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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. "As the founder of Back Clinics of Canada I often meet patients who travel here from all over the world seeking expert advice and quality care in our clinic. I am especially grateful that Mark Halper... " Read more Dr. Ron Nusbaum Back Clinics of Canada www.backclinicsofcanada.ca "I contacted Mark after hearing his radio ads. Running a family business takes a lot of time, and relationships are the key to our success. What impressed me most about Mark was his knowledge and abili... " Read more Daniel Violante, MBA Director Sales & Marketing Excelsior Foods Inc. www.excelsiorfoods.com "I responded to Mark's radio advertising on 680News, and he made it all so easy for me. He showed up on time, his cell phone never rang in our meetings and he returned my calls promptly. There was no h... " Read more Dale Asser Shorthorn Cattle Breeder Hillhaven Farm | ||||||
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