When markets move, most families review performance.

But performance isn’t usually where costly mistakes hide.

For affluent families, the bigger risks often sit inside the structure, specifically in how certain key accounts are positioned, titled, and coordinated.

Here are three accounts every wealthy family should review this year.

1. Registered Accounts (RRSPs & RRIFs)

Registered accounts often represent a meaningful portion of family wealth, and they come with tax implications that are frequently underestimated.

In Canada, when someone passes away, RRSPs and RRIFs are generally treated as fully taxable income unless rolled over to a qualifying spouse or dependent child (CRA guidance). That can create a significant tax liability in the final return.

Questions worth asking:

• Are beneficiary designations up to date?
• Is there a plan to manage the eventual tax bill?
• Should withdrawals be structured strategically over time rather than deferred indefinitely?
• Is liquidity available to fund the tax triggered at death?

Registered accounts are tax-deferred, not tax-free. The timing and coordination matter.

2. Corporate or Holding Company Accounts

For business owners and incorporated professionals, retained earnings often accumulate inside a corporation or holding company.

That structure can provide tax deferral and flexibility, but only if it’s coordinated properly.

Review considerations include:

• Is surplus capital invested appropriately?
• Is passive income impacting small business deductions?
• Are corporate investments aligned with personal estate planning?
• Is there a clear plan for extracting funds efficiently in retirement or on exit?

Corporate assets don’t automatically align with your will. They require coordination between legal, tax, and investment strategy.

As wealth grows, complexity increases. Structure becomes more important than returns alone.

3. Non-Registered (Taxable) Investment Accounts

These accounts often contain private investments, real estate exposure, or concentrated positions.

They also create ongoing tax reporting and capital gains considerations.

This is where strategic review matters:

• Are capital gains being managed proactively?
• Is asset location optimized across accounts?
• Are concentrated positions creating unnecessary risk?
• Do liquidity levels match upcoming lifestyle or estate needs?

In Canada, death triggers a deemed disposition of most capital property at fair market value under the Income Tax Act. Without planning, that can mean a large capital gains bill at precisely the wrong time.

A portfolio might look strong, but if tax and liquidity planning aren’t integrated, it may not be efficient.

Why This Matters

Wealthy families don’t lose wealth because they forgot to check performance.

They lose efficiency because accounts operate in silos.

The goal of a review isn’t simply to rebalance.
It’s to ensure coordination.

• Registered accounts should align with estate planning.
• Corporate structures should align with retirement strategy.
• Taxable accounts should align with long-term liquidity and legacy goals.

Returns matter.
But structure preserves outcomes.

If you haven’t reviewed these three accounts holistically this year, it may be time to step back and ensure everything is working together, not just individually.

Because as wealth grows, coordination becomes the true driver of long-term stability.

^{*The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This article was written by Rick Irwin, for the benefit of Rick Irwin, Mutual Fund Representative with Trinity Wealth Partners, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.}