Estate Planning

What Happens If You Die Without a Will?

Most of us know that having a will is important, but statistics show that what we know about wills and the action we take with wills are very different. According to a survey conducted by CIBC in 2013, more than half of Canadians die without a will.  If you die without a will in Canada it is referred to as dying in intestacy. When you die intestate, it is up to government legislation to handle your affairs. Below are some points that should be seriously considered before deciding against a will and how you could expect the estate will be distributed according to the current rules of intestacy.



Read More

Estate Maximization

In your lifetime, you’ve worked hard to build assets, some of which you may want to pass along to loved ones or charitable organizations after your death. The following video explains how to use a Life Insurance Estate Maximization strategy in order to minimize taxes and maximize your legacy.



Read More

Using Corporate Owned Life Insurance to Reduce Passive Income Taxation

Effective January 2019, new tax rules will come into effect that will have a dramatic impact on some small business owners. Starting in 2019, the Small Business Deduction Limit will be reduced by $5 for each $1 of passive income that exceeds $50,000 and will reach zero once $150,000 of passive income is earned in a year. This new tax rule may be leaving business owners wondering how they can redirect a portion of excess cash flow that would traditionally produce passive income, and subsequently some unfavorable tax consequences.

Corporate owned life insurance can offer a “two bird one stone” solution to business owners. If used appropriately, strategies such as these are a viable option for a private corporation with a substantial amount of excess income and a life insurance need. The information below provides an elementary overview of how life insurance can be used to defer tax and grow the corporation’s estate.



Read More

Using Joint-Last-to-Die Insurance to Protect Your Estate

Joint-Last-to-Die (JLTD) insurance is designed to protect the assets for the beneficiaries of an estate. A JLTD policy is issued on the lives of two people; typically spouses. The policy continues after the death of one spouse, and the benefit is paid on the death of the surviving spouse.

This type of insurance is an effective estate planning tool that provides protection for your estate as well as keeping premium costs lower than traditional insurance approaches.



Read More

Estate Planning Checklist

Benjamin Franklin once claimed there are two things in life that are inevitable: death and taxes. In the case of those people who die without a will and proper estate planning, the adage can easily be altered to: death and more taxes.

The wise Benjamin Franklin also once said, “By failing to prepare, you are preparing to fail.” So consider looking at the few simple steps below to ensure that you are ready for the inevitable.



Read More

What is a Segregated Fund?

t’s a question we hear often – can I guarantee my investment? Well, in a sense, yes – the product you’re talking about is called a Segregated Fund.



Segregated funds, usually referred to as “Seg Funds”, are individual insurance contracts that invest in one or more asset, much like a mutual fund. Unlike mutual funds, Seg Funds provide a death and/or maturity guarantee that protects a portion of invested capital (usually between 75% to 100%).



Read More


Disclaimer

This information is designed to educate and inform you of financial strategies and products currently available. As each individual’s circumstances differ, it is important to review the suitability of these concepts for your particular needs with a Qualified Financial Advisor.