Within wealth management, family meetings have emerged as a valuable tool for generational wealth transfer. Through our family office, we’ve seen a growing number of clients harness the power of family meetings to prepare their next generation for the responsibilities and opportunities that lie ahead. Here's how and why these gatherings are transforming the wealth management landscape. What Are Family Meetings? Family...
Private foundations are a popular avenue for many high net worth individuals who want to actualize their philanthropic ambitions. In Canada, we have over 6,000 registered private foundations and many more donor advised fund (“DAF”) accounts. But, while setting up a private foundation is an exciting milestone for many charitable donors, an embodiment of their commitment to charitable giving and...
Imagine waking up to a serene lakeside view, the whispers of the wind through lush greenery, and the promise of a tranquil retreat away from the hustle and bustle of daily life. However, the allure can sometimes be deceptive. This post will describe two ways to consider a cottage ownership: financial and emotional. On one hand, prospective cottagers will need...
The financial consequences for wealthy families without financial contingency plans are high, as uncertainties are a certainty. Since, the peace of mind that comes with having a substantial investment portfolio can be easily disrupted by unexpected events. Changing circumstances, legal entanglements, unforeseen personal tragedies, or even shifts in tax regulations can pose significant threats to your financial stability. This is...
In recent years, the concept of "stealth wealth" has been gaining popularity among those seeking financial freedom while avoiding ostentatious displays of wealth. Stealth wealth is the practice of living a comfortable, even luxurious life without drawing attention to oneself or one's assets. In this article, we will explore the origins of this phenomenon, the benefits it offers, and the...
The Succession Law Reform Act (SLRA) is a crucial piece of legislation that governs the distribution of property in Ontario when someone passes away without a valid will. The Act has undergone some recent changes that you should be aware of if you are planning your estate or have been named as an executor. In this post, we will provide...
Markdale Financial Management is our family office dedicated to managing the financial affairs of wealthy investors. One of our key roles of our family office is to coordinate the work of investment and insurance, legal, and accounting professionals when it comes to estate planning. In this blog post, we’ll explore how our family office serves as the quarterback and personal CFO...
As a wealthy investor, the question of how much money to leave your children without spoiling them is likely one that weighs heavily on your mind. While some might consider this a nice problem to have, it's still a problem that needs to be addressed thoughtfully and carefully. This blog post explores some tips for wealthy investors who are considering how...
Canada's Underused Housing Tax (“UHT”) is a new measure that was introduced by the federal government in 2021. Under the UHT, owners of such properties may be subject to an additional tax of up to 1% of the property's assessed value. The goal of this tax is to encourage owners to make better use of their properties and to increase...
Estate planning can be a complex process, especially when a loved one is facing incapacity. One of the most challenging issues in estate planning is determining whether an individual has the mental capacity to make decisions about their own assets and care. In some cases, family members may seek court-ordered capacity assessments to determine whether their loved one can manage...
