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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 involves large real estate investment transactions and requires making complex issues easy to understand for all parties involved. Mark Halpern explained to me the complex world of life in... " Read more John Weiler President White Cap Consulting Inc. "When life happened to MY other plans a few years ago, I was without life insurance or income protection. Then it dawned on me - who'd pay our bills if something happened that kept me from working? We ... " Read more Erin Davis National Broadcaster & Media Personality 
"Arranging my insurance needs with Mark Halpern was like dealing with a trusted friend instead of an insurance agent. Mark patiently sat with me on numerous occasions to explain the various options ava... " Read more Mark Greenstein Lawyer Krol & Krol | ||||||
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