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Tag Archives: Life Insurance

When Life Insurance is More than JUST Life Insurance

Terry Zavitz

Terry Zavitz

 

Most of us know that life insurance pays a lump sum upon your death.  Some policies are temporary and bought in case you die unexpectedly (think mortgage protection, young kids, etc), while others are permanent and bought to assist with estate plans, liquidity, funerals, legacy and so on…because we all know we’re going to die one day, right?

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Family, Charity, and the CRA…Which Two Would You Choose?

Justine Zavitz

Justine Zavitz

Most of us appreciate the role that taxes play in our lives and society, but as with any money we spend, we like to be cautious to make sure we’re not spending too much. For anyone who has sat down in a meeting with me, you know how excited I get about the amazing advantages that come with permanent life insurance policies. They are financial vehicles that help with accumulating assets, preserving assets,and transferring assets in an extremely tax efficient manner. 

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Who Likes Reward Points…and Apple Watches?

 

Justine Zavitz

Justine Zavitz

As someone who frequently talks about life insurance, I always hear the phrase ” I won’t be the one benefitting from this, my kids (or husband/wife) will.” But Manulife is changing that; they have now created a product that rewards you…while you’re still alive! 

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Life Insurance for the Living

 

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Brendon Dantzer

Within the last decade we have seen an explosion within the health and fitness technology industry. With innovative new products like wearable fitness devices, apps that track and monitor our fitness levels, and even running shoes that count our steps, we can now be far more interactive and involved with our overall health and fitness. As a result of this growth, many companies are now taking advantage of these devices to connect with their customers in ways that were not possible before.

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Life Insurance & Changing Tax Law – What is All the Noise About?

Terry Zavitz

Terry Zavitz

The 2016 proposed federal budget and introduction of changes relating to life policies issued January 1, 2017 and beyond are the focus of many articles, most of them hard to understand due to the technical jargon needed to explain these changes. The result has been a preponderance of rumors. What is all the noise about and what changes should you care about?

The proposed 2016 federal budget contains 3 provisions that affect the taxation of death benefits of existing and new life policies that are corporately owned, whether the corporation is an investment, professional or active business. They are complicated, but in reality, affect very few of these policies. The changes represent a desire by the federal government to clean up sections of the Income Tax Act (ITA) that resulted in preferred taxation i.e. they closed some loopholes. Unless your corporation owns a life policy that was previously transferred into the corporation at its fair market value (FMV) or the beneficiary of the policy is a different corporation, there is likely no change that you need to be concerned about, or better still, try to understand. If any of the two scenarios apply to you, call your insurance advisor to discuss.

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