Consider the situation of a recent client, a successful private software firm wholly owned by a married couple. Although the owners are the prime drivers of the business, they rely heavily on their chief analyst for software development. Unfortunately, he died unexpectedly three months ago…
Business and family relationships change over time. When that happens, people may need to move a life insurance policy from one person or entity to another. This requires careful review to ensure client objectives remain achievable. Typically, when ownership of a life insurance policy changes,…
Incorporated business owners who wish to donate to charity often wonder whether the donation should be made by the business or by the shareholder personally. To advise them properly, there are several factors you should consider and discuss with clients. It’s important to note that…
At issue Where there is a beneficiary designation on a RRSP or RRIF, the funds in the respective account at the annuitant’s death will be paid to the named beneficiary. Specifically, it is the gross funds that the financial institution will pay out, with the…
More than half of Canadians do not have a will and even those who do either don’t keep it up-to-date or have concerns that the will won’t live up to their wishes. But financial advisors have a role to play in helping their clients make…
Introduction In this Tax Topic, we look at the basic rules relating to charitable giving through life insurance and in particular, the methods of gifting life insurance. There are three main methods by which a donor can gift life insurance to a charity. First, the…
Nearly every advisor will admit they are looking to land the investment portfolios of high net worth clients, but despite this focus the market remains underserved on the insurance side. “There are more clients that are willing to write large cheques for big insurance policies…
Should you rent or own your home? Tim Lemieux always thought he would buy a condo inToronto. He visited open houses. He plugged various numbers into mortgage calculators. When his mother died a few years ago, his four siblings sold her home in Bowmanville and…
There’s a new reality out there when it comes to future health care in this country and while some of it has all the markings of doom and gloom, it also heralds a crucial time for qualified advisors to show they have the knowledge and…
To say estate planning can be problematic is a gross understatement. Administering an estate can be compared to undertaking a renovation—it’s almost guaranteed something will go wrong. It can be relatively minor, or land the estate in court and cause irreparable harm to family relationships….