At different stages of life, the need for life insurance will vary, here’s a list of reasons for life insurance.
You may have had life insurance for as long as you can remember. You knew it was important to make sure that your family would be taken care of and be able to pay their bills if anything happened to you.
But now that you’re over 60, your children are grown, and your mortgage is paid off, you may feel you don’t need life insurance anymore. However, there are some circumstances under which it may still make sense for you to have life insurance:
• You still have substantial debt.
• You have dependent children or grandchildren.
• You want to be able to leave a financial legacy.
No business owner likes to think about handing over their business they’ve built from the ground up. But the fact of the matter is, you will have to do it eventually. Even more concerning, what if you were to become ill or incapacitated? Making a decision of this magnitude during trying times would not be ideal.
For the business owner, an estate freeze can be an integral part of your estate planning strategy. The purpose of an estate freeze is to lock-in (freeze) the value of the business, freeing the successor from the tax liability that may arise should the business’ value increase.
As an employer, you may be thinking about offering your employees a pension plan. If so, you have two main options: a defined benefit pension plan and a defined contribution pension plan. A defined benefit pension plan offers your employees a set amount of money when they retire, whereas a defined contribution pension plan does not.
We walk you through the differences between the two types of pension plans.
Working at an organization that offers a pension plan is one of the greatest financial advantages a Canadian can enjoy. Pension plans are designed to provide retirement income and help employees reach their retirement goals and for business owners- help retain key employees.
On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections:
• Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits.
• Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining.
• Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.