Few products act as both a tax exempt wealth transfer vehicle and an asset class in Canada. Life insurance also provides a prompt source of liquidity protecting both your family and the business in a worst case scenario.
There is usually agreement that the company produces the wealth. Life insurance provides a prompt source of tax-free cash when it is needed most. This buys the family the time to make the tough decisions.
Efficient tax planning provides more operating capital for the company as well as consumption capital for you and your family. It is important that a business owner understands the benefits of tax-exempt life insurance from a tax planning perspective.
Effective estate planning makes both the business and the family more tax efficient. Life insurance addresses many complex estate issues and allows for the efficient transfer of wealth from the company and its shareholders to the family.
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- John Richardson, BA, MBA, CA, CBV – CEO & Founder,
BEST Funds, Toronto, ON
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We are pleased to provide you with the latest bimonthly Chartered Life Underwriter (CLU) Comment letter, number 314 for March & April 2019. This edition of COMMENT looks at four issues: Business Overhead Insurance, Beware of RRSP Over-Contributions, Rights or Things, and Employee Death Benefit. Read … read more
We are pleased to provide you with the latest bimonthly Chartered Life Underwriter (CLU) Comment letter, number 313 for January & February 2019. This edition of COMMENT looks at three issues: testamentary gift planning, tax filing season: a look back and ahead, and benefits … read more
We are pleased to provide you with the latest bimonthly Chartered Life Underwriter (CLU) Comment letter, number 312 for November & December 2018. This edition of Comment looks at four issues: spousal support, combatting tax evasion through increased transparency, easing the financial strain of … read more
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