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.

This article explains why RRSPs and RRIFs need protection

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.

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WEALTHinsurance developed from 25 years of experience at illnessPROTECTION.com.

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"At Crown Medical Clinic, we strive for the highest standard of healthcare, in a clinic devoted to wellness and prevention. I recognize the importance of financial wellness as well, so I refer interested patients to Mark Halpern for insurance and related financial matters. This satisfies an essential need in us all which, as physicians, we cannot supply."
Dr. W. Ronald Porter, M.B., Ch.B.
Medical Director
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"Being in the financial services business myself, I can truly appreciate the quality of Mark Halpern's professionalism. His caring advice and thoughtful insights have always exceeded my expectations. He will take good care of you and your family too. "
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