Financial planning

PERSONAL PLANNING:

Helps financially protect your loved ones when you’re no longer there, when it’s needed the most. Some needs are:

  • Mortgage/debt insurance
  • Income replacement
  • Estate/tax planning
  • Charitable donation

    • Income protection - provides monthly income if an illness or accident stops you from working. Can be a solution for:

  • Self-employed
  • Professionals without coverage at work
  • Top-up from group insurance
  • Coverage on loans
  • Protection of overhead expenses

    • Lump-sum payment if insured is diagnosed with one of specific listed illnesses. Can be used for:

  • New medical treatments/medications not covered by government or health plan
  • Paying off mortgage/debts
  • Income replacement
  • Extra care at home

    • BUSINESS PLANNING:
  • Key Person Insurance – In the event that the loss of a key person would mean a monetary loss for the company.
  • Buy/Sell Insurance – Can be used to help settle a buy/sell agreement between two or more partners.
  • Estate or Succession Planning – This will help fund the transfer of shares to charity, family, or other business partners. In this situation, you need to be aware of the rules regarding taxable benefits when the insured is a shareholder vs. an employee or when the beneficiary is a spouse, rather than the corporation.
  • Taxes Payable – Life insurance can be used to offset tax liabilities on death, which negates the need to sell your assets at an inopportune moment. The proceeds will then be typically deposited into the Capital Dividend Account (CDA) for further disposition to shareholders tax free.
  • Charitable Bequests – Life insurance can ensure that a charity will receive a designated amount of money.

    • Lump-sum payment that can protect your business, company’s future and corporate assets in the case of a life-threatening illness.

  • Shared ownership/Split dollar strategy
  • Return of premium (Upon death, cancellation or surrender)

    • A good plan acts as a retention tool in a competitive market. It has the ability to attract and retain great talent, as well as take care of the well-being of your employees.
    A plan can include:

  • Employee benefits
  • Health spending accounts
  • Group RRSP’s