Understanding Taxes Payable at Death in Canada

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Discover how taxes impact your estate in Canada and explore strategies to minimize the burden. Learn how to manage earned income, deemed disposition, and withdrawals at death to preserve your legacy.

Navigating Tax Deductions for Life Insurance Premiums

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Considering that the proceeds of a life insurance policy are received tax-free upon the death of the life insured, it is not surprising that the premiums for the policy are not tax deductible. There are two circumstances, however, where premiums would be deductible for income tax purposes...

What is disability insurance?

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Discover how disability insurance can safeguard your income if you're unable to work due to injury or illness. Learn about the benefits, how it works, and why it's crucial for everyone, especially the self-employed.

Understanding Early CPP: When and Why to Consider It

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New Rules governing the Canada Pension Plan took full effect in 2016. Under these rules, the earliest you can take your CPP Pension is age 60, the latest is 70. The standard question regarding CPP remains the same - should I take it early or wait?

Getting Ready for Money Emergencies

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Facing unexpected financial emergencies? An emergency fund acts as your financial safety net, ensuring peace of mind without dipping into savings or incurring debt. Start small, build steadily.

Strategies for Multi-Generational Planning

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The Sandwich Generation, coined by Dorothy Miller in 1981, describes adults caring for both aging parents and their own children. This dual responsibility is emotionally and financially draining. Effective financial planning is crucial, involving open discussions about family resources, life insurance needs analysis, disability and critical illness coverage, long-term care insurance, and drafting a living will. Addressing these issues can alleviate stress and ensure financial security for all generations.

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.

Network of Professionals

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As a financial advisor, my primary goal is to help you achieve financial clarity by accessing a network of dedicated professionals. Together, we provide personalized advice and services to help you make informed decisions and secure your future. Think of me as your financial coordinator, ensuring every aspect of your financial life works smoothly.

Different types of life insurance explained

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Whether you already have life insurance or are looking to get some, it’s essential to be familiar with the four most common kinds of life insurance available. Getting the best type of life insurance for you ensures that you are getting the coverage you want while providing financial protection for you and your family. These are the four most common kinds of life insurance: • Term life insurance • Permanent life insurance • Participating life insurance • Universal life insurance

Impact of Higher Capital Gains Inclusion Rate on Financial & Estate Planning

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One change proposed in the April 16, 2024 Federal Budget is raising the inclusion rate on capital gains from 50% to 66.7%. For individual taxpayers, the initial $250,000 of capital gains remains taxed at the 50% inclusion rate. However, for corporations and trusts, the increased inclusion rate applies to all capital gains. These adjustments are slated to come into effect starting June 25, 2024. What does this mean for individual taxpayers?