Permanent life insurance is often said to be the ultimate planning tool because it facilitates beneficial tax and estate planning opportunities and solutions throughout your lifetime to provide you with peace of mind now and into the future. The earlier in life that your permanent life insurance policy is purchased, the greater the impact it can have as a financial…
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Beneficiary Designations – Making Sure Your Money Goes Where You Want
We work hard all of our lives. This hard work allows us to afford a home, maybe splurge on a few vacations, save a few dollars and when we pass, transfer our wealth to those we love, whether they be immediate family or a specified individual(s). Normally, this transfer can be done quite simply with a will or a beneficiary…
Can the CRA Seize Life Insurance Proceeds to Satisfy Tax Debts?
The words Canada Revenue Agency have the tendency to make any of us a little nervous when it comes to debts owed and tax collection. More so since the Canada Revenue Agency (CRA) maintains certain powers under the Income Tax Act (also known as the “Act”) to collect tax debts from property that has been transferred to a non-arm’s length…
How Insurance Can Help Build Your Business
Starting and running your own business can be both exciting and terrifying. Every day provides opportunities and challenges and you never know what each morning will bring. If you are a business owner and don’t have the right insurance plan in place because you’ve been so busy trying to grow your business, then there’s an opportunity waiting for you right…
How Corporate Insurance Can Benefit your Business
You own your own business and you have incorporated. A smart decision, since corporate structures have significant benefits such as: Limited liability Continuity of the business Easier access to capital Lower income tax rates with the small business tax deduction Potential tax deferral Now that your business is incorporated, have you considered corporate-owned insurance? Not to be confused with insurance…
What’s in Your Capital Dividend Account?
So you run your own business, things have been going well, but the more your business grows, the more complex your tax issues become. One often misunderstood tax concept is the Capital Dividend Account or CDA. Capital dividends are simply a form of dividend, which can be paid out to Canadian shareholders tax-free. The caveat is that the amount of…
Sharing Your Wealth with the Next Generation
Planning for the transition of wealth to your children and grandchildren doesn’t have to be a daunting task. It’s important to start discussing this now so you can understand the impact of tax on your estate assets and what steps you can take to plan for the future. Let’s consider some of the tax implications. Upon death, a person is…
What your Survivors Need to Know
Did you know that only about 50% of Canadians have a valid will? Life events prompt individuals and families to think about their financial affairs. These include job loss (or gain), change in marital status, adverse changes in health or the death of an immediate family member.* Common estate planning mistakes to avoid Failing to prepare a will Failing…
How Insurance Provides Security – and Opportunity – for your Business
Your life, your family and your business deserve protection and if you’re a business owner, insurance can provide that security in a number of ways that may surprise you. It can also provide opportunity to help build assets – and your business – in a tax-effective way for your retirement or estate plan. The Purchase of Shares If you have…
New Year, New Beginnings!
Covid-19 sent shockwaves throughout the Canadian economy from the very beginning, and the ripple effect continues. Our business is no exception. Paper presentations and face to face interaction were the lifeblood of our business. Never did we think that pivoting to a digital platform would be possible to continue doing what we do best. Yet, with concrete vision, creativity, and…