KEYS TO THE VAULT MONTHLY DINNER, please fill out this form if you are interested: https://sovereignwealth.ca/keys-to-the-vault/ This podcast is designed specifically for women who have achieved success and face complex financial needs. We want to empower women with the knowledge and strategies to make informed decisions about your business and personal wealth. Every week, we dive into insights, strategies, and stories that help accomplished women take control of their financial future—unlocking the tools you need to build, grow, and protect your wealth. We build the fortress. You keep the keys! Join the CEO of SWM, Whitney Hammond, Chartered Life Underwriter and Certified Financial Planner and CEO of Ross Professional Corporation  Kelly Ross, Chartered Professional Accountant, as they build a movement of financially savvy women across Canada!

️ New Episode: Estate Planning Secrets You Can’t Afford to Miss Probate. Taxes. Wealth transfer. These words might sound intimidating—but understanding them could save your family time, money, and stress. In this episode, we’re joined by Whitney Hammond, CEO of Sovereign Wealth Management, and Kelly Ross, CEO of Ross Professional Corporation, for a powerful conversation on protecting your wealth and preparing for the future. You’ll learn: • The truth about probate in Ontario—what it is, how long it takes, and how much it costs. • How to use life insurance investment strategies to bypass probate and give your loved ones quicker access to funds. • The pros and cons of different ways to structure cottage ownership—personal, corporate, or trust—and what each means for taxes and estate transfer. • Why professional guidance is critical (and how informal arrangements can backfire). Whitney and Kelly don’t just share strategies—they share real insights to help you protect what matters most. Plus, you’ll hear an eye-opening statistic about financial fraud that everyone should know. If you’ve ever wondered how to make smart, secure choices for your family’s future, this episode is a must-listen.

Episode Takeaways: • Estate taxes can be steep — especially for beneficiaries who don’t realize how much of the estate is taxed before they receive a cent • RRIFs (and RRSPs) are fully taxed at death, often pushing income into the highest bracket on the T1 terminal return • Strategic withdrawals matter — don’t just take the minimum; plan your income to minimize the final tax burden • Cash flow after death is critical — probate freezes assets, so planning for liquidity (funerals, legal costs) is a must • Corporations are powerful for wealth building, allowing business owners to grow assets using before-tax dollars • Retained earnings create a snowball effect, building up unused capital that can grow faster—but also attract more tax if unmanaged • Corporate vs. personal investments: Investing inside your corporation lets you work with 88-cent dollars vs. 50-cent personal dollars • Permanent insurance can shelter corporate cash, grow tax-free, and pay out through the Capital Dividend Account — potentially tax-free to your heirs

Episode Summary: Understanding Estate Taxes The number one question I get in my practice is about estate taxes—and in this episode, Kelly and I break it all down. We cover: What exactly the inheritance tax is (and isn’t) Probate fees (Estate Administration Tax or EAT): the first $50,000 of your estate is taxed at 0.5%, and everything above that is taxed at 1.5% How to reduce probate fees—a question I get all the time from clients The role of beneficiaries and joint ownership (with a spouse or family members)—what you need to know, and the potential risks involved For example, putting your home in your child’s name to avoid probate may disqualify them from first-time homebuyer benefits It may also result in capital gains tax if that property is no longer considered their principal residence We also dive into: Why estate planning isn’t just about taxes—wills can be contested, assets may be frozen until probate is complete, and funeral costs can catch families off guard The two taxes to be aware of at death: your final personal income tax return (T1 terminal return) and estate taxes Why the wealthiest people buy life insurance as a strategic planning tool The importance of working with a professional—this is not the time to rely on “advice” from friends or social media It may all sound daunting—and that’s exactly why we encourage people to start early. Many panic as they get older and their wealth grows, but delaying only makes it more expensive and stressful later on. Start now. It’s worth it.

-Knowing your burn rate helps you make educated financial decisions -The pride of home ownership - TFSA's, RSP's, FHSA's-Habits of financially successful individuals-Is fear wealth or is faith wealth?-One idea can change your life and push you out of your situation-Building your net worth and letting it compound over time -Financial freedom historically came through men, but today we live in a "joint world"- Breaking the generational curse of poverty and mediocracy 

We want women to feel OPULENCE. To feel empowered when making decisions. To live a life of your dreams!

Accountants are telling their clients not to incorporate without understand the bigger picture of their financial situation and wealth trajectory. But it’s a very personal decision that depends on your end goals. From a financial planning AND accounting point of view, Whitney Hammond & Kelly Ross break it down: what is the end goal ? what is going to happen with this company ? are the growth projections there ? Sometimes reorganizations can be more costly in the future Why you need to understand RETAINED EARNINGS. It’s GOLD. What is a section 85 rollover Some accountants just to tax compliance - but when you sit down with someone like Kelly Ross, she has the brain to look at the bigger picture and optimize using wealth building strategies.

This episode of Keys To The Vault is about The 4 Keys to Creating and Securing Your Own Wealth