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.
To learn more simply fill out this form or call us at 416-364-2929 or 1-866-566-2001.
"I was in a major car accident and off work for several months while I recuperated from a broken leg At the time of the accident I didn´t have disability insurance so the impact of the accident had serious financial repercussions as well. Eventually I was able to return to dentistry work but the task of finding insurance with my accident history was difficult.
I have a lot on my plate practicing at our 11 dental centres across the GTA and parenting four children at the same time. When I sought out Mark Halpern´s assistance I knew I had found the right advisor. Mark made the process of getting the right coverage in place easy and seamless for me. I´m sure he had to go the extra mile behind the scenes but Mark never made any mention of it. Since partnering with illnessPROTECTION.com I haven´t had to lift a finger. Mark has saved me a lot of time which has been the best part of working with him. With my busy lifestyle both personally and professionally, time is the most precious commodity of all. Mark understood this immediately and worked hard on my behalf so that I could focus on taking care of my family and business. Thank you Mark!"
Dr. Edward Gelfand
President and Founder
Dawson Dental Centres
"I called Mark after hearing his radio advertisements on 680 News. What struck me about these ads were they had a very clear message and were direct and to the point. Over the past few years, I had encountered my share of challenges in trying to obtain the right level of life insurance for myself and my family; and after listening to these ads a few times while driving in to work I thought that Mark might be able to help.
I was right. When we met, my wife and I found him courteous, well-informed, and well-organized. The very thorough planning process he took us through at our first meeting helped us identify areas of weakness that needed to be fixed. He was very well versed in all the different kinds of life insurance policies that were available; and given the rather limited knowledge my wife and I had in this area, we learned much from that first meeting.
He also inspired trust. This was important to us - as I am sure it is to most people - in view of all the personal financial information that needed to be shared with him during the planning process.
In short, Mark was successful in getting us the life insurance we needed; and for this, we will be forever grateful. It was also a pleasure doing business with someone as persistent, helpful, knowledgeable, and customer-friendly as Mark; and I would have no hesitation at all in recommending him to anyone who is in the market for life insurance.
Thank you, Mark, for your help."
Govind Menon
Senior Portfolio Manager
Canada Pension Plan Investment Board
"I was referred to Mark by my father who has done business with him for several years. As a director of a TSX listed company and now as a new father, I had to look into insurance for me and my family for the first time. I was unfamiliar with the different insurance products available and needed someone that I could trust to guide me and my family through the process. Mark did a professional job of explaining the potential risks in life and educated us on all of our options. His recommendations were appreciated and we know that he delivered the best possible programs for us now and to build on in the future. I recommend Mark to anyone who needs a trustworthy advisor to guide them as they grow their business and personal life."
Warren Perlman
Director Solutions Architecture
Workbrain, Inc
"Mark - Thanks for protecting my family and helping me get peace of mind. Your caring advice, vast product knowledge and outstanding professionalism are unmatched."
James Nahon, CFA
Director of Finance
Major Real Estate Developer