You can choose how your beneficiaries receive the money from a death settlement. Here are the details.
Wealth brings its own set of problems, among them large tax bills and uncertain asset transfer upon death.
When clients buy insurance, the Income Tax Act classifies policies as meant for protection, not investment.
The insurance industry has changed drastically in the past 36 months.
An insurance policy’s fine print gives you a lot of control
Few insurance advisors pay attention to the settlement options in their clients’ policies. But you should. Policyholders can actually choose if beneficiaries are paid a settlement with an annuity or in a lump sum.
Life insurance is an appropriate tool to generate funds for charities and to enjoy significant tax benefits both in life and death.
Wealth brings its own set of problems, among them large tax bills and uncertain wealth transfer upon death. Even if your wealthy clients don’t like to talk about dying, you can reframe the conversation to be about legacy.
Earlier this year, one of Canada's largest employers boosted its workforce by thousands of people, without increasing its payroll by a cent. In fact, if you are a Canadian taxpayer or an accountant, lawyer, financial planner, investment advisor, or insurance agent - anyone who receives fees for assisting Canadian taxpayers with a tax plan that provides tax benefits - you have a new employer: the Canada Revenue Agency.