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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. "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 "Gord Stellick, a close friend since high school, referred me to Mark. I am a busy successful business owner, with virtually no time to take care of my personal matters that far too often take a back s... " Read more Bruce Farrant President The More Group Inc. "I had trouble getting benefits through the Canadian Bar Association which has 'one size fits all' insurance products for lawyers' protection programs. I was frustrated and couldn't understand why I di... " Read more Jodi Tarter Lawyer Krol & Krol | ||||||
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