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…
Permanent Life Insurance, like WL and UL, as apposed to Term Life Insurance, like T10, or T20, afford permanent life insurance protection. So long as the required premiums are paid as due, is guaranteed to pay out a death benefit, regardless of when death occurs. Term Life insurance on the other hand, pay provided death…
What is a TFSA? The TFSA program began in 2009. It is a way for individuals who are 18 years of age or older and who have a valid social insurance number (SIN) to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as…
Business Owners Should Consider an Individual Pension Plan (IPP) What is an IPP? A difference between an IPP vs. an RRSP is essential for business owners. In this article, I’ll explain the pros and cons of each and provide context for choosing between them. An IPP (individual pension plan) is a lesser known but highly-attractive vehicle for…
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…
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,…
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…
OVERVIEW Life insurance provides for your loved ones after you are gone. Living Benefit Plans provide for a lump sum benefit payment upon the first diagnosis of a list of covered contingencies while you are alive. Often maladies strike with devastating force regardless of how well we look after ourselves. External forces and hereditary pre…
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…
