Why do wealthy individuals, those who have no need for more insurance, sign up for the largest whole life policies issued in Canada? Did they meet a high pressure insurance salesperson who convinced them to buy something they don’t need? Are they unsophisticated investors who…
Do you need life insurance on your children? Or is this coverage you should skip? Let’s evaluate the why’s and why nots of life insurance on children. When you don’t need life insurance on your children Placing life insurance on parents or wage earners is…
Figuring out how much insurance you need is easy if you stick to fundamentals. Simply answer one of two questions: How much money do you lose if you die or How much money do you need to create at your death. Life insurance for young…
Do you need life insurance on your children? Or is this coverage you should skip? Let’s evaluate the why’s and why nots of life insurance on children. When you don’t need life insurance on your children Placing life insurance on parents or wage earners is…
The Rules The cascading insurance strategy takes advantage of subsection 148(8) of Canadian tax law, which will allow you to transfer ownership of a life insurance policy to any of your children, free of tax, where a child of yours is the life that…
You can legally write a will if you’re 19-years-old in Canada. That may seem entirely too young to even think about it, but it’s really not. Your age should be the last thing you consider when thinking about writing a will. As an insurance and…
While the economy and the mood of Canadians continue to improve after the recession, life for the new Tax Free Savings Account (TFSA) doesn’t seem to be getting a whole lot better. They’ve been called one of the best financial savings instruments to come along…
You’ve worked hard and you want to enjoy a comfortable retirement. But outside of an RRSP AND TFSA what investment plans allow you to grow your wealth without it being eroded by taxation? And when you eventually start to draw an income in retirement……more taxes!…
You can legally write a will if you’re 19-years-old in Canada. That may seem entirely too young to even think about it, but it’s really not. Your age should be the last thing you consider when thinking about writing a will. As an insurance and…
There are a number of reasons to hold a life insurance policy in a corporation rather than personally — one being the tax treatment The proposed changes to the exempt test for life insurance policies announced in the 2012 federal budget will likely create a…