One of the greatest financial challenges your children will face upon inheriting the family cottage is the capital gains tax liability. As your cottage appreciates in value over time, the difference between the original purchase price and the market value at the time of inheritance can lead to a substantial capital gains tax, and possibly […]
What is your Retirement Number?
When it comes to retiring the crucial question business owners and employees want to know is: What’s my number? This question extends beyond merely a rhetorical inquiry—your number is about understanding how much you can comfortably spend in your retirement years without outliving your savings. There are steps that need to be taken early enough […]
Now is the time to think about replacing your Mortgage Insurance with something better!
Whether you’re buying a new home or renewing your mortgage, you will want to protect yourself with insurance – either mortgage insurance or individual life insurance. But which is the better option? Mortgage insurance might seem like the logical choice but it is not what we recommend to our clients. Did you know that individual […]
Time to think about replacing that Mortgage Insurance
With spring in full swing, and the real estate market at a peak of activity, Canadians are qualifying for mortgages in droves. If you get a mortgage, you’ll want to protect yourself with insurance – either mortgage life insurance or personal life insurance. But which is the better option? Although mortgage life insurance might seem […]
Harness the power of a TFSA
A Tax Free Savings Account (TFSA) is a registered investment account that lets your earnings grow tax-free. Invest for any goal – from a new car, to a renovation, to supplementing your retirement income– and never pay tax on withdrawals. An excellent complement to an RRSP, a TFSA is an important part of every financial […]
Corporate Owned Life Insurance
Regardless of whether the need is primarily personal, we almost always recommend owning and paying for life insurance in your corporation. The difference between corporate and personal tax rates can result in a significant savings in premium while the tax-preferred treatment of the death benefit will still give you the personal protection you need. Lower […]
COVID-19 – Good news/Bad news for Critical Illness and Disability Insurance
In response to our email last week, a number of people asked us whether insurers are waiving the requirement to provide blood and urine samples in order to obtain Critical Illness (CI) or Disability Insurance (DI) as they are doing for Life Insurance. The answer is yes! Depending on the insurer and your age, up […]
Covid19 offers an unprecedented opportunity to obtain life insurance without medicals.
There is no doubt that the implications of Covid19 have been terrible for businesses and consumers alike. We’ve all experienced changes rolled-out by businesses to align their processes with social-distance requirements. Life Insurance companies are no different……and in this case the changes are positive for the consumer! Traditionally, only the very young or those purchasing […]
The reasons you should, shouldn’t and the cost.
Why you should incorporate your small business? Limited liability (except personal guarantees and director liabilities) If you are a sole proprietor, all of the risks of the business are also your own personal risks. If the business gets sued, you get sued – All of your personal assets are at risk. A corporation is the […]