A. An asset is any property (real or personal) that has a dollar value. Tangible assets include such things as real estate, jewelry, vehicles and other physical items. Nonphysical items such as stocks, bonds, bank accounts, and pension benefits that have value are considered intangible assets, and must be taken into account during tax and estate planning.
A. There are a number of strategies you can employ to minimize the amount of tax you pay, such as contributing to a retirement plan, income splitting, deferring capital gains, moving assets offshore, and creating a trust. Your accountant can advise you on the most suitable strategy for you, based on your income, financial picture, and personal circumstances.