Small Group
Group benefits are bundles of insurance for employee benefits and other group benefit plans. Many Canadians have insurance through their employers, referred to as “group benefits”, though many don’t fully understand the details of these policies. Do you know what insurance you have through your employer? Understanding your group benefits reduces worry, saves you money, and helps you…
Capital Gains & Taxes
The Canadian federal government first introduced capital gains taxes in 1972. Prior to that time, all capital gains were tax-free. Ottawa brought in capital gains taxes, in part, to make up for doing away with inheritance taxes. Since then, Canadians have had to pay tax on a portion of their capital gains, with the rules,…
The Cottage as a Legacy
Gifting the Cottage to Children – is NOT a Free Gift When you think of your family cottage you don’t think of it as a building, property or asset, but the birthplace of a kaleidoscope of memories. Whether you toiled with pride to build or renovate the cottage or not; one thing is almost always…
Home
LIFE PLAN – 1 So, what is a Life Plan? One can equate a life plan to a “Float Plan” for someone who plans to take his yacht and sail the “Loop” [Say from Toronto, up the Great Lakes to Chicago down to the Mississippi River, to The Gulf of Mexico, around The Florida Keys…
Term Life Insurance
Shopping The Market I refer to TERM Specific life insurance as a plan that provides a Level Death Benefit for a Specific Period of time, typically to age 75 or 80. Often, these plans are renewable at a guaranteed level, without further medicals, for a specified period of time. They range from 1, 5, 10,…
Reverse Mortgage – A good or bad Idea?
One of the retirement planning resources that has gained interest in recent years is the reverse mortgage. For many retirees, it seems like a solid idea. You get access to the equity in your home, and the bank makes a mortgage payment to you. It turns your home into a source of income. It’s a…
Cost Benefit of Mortgage Insurance
As most no doubt realize, banks are expressing a growing interest in expanding their operations into the life insurance business. Banks however, have been selling some forms of life insurance for years. If you are buying from a bank, you need to compare carefully how much you are paying. The type of insurance banks have…
RRSPs & RRIFs
WHAT ARE RRSPs & RRFs? I have had discussions with a number of people where it became evident that there is some confusion about what an RRSP or a RRIF is or is not. As a result I am going to take a stab at explaining the fundamentals of these financial instruments. Many seem to…