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.

This article explains why RRSPs and RRIFs need protection

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.

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WEALTHinsurance developed from 25 years of experience at illnessPROTECTION.com.

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What Our Clients say

"I called Mark after hearing him many times on the radio. Operating a growing family business in building restoration and expecting my first child soon got me thinking about how I must take care of myself. Even more so, my father passed away last year and I wanted to make sure that my family and business would survive if I got sick or died. Meeting with Mark was a definite eye opener in terms of my position in life now and in the future. He helped me evaluate all of the potential problems that could come up and provided me with the right solutions that I needed to take care of any unforeseen problems. He organized our group health benefits, mortgage financing and got us started with RESP's. He is now looking after all of our insurance protection programs. The experience was simple and smooth. Working with Mark was a truly educational experience."
Jason Gheda
President
SST Group of Construction Companies Limited

"I've known Mark for many years. I recently purchased some insurance through him. It's a pleasure dealing with him: he's forthright, knowledgeable and reliable."
Ted Perlmutter
Lawyer

"I am always delighted when I can recommend Mark to clients and friends. His integrity and deeply held values for serving means he goes beyond meeting client expectations. Mark takes the time to discover what his clients really need to be protected and meet the future feeling resourceful and confident."
Wauneen McMonagle

Innergize Training Coaching Consulting

"Mark, I just want to let you know that you are the most comprehensive insurance guy I've ever met. I really appreciate the time you have spent with me and my wife going through all of our planning. Dealing with someone as knowledgeable as you is a rarity. Your professionalism and the way that you get things done...I'm truly impressed and I just want you to know that."
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Sales Manager
The Benvenuto Toronto