{"id":30556,"date":"2025-10-31T12:12:30","date_gmt":"2025-10-31T16:12:30","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/?p=30556"},"modified":"2025-10-31T12:12:31","modified_gmt":"2025-10-31T16:12:31","slug":"why-credit-belongs-in-the-tax-strategy-conversation","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/why-credit-belongs-in-the-tax-strategy-conversation","title":{"rendered":"Why credit belongs in the tax strategy conversation"},"content":{"rendered":"\n

When thinking of groups that need to borrow money, Canada\u2019s high-net-worth families might not come to mind. Yet for them, preserving wealth is about more than just asset growth. It\u2019s also about prudent tax planning, and credit can play a significant role, says Gerry Dimakopoulos, vice president and head of credit for RBC Private Banking Canada.<\/p>\n\n\n\n

\u201cBorrowing against investment portfolios or real estate can create liquidity without selling and realizing capital gains.\u201d<\/p>\n\n\n\n

RBC Private Banking can provide custom credit solutions that allow individuals to leverage their existing assets without triggering a taxable event, he explains. Other strategies involve borrowing against your illiquid assets (like real estate) to invest in more liquid ones like a diversified portfolio of stocks, bonds and other securities1<\/sup>. Interest costs are generally deductible against taxable income.<\/p>\n\n\n\n

Often, the greater the wealth, the more complex the client needs, and that typically includes credit, says Kim Mason<\/a>, executive vice president and head of RBC Private Banking Canada. In addition to using credit for tax efficiencies, these solutions can help clients diversify wealth assets or facilitate other large acquisitions.<\/p>\n\n\n\n

\u201cEvery family is different, and that\u2019s why private banking takes a truly customized approach, bringing in credit specialists who are able to recommend the right products for a family\u2019s long-term financial goals,\u201d she says.<\/p>\n\n\n\n

RBC Private Banking clients benefit from a dedicated private banker and a credit specialist who can tailor borrowing structures to meet a client\u2019s unique tax considerations. Through their private banking team, clients can also access specialized financial, tax and legal professionals within RBC\u2019s Family Office Services group, who work closely with clients, their private bankers and other advisors to advance an overall financial plan that makes sense long-term.<\/p>\n\n\n\n

\u201cThis is a relationship business where your private banker should have deep awareness of your family\u2019s wealth objectives,\u201d Ms. Mason says.<\/p>\n\n\n\n

Credit is a strategic lever<\/strong><\/h2>\n\n\n\n

From the start, private banking involves in-depth discovery. It leaves no aspect of family finances unexplored to create a detailed portrait of realities and opportunities, from growing wealth to managing taxes. Only then are credit solutions considered, says Mr. Dimakopoulos.<\/p>\n\n\n\n

Solutions are tailored to client circumstances and objectives. For instance, a family might need liquidity to purchase a vacation property in the United States. \u201cBut their challenge is that most assets are illiquid, like real estate holdings in Canada.\u201d<\/p>\n\n\n\n

To illustrate another strategy in action, consider someone who has a $2-million mortgage on their house and owns $4 million in liquid assets. They can use the liquid assets to pay off the mortgage on the house at the term maturity. This clears the debt. Then, they can re-apply to refinance the equity on the house, for example by taking out a new mortgage  or a line of credit secured against the value of the property. Now they can use those funds to invest in income-producing assets, such as a portfolio of marketable securities1<\/sup>.<\/p>\n\n\n\n

The benefit? \u201cThe client can claim the interest on the investment loan as a tax deduction,\u201d explains Mr. Dimakopoulos.<\/p>\n\n\n\n

In this scenario, credit isn\u2019t just a source of borrowing; it\u2019s a strategic tool. This usage effectively converts what was once non-deductible mortgage interest into deductible investment loan interest. While it is important to consider other potential impacts, such as capital gains that may result from the sale of liquid assets, the approach here preserves invested capital, enhances tax efficiency and keeps the client\u2019s wealth working for them1<\/sup>.<\/p>\n\n\n\n

New strategies for tax efficiency<\/strong><\/h2>\n\n\n\n

High-net-worth families or business owners with significant corporate assets tend to be familiar and even comfortable with lending solutions. But even sophisticated clients often discover new credit strategies by working with a private banker.<\/p>\n\n\n\n

For example, Immediate Financing Arrangements (IFAs) include purchasing permanent life insurance and using the policy as collateral for a loan, which can then be invested in other assets. The interest costs are often tax deductible. Upon death, the loan is repaid from the tax-free benefit.<\/p>\n\n\n\n

\u201cAn IFA allows families to unlock liquidity, preserve investments and, more importantly, ensure there is an efficient passing of assets to the next generation,\u201d says Mr. Dimakopoulos.<\/p>\n\n\n\n

Whether it\u2019s with an Individual Retirement Arrangement (IRA) or a mortgage for a U.S. property, private bankers always ensure the lending solution fits the family and that it\u2019s well understood by its decision makers, Ms. Mason notes.<\/p>\n\n\n\n

\u201cNothing is ever risk-free, so it\u2019s incumbent on credit specialists to help clients ensure upsides and potential risks are well understood and within a client\u2019s risk tolerance.\u201d<\/p>\n\n\n\n

Consider family structures<\/strong><\/h2>\n\n\n\n

Additional credit solutions<\/a> are available based on the family organizational structure. With certain wealthy clients, the family assets are owned by a trust entity as part of tax and estate planning. \u201cAt RBC Private Banking, we have the capability to lend to a trust, depending on the trust structure and if certain conditions are met,\u201d Mr. Dimakopoulos says.<\/p>\n\n\n\n

Other times, the ownership structure of a trust is organized so that each asset is held by a different corporation. \u201cWe have the option of having one entity set as the borrower and to have multiple asset classes, owned by different entities, used as collateral to secure the loan. This flexibility can be very beneficial to the client to implement as part of a tax planning strategy.\u201d<\/p>\n\n\n\n

No matter the strategy, credit decisions can work best when they\u2019re made in concert with RBC Private Banking\u2019s specialists, RBC Family Office Services, a client\u2019s own independent legal, tax and estate planning advisors, and family office, if they have one.<\/p>\n\n\n\n

\u201cPrivate banking is really about dedicated relationship management,\u201d Ms. Mason says. \u201cAt its heart, it\u2019s collaborative, built on trust and requires a deep understanding of our clients.\u201d<\/p>\n\n\n\n

\n

Let’s plan for your success<\/strong><\/h4>\n\n\n\n

Discover how RBC Private Banking can help you leverage credit to achieve your wealth goals.<\/p>\n\n\n\n

\nLEARN MORE<\/a>\n<\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n

This article was originally published <\/em>in The Globe and Mail <\/a>.<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Discover how high-net-worth families can leverage credit for tax efficiency.<\/p>\n","protected":false},"author":22,"featured_media":30573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[329,102,10,122],"tags":[908,397,138],"rbcwm_content_owner":[],"rbcwm_need":[68,84],"rbcwm_segment":[66],"rbcwm_solution":[67,114,82],"rbcwm_topic":[94],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-30556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit","category-tax-strategies","category-wealth-planning","category-your-finances","tag-credit","tag-tax-strategies","tag-wealth-planning","rbcwm_need-grow","rbcwm_need-protect","rbcwm_segment-individuals-and-families","rbcwm_solution-banking","rbcwm_solution-private-wealth-services","rbcwm_solution-wealth-planning","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"Discover how high-net-worth families can leverage credit for tax efficiency.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":"1<\/sup>Using borrowed money to finance the purchase of securities involves greater risk than a purchase using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.\r\n\r\nFinancial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI).\u00a0 RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.\r\n\r\nThe material in this article is intended as a general source of information only, and should not be construed as offering specific tax, legal, insurance, financial or investment advice. Every effort has been made to ensure that the material is correct at time of publication, but we cannot guarantee its accuracy or completeness. Interest rates, market conditions, tax rulings and other investment factors are subject to rapid change. You should consult with your tax advisor, insurance advisor, accountant and\/or legal advisor before taking any action based upon the information contained in this article."},"rbcwm_insight_cta_id":[11937],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\nWhy credit belongs in the tax strategy conversation<\/title>\n<meta name=\"description\" content=\"Discover how high-net-worth families can leverage credit for tax efficiency.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/why-credit-belongs-in-the-tax-strategy-conversation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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