All in the Family: Estate Planning for Farmers

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Many farmers find it difficult to get any interest from their children in continuing to run the farm business – which can cause some complications when developing the best estate plan for farmers looking to retire. In general, farmers are in an interesting position: they are asset rich due to the increased value of their land but struggle with the increasing costs related to their farming activities. However, if the farm holds significant value but the children are not interested in working the land, what is a farmer to do?

Impact of Recent Events On Your Estate Plan

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A year ago, the projected deficit for 2020 was estimated to be $20 billion. Shockingly, as a result of Covid-19, this projection has risen to over $380 billion by the end of the year. So, what does that mean for tax rates and how will this affect your estate plan?

Business Owners: 2020 Tax Planning Tips for the End of the Year

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It's a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections: - Year-end tax checklist - Remuneration - Business tax - Estate

How Many Wills Do I Need?

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It is important to have a valid Will to avoid the challenges of intestacy – dying without a Will. Indeed, eventually, everyone ends up with a Will of one sort or other, either the deceased gets to decide how assets are distributed by writing one before death or the provincial authorities get to decide based on intestacy rules. So, it’s always best to get a Will written in advance. The question is, do you need more than one? Getting one Will is trouble enough, so why would anyone want to have two?

10 Essential Decisions for Business Owners

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Business owners are busy… they’re busy running a successful business, wearing lots of hats and making a ton of decisions. We've put together a list of 10 essential decisions for every business owner to consider.

Diversifying in Uncertain Times

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Uncertain about where to invest during Covid-19? It may be time to diversify through a Participating Whole Life policy

Preparing Your Heirs for Wealth

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If you think your heirs are not quite old enough or prepared enough to discuss the wealth they will inherit on your death, you’re not alone. Unfortunately, this way of thinking can leave your beneficiaries in a decision-making vacuum: an unnecessary predicament which can be avoided by facing your own mortality and creating a plan. Avoiding the subject of your own mortality can also be an extremely costly to those you leave behind.

The Need for Corporate Life Insurance

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Life insurance is used for two general purposes in a private corporation – managing risk and creating opportunities. The risk management function is satisfied as life insurance provides the corporation with a tax-free payment in the event of the death of an owner or someone vital to the success of the business. As life insurance also allows for the tax-sheltered build up of cash value additional planning opportunities are additionally created.