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In this episode, Dr. Wing Lim hosts the first webinar of 2025 with Masterclass faculty member Simon Wong. Wing and Simon discuss legacy donation and tax efficiency. Wing will get Simon’s professional advice on decisions around the specifics of donating to a charity organization, gifting, legacy, and foundations including in-kind and insurance. They talk about the philosophical and philanthropic aspects of charitable donations in addition to the tax benefits.

Simon Wong says that people often don’t spend time planning charitable donations in the ways they plan vacations or research buying a car and that planning donations at the end of the tax year is an important thing to do. Simon explains the federal tax credits and provincial tax credits available, what’s available to physicians in a high marginal tax rate, and lays out numbers to illustrate what’s on offer. Wing asks about donating insurance plans which Simon breaks down for listeners and they also touch on how to set up donor advised funds (DAFs) as well as ensuring donations are made to a qualified charity that ensures the donation gets tax credits. This episode is a good map for starting to plan now for 2025 donations.

About Simon Wong:

As an Integrated Wealth Planner, Simon's expertise lies in simplifying complex financial concepts into clear, actionable insights, forming the cornerstone of his Financial Plans. 

Simon specializes in navigating individuals and businesses through the intricate landscape of tax planning and investing, utilizing his extensive knowledge and experience to foster their financial success and stability.

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Physician Empowerment: 

• Attend an upcoming Empowerment Retreat
• Join the Physician Empowerment Masterclass now
• Website: PhysEmpowerment.ca

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