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RRIF Insurance Life insurance can pay the final tax bill on your registered assets, allowing you to pass the full value of your RSPs and RRIFs to your heirs.If you're like many Canadians, your RSP has become the major source of asset accumulation during your lifetime. Through the magic of compound interest and tax deferral, your RRSP may become the largest asset you hold. However, at death, your RRSP or RRIF could be your most significant tax liability; without proper planning, almost half the value of the registered assets in the estate will go to taxes. Upon death, the spousal rollover option enables registered assets to pass tax-free to a surviving spouse. However, on the death of the surviving spouse, the Canada Revenue Agency (CRA) will consider the entire value of the RRSP or RRIF as taxable income. These funds are added to other sources of income earned during the year and will almost certainly push even those who had modest incomes while living, into the maximum tax bracket for their final tax year. Every Situation is Different Every individual situation is different and professional advice should be sought before any final decisions are made, but there are some general ideas and techniques that are extremely effective. Rates of return will vary by situation, and are dependent on such factors as age, spouse's age, health and the amount of insurance needed. Please contact us today for your no-obligation consultation. We look forward to helping you and your family. "My business is preparing Canadian Chartered Accountants to pass the American CPA exams. This requires providing candidates with an organized program and the necessary tools to be successful. Mark Halp... " Read more Aubrey Glazman, CA, LLB, MBA, CPA, ABV, CBV, CFE President U.S. CPA Success www.uscpasuccess.com "Mark's knowledge about the various Critical Illness insurance products in the marketplace was exceptional. What most impressed me was that he was much more than Critical Illness insurance. His overall... " Read more Dr. Sammy J. Sliwin M.D., FRCSC Forest Hill Institute of Aesthetic Plastic Surgery http://www.sliwinplasticsurgery.com/ "For several years Mark has provided professional advice of the highest quality to me and my extended family on a number of insurance, estate planning and tax planning matters.... " Read more Richard E. Austin. LLB, MBA | ||||||
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