At issue Where there is a beneficiary designation on a RRSP or RRIF, the funds in the respective account at the annuitant’s death will be paid to the named beneficiary. Specifically, it is the gross funds that the financial institution will pay out, with the…
More than half of Canadians do not have a will and even those who do either don’t keep it up-to-date or have concerns that the will won’t live up to their wishes. But financial advisors have a role to play in helping their clients make…
Introduction In this Tax Topic, we look at the basic rules relating to charitable giving through life insurance and in particular, the methods of gifting life insurance. There are three main methods by which a donor can gift life insurance to a charity. First, the…
Nearly every advisor will admit they are looking to land the investment portfolios of high net worth clients, but despite this focus the market remains underserved on the insurance side. “There are more clients that are willing to write large cheques for big insurance policies…
Should you rent or own your home? Tim Lemieux always thought he would buy a condo inToronto. He visited open houses. He plugged various numbers into mortgage calculators. When his mother died a few years ago, his four siblings sold her home in Bowmanville and…
There’s a new reality out there when it comes to future health care in this country and while some of it has all the markings of doom and gloom, it also heralds a crucial time for qualified advisors to show they have the knowledge and…
To say estate planning can be problematic is a gross understatement. Administering an estate can be compared to undertaking a renovation—it’s almost guaranteed something will go wrong. It can be relatively minor, or land the estate in court and cause irreparable harm to family relationships….
My grandfather was frugal. I recall my father telling the story of a time when he needed $25 and approached my grandfather for the money. “Twenty five bucks? What do you need 25 bucks for? I only have 10, here, have five,” Grandpa said. Loans…
If you own a cottage or plan on purchasing a cottage your insurance broker should be well versed in property and liability insurance that is specific to that market. While it might seem a cottage policy would mirror that of a primary homeowner’s policy, there…
No matter how well someone crafts her estate plan, ex-spouses, disgruntled business partners, estranged children and misguided family members can still challenge her wishes. Estate professionals must anticipate such backlash. AN IMPORTANT ISSUE Bulletproofing an estate against potential disputes is a serious concern, says Dana…