Category: Insurance and Medicare

Corporate Owned Life Insurance – Watch Those Beneficiary Designations!

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As a business owner, your corporation has a life insurance policy on your life – a key part of your estate and succession planning! However, to avoid unintended tax consequences, it’s critical that the beneficiary designations of your corporate owned life insurance policies be reviewed. Where your corporation is the owner and payor of the Read more about Corporate Owned Life Insurance – Watch Those Beneficiary Designations![…]

SMART TALK… about registered education savings plans (RESPs)

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As a parent, you want the best for your child – their health, happiness and future opportunities. A Registered Education Savings Plan (RESP) is one way you can help lay the groundwork for a lifetime of learning. There are many financial benefits to consider as well, including government grants and tax-deferred growth of the investments Read more about SMART TALK… about registered education savings plans (RESPs)[…]

When Your Business Owns a Life Insurance Policy, Proper Set-Up is Key

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Corporate owned insurance can have many benefits. A policy owned by your operating company though, can cause quite a few headaches. When it comes time to sell your operating company, you may find it very difficult to transfer the policy out of the company. In fact, this type of transfer can have onerous tax consequences. Read more about When Your Business Owns a Life Insurance Policy, Proper Set-Up is Key[…]

A life insurance policy loan or a loan against the policy?

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Permanent life insurance, whether it be universal life or whole life, can be a valuable tool for clients looking for tax-efficient capital accumulation of their “never money.” By never money, I mean money they will never spend in their lifetime and wish to pass on to their families or to charity after they’re gone. One Read more about A life insurance policy loan or a loan against the policy?[…]

10 Consequences to Dying Without a Will

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Regardless of age or personal wealth, there are many Canadians who do not have a Will.  Although the thought of preparing a Will may seem to be premature or too burdensome for some, the consequences of dying without a Will can be severe. If you die without a Will (this is referred to as dying Read more about 10 Consequences to Dying Without a Will[…]

How the 2019 Passive Investment Income Changes Affect Your Small Business

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After a lot of public debate in the tax and small business community around the way in which passive investment income is taxed in Canadian controlled private corporations, the changes that were announced in the 2018 Federal Budget are now law. These changes will limit the amount of the small business deduction for many corporations. Read Read more about How the 2019 Passive Investment Income Changes Affect Your Small Business[…]

OHIP coverage while outside Canada

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Find out what OHIP covers when you’re temporarily outside Canada. Check your health card before you go You should bring your health card with you if you’re planning to travel outside of Canada, but first, make sure it’s still valid. A valid Ontario health card has: not expired your correct personal information on it (e.g. name, birthdate) your Read more about OHIP coverage while outside Canada[…]