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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 busy practice and family life leaves precious little time to deal with our insurance matters; and it's not my area of expertise. Mark Halpern created a program that's protecting me and my family. H... " Read more Dr. Edward (Ted) English M.D. B.A. F.R.C.S.C. Chief of Orthopedic Surgery Medical Director of Orthopedic and Rehabilitation Medicine The Scarborough Hospital "If I get sick and can't work, who will support my family? I spoke to Mark about this issue and he recommended critical illness insurance. It's a great investment that brings me peace of mind, knowing ... " Read more Daniel Rostenne Director IronPoint Technologies "Until recently I had no personal insurance whatsoever, and no idea on how to get the right coverage. Before I met Mark, I didn't even know what I didn't know. Mark sat me down and took the time to put... " Read more Tyler Lang Vice President HDL Capital Corporation www.hdlcapital.com | ||||||
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