If a client wants to keep her cottage in the family, she should consider claiming the principal residence exemption when she transfers or sells the property to family members. This way, she’ll be able to pass the property tax-free. This applies whether the cottage is transferred, sold…
Charley Tsai can’t help but smile as he thinks back to a story he heard about succession. The client was a business owner and was thinking about passing his company on to his son. “He was a real estate developer in his 80s,” says Tsai,…
No two family scenarios are the same, and this is especially true when it comes to clients with significant sources of wealth. Their wealth may come from operating or selling a successful business, an inheritance, a wise investment or other sources. They may have children…
For the majority of Canadians, a home is the largest investment they’ll ever make. Therefore it’s only natural that most people seek out insurance plans to protect their investment. But is mortgage insurance or life insurance the better option when safeguarding your home? While both…
Being an executor involves lots of responsibility, pressure and risk. It’s not a job you’d expect someone to do for free. So how do you place a dollar figure on the work involved, and upon which criteria should you base compensation? A COMPLEX JOB Some…
Investment diversification protects your money from adverse stock market conditions. When it comes to investing, savvy money managers advise that you spread your money around — that is, “diversify” your investments. Diversification protects you from losing all your assets in a market swoon. The sharp…
Do your snowbird clients have up to date insurance to protect them during their southern stay? Half of Canadians aged 50 and over checked their travel insurance policy before leaving for vacation, and 16% called their insurance provider to determine if they needed to update…
Regulatory pressure. Interest rates. Client risk classifications. These factors will shape the future of permanent insurance products, said Paul Fryer, vice president of individual business management at Sun Life Financial, at CAILBA’s annual conference inToronto. 1. REGULATORY CHANGES OFSI’s 2012 regulatory roadmap for insurers signalled shifts in…
Fewer Canadians are donating to charity. StatisticsCanadareports donations fell nearly 2% to $8.3 billion in 2012. What’s worse, the number of people giving slipped 1.4% to 5.6 million. Advisors can help reverse this trend by telling clients their charitable aspirations can be tax-efficient. And, thanks…
Life insurance is a staple in most private companies. For instance, insurance for the shareholders may be an integral part of the shareholders’ buy-sell arrangement. Alternatively, a lending institution may require insurance on shareholders’ lives as a condition of a loan agreement, or insurance may…