Skip to content
Group-Life-Insurance

Group Insurance – Only Part of the Solution

Ownership of individual life insurance at its lowest level in 30 years

The Life Insurance and Market Research Association (LIMRA) 2013 study shines a light on a developing problem for Canadian households:

  • Individual ownership of life insurance was at its lowest level in 30 years;
  • 3 in 10 households did not have individual life insurance at all;

Why group life insurance may not be all that you need

If your goal is to replace income for your family for more than 2 years, you may want to add an individual policy to your group insurance coverage. Read more

protect-your-childrens.jpg

TFSA or RRSP?

One of the most common investment questions Canadians ask themselves today is, “Which is better, TFSA or RRSP”?

Here’s the good news – it doesn’t have to be an either or choice.  Why not do both? Below are the features of both plans to help you understand the differences.

 

Tax Free Savings Account (TFSA) 

  • Any Canadian resident age 18 or over may open a TFSA. Contribution is not based on earned income.  There is no maximum age for contribution.
  • Maximum contribution is $5,500 per year starting in 2013 ($5,000 per year for the period of 2009-2012).  The contribution must be made by December 31st.
  • There is carry forward room for each year in which the maximum contribution was not made.
  • The deposit is not tax deductible, but the funds accumulate with no income tax payable on growth.
  • Withdrawals may be made at any time on an income tax-free basis.  Withdrawals create additional deposit room commencing in the year after withdrawal.

Read more

Don't wait too long

Don’t Wait Too Long to Convert Your Term Insurance

If you require permanent life insurance coverage for family, estate planning, business, or tax planning purposes or you just wish to accumulate money in your life insurance program it may be time to look at a permanent, level cost solution.

Many of us purchase large amounts of low cost term insurance to cover our needs while we are raising our families or growing our businesses.  However, as the saying goes, “there is no free lunch”.  Eventually this low cost term insurance starts to become expensive and other options should be considered.  If you are unable to qualify for a new permanent insurance policy don’t worry, your safety net is the conversion option in your existing policy.

4 REASONS TO CONVERT YOUR COVERAGE

  • A change in your health you are no longer able to qualify for life insurance or you have received a sub-standard rating.  

Read more

Cascading

Cascading life insurance strategy: A lifetime gift for your grandchildren

If you are a grandparent wishing to provide an asset for your grandchildren without compromising your own financial security you may want to consider an estate planning application known as cascading life insurance.

What are the benefits of the Cascading Life Insurance Strategy?

  • Tax deferred or tax free accumulation of wealth;
  • Generational transfer of wealth with no income tax consequences;
  • Avoids probate fees;
  • Protection against claims of creditors;
  • Provides a significant legacy

Read more

ARTICLES OF INTEREST

8
Mar
Lady.jpg

Protect your personal finances during divorce

By Carla Hindman, Director of Financial Education, Visa Canada

Divorce is often referred to as the No. 2 most stressful life event, second only to death of a spouse. And no wonder: Besides its obvious emotional impact, getting divorced can also be a financial nightmare as you’re forced to deal with nagging details like separating your finances, acquiring your own health insurance and deciding who will claim the kids as tax deductions.

Here are some of the many financial issues to consider when you separate – and to keep in mind even if your marriage is on stable ground: Read more »

10
Feb
iStock_000013521039XSmall.jpg

What to do after selling your business

The contract is signed. The cheque is cashed. Your business has been sold or you’ve been given a golden handshake. Now what?

It’s a question many former company owners have a tough time answering. Whether you’re looking to sail around the world, start a new enterprise, or spend time with your family, you must now figure out what to do with your money—and with your life.

Here are 13 things business owners should do after leaving.

  • Relax

Shifting gears in a rush increases the likelihood of missteps, financial and otherwise. Take some time to reflect on what’s happened, and what’s to come. You don’t need to accomplish everything at once.

  • Define your goals

Do you want to spend time with family? Travel? Get involved in a charity or a community cause? Start a new business? Write it down.

 

Click here to read more