Blog
Basics of a Universal Life Insurance Policy
Basics of a Universal Life Insurance PolicyUnderstanding Universal Life Insurance Universal Life (UL) insurance, introduced in the 80s, was crafted as a tax-free investment tool for affluent individuals. Over two decades, it gained popularity for growing wealth and...
Do you have an Investment plan or a Holistic Financial Plan?
In life, it's crucial to consider the bigger picture rather than a narrow view to make well-informed decisions. This principle extends to planning your financial future, emphasizing the importance of aligning all your financial aspects for comprehensive protection....
Are you planning to start a business?
Starting your own business is an exciting and often life-altering venture. It's a journey filled with crucial decisions, and one of the earliest choices you'll need to make is how to structure your business. The decision between a sole proprietorship and incorporating...
Can your assets be protected from creditors?
Estate planning is not just about passing on your assets. It's also about safeguarding them from potential creditors. Unforeseen liabilities can pose a threat to your financial stability and the well-being of your loved ones. To address these concerns, we'll explore...
How can you optimize estate distribution with residual and hotchpot clauses?
Estate distribution is a complex matter, as each individual's financial situation is unique. The extent to which your wealth passes outside of your estate can be influenced by proactive probate fee planning. The primary instrument for specifying how your assets are...
Post Mortem Planning for Doctor Jimmy to avoid Triple Taxation!
Doctor Jimmy is a single parent, who owns a professional corporation worth FMV of $ 3 million and an ACB of $0. He also has $900,000 in investments worth $3 million. After his death, there could be three layers of taxes. 1. A $3 million capital gain subject to...
Is an RRSP really worth it?
Are you ready to take control of your financial future and build a robust retirement plan? Look no further than the Registered Retirement Savings Plan (RRSP), a valuable financial tool designed to empower Canadian taxpayers to save for retirement while enjoying...
How the interest income or a GIC is taxed inside a private corporation?
When it comes to managing your finances within a corporation, it's essential to consider the tax implications, especially when dealing with interest...
Should you incorporate your medical or dental practice?
Are you a medical or dental professional contemplating the idea of incorporating your practice? This crucial financial decision can significantly impact your wealth management strategy. Let's navigate through the essential aspects of this choice and address your...
Corporately owned Life Insurance Policy & Capital Dividend Account
Interestingly, ITA doesn’t say that Life insurance is tax-free, and it's due to the reason that ITA is an act of inclusion and lists everything that’s taxable. If you are incorporated and planning to buy life insurance, then it would be beneficial to weigh out...