For most new or expecting parents, there are a host of new financial planning implications and less time than ever before to deal with them. Although I can’t give you advice on sleep schedules or childhood allergies, I do suggest that you make the time…
In theory, this should be an ongoing process and the last 5 years before ‘pulling the pin’ should merely be refining your existing plan rather than starting from scratch. Of course, life doesn’t always work that way and the adage “better late than never” is quite…
So many meetings, so many difficult decisions, and so many times our clients failed to take advantage of insurance. Time after time we would hear, “I could do much better on my own without the insurance”. We are confident that permanent life insurance contracts…
Advisors have the opportunity to help small-and-medium-size business clients create estate plans that will minimize the tax payable upon the client’s death, provide for family members and reduce conflict among beneficiaries. An effective estate plan should flow from the plan that the SME client has…
The two most common ways people choose to own property together are tenancy-in-common and joint ownership. For estate purposes, the key distinction here is that a tenant-in-common interest falls into a deceased owner’s estate, whereas a joint interest bypasses the estate and instead passes to…
Business and family relationships change over time. When that happens, people may need to move a life insurance policy from one person or entity to another. This requires careful review to ensure client objectives remain achievable. Typically, when ownership of a life insurance policy changes,…
Many professionals now have the opportunity to run their business as a professional corporation. The ability to incorporate raises a number of planning issues and opportunities. This Tax Topic will explore the ins and outs of professional incorporation. Who can incorporate? Traditionally, professionals have carried…
When an RRSP annuitant dies, it’s often possible to roll over the RRSP to a beneficiary on a tax-deferred basis. If the beneficiary is a spouse, common-law partner (CLP) or a financially dependent child or grandchild with a mental or physical disability, the beneficiary can…
Fewer Canadians are donating to charity. Statistics Canada reports 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….
What does retirement look like for Canada’s wealthy? A BMO Private Banking poll shows those with investible assets of $1 million or more: will retire, on average, at age 60; feel they need an average of $2 million to live out their ideal lifestyles; plan…