure a robust future to help you live on your terms, there are several important factors to consider.
- Looking to the long term and how you will use your wealth down the road
- Reducing your tax bill by taking advantage of retirement, health savings, and educational savings accounts while still putting money aside for your and your family’s current and future use.
- Being realistic by planning for an early retirement. The challenges of an executive position (including business travel, long hours, and other stresses) may lead you to consider retiring earlier. Proactive wealth planning can help you explore all your options.
We can help you build a plan to address the many wealth-related questions you may have about the next step and how you can enjoy the lifestyle you have built over a successful and demanding career.
Given your commitment to the well-being of your patients and staying current with medical advancements, you may not have time to focus on your present and future wealth management needs.
The complexity of your investment and other wealth-related decisions grow with your practice. For example, you may be approached with random investment opportunities offering potentially attractive benefits. Yet, you feel they are complicated and outside your comfort zone. We can help you stay on track with wealth management strategies and investment opportunities that are in line with your risk tolerance while offering the potential for steady investment returns.
We offer practical investment and tax management insights that are relevant to your needs as a medical professional. For example, we can help you minimize your tax liability on active business income by setting up a Canadian controlled private corporation on your behalf. And we will work with you in other ways (including creating a corporate life insurance policy on your behalf) to help you make the most of deductions and credits that can save you money
Our role in guiding families is twofold: first, to guide clients to the most tax-advantaged ways to pass along wealth that match their current goals; and, second, to help the next generation understand the impact of sudden-wealth events (such as inheritances) and how to prepare for them in advance.
We believe that strong communication between different generations is critical because as the values and goals of all members are heard, conversation among them becomes easier. By taking the time first to ask questions in a comfortable environment, we learn about your life goals and your family dynamics. We then customize an investment plan that confirms where you are financially and where you want to go.
An estate plan follows that gives details of what you wish to leave behind, how you want it to impact your children’s and grandchildren’s lives, and how much flexibility you want in the way they use your legacy. Our careful and ongoing management of your family’s wealth will help family members to focus on their life goals knowing their wealth management needs are in good hands.
Women, Wealth & Well-being
Women’s financial well-being is often shaped by living longer, retiring earlier, pay disparity, and time out of the workforce as primary caregivers for children and aging parents. This means that the average woman will earn and invest less than a man over the long-term and spend more time in retirement years.
Together, we can create a financial plan that truly considers your needs, clarifies your goals, and explores all your “what if” questions. This includes factoring in the long-term costs of healthcare, living independently, evolving family dynamics, and proper estate planning.
Whether you’re looking to grow or protect your wealth, we understand it’s not just about investment returns—real financial advice is about you and how your money can provide security in your life and the lives of those you care about, today and tomorrow.
US Citizens living in Canada
As a Canadian resident, you file taxes here, and usually, only here in Canada. However, if you are an American residing in Canada, you likely already know that you need to file taxes with the CRA and the Internal Revenue Service (IRS).
As a United States citizen, green card holder or resident, you are subject to tax in the U.S. on your worldwide income and have annual U.S. tax reporting obligations. Simply put, you are a ‘U.S. taxpayer’. That said, you may not be aware of all the rules and potential tax consequences that apply to you.
From exchange rate factors to capital gains and tax-loss selling, we can help clarify all the issues and your unique considerations.
A few common issues to be aware of include:
- RRSP contributions are generally not deductible on a U.S. tax return. Income that is used to fund the contribution may therefore still be subject to U.S. tax and the benefit of making the RRSP contribution may be limited.
- U.S. taxpayers owning Canadian investments need to consider the application of the passive foreign investment company (PFIC) rules and can face challenges in tracking the cost basis of their investments for U.S. tax purposes.
- TFSAs and RESPs, while great savings vehicles for Canadians, don’t carry the same tax-sheltering privileges in the U.S. Foreign trust considerations can also be tricky when it comes to TFSAs.
Cross-border tax matters are complex, but don’t have to be overwhelming. Navigating the various reporting obligations with the right partner will give you peace of mind, so you can focus on life’s other priorities. With a holistic view of your overall financial needs, our team has the expertise to evaluate tax-efficient solutions across both the Canadian and U.S. tax systems.
"I grew up in Wisconsin. For nearly 50 years I personally filled out the forms for the US Tax Department annually – even continuing to send them in after living, working and paying taxes in Canada. That is, until about six years ago when the US Tax Department put a little known policy in force – they were now requiring all US citizens living outside the country to account for all invested funds (including an accounting for the six previous years). Fortunately, Keith Donnelly of Donnelly Group IG Private Wealth Management was able to help me navigate through all the requirements and submissions. I’m now caught up, and his investment suggestions have helped improve my situation in terms of future US tax status. Thanks, Keith. ~Rosalie G.~ …Now I don’t have to worry about ending up in jail!"
"As a CPA who has focused on cross-border tax planning and compliance for most of my 20 years in practice, I have worked with many members of the banking and investing world, creating paths forward for our mutual clients. My experience with Keith Donnelly of Donnelly Group PWM has been nothing short of excellent. His understanding of the issues facing US citizens, and of financial planning for those with a foot in multiple countries, is exemplary. He is open to advice and opinions, he has a wealth of experience to draw upon, and his back-office support is second-to-none.” Ian M. CPA- MCO Partners Canadian and US Tax