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.

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

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What Our Clients say

"It was a pleasure working with Mark. He was extremely professional and had a definite interest in the well being of my family, and protecting us against unforeseen harm. Mark took the time to work with me on various options, and we achieved the right protection for my family."
Grant Cansfield

Partner
Aird and Berlis LLP

"I turn to Mark Halpern for help on insurance matters for myself and for my clients. He is an extremely competent professional with knowledge and expertise that comes particularly handy in complex estate and trust matters."
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Lebovics and Good, Chartered Accountants

"Mark Halpern guided me through the confusing maze of insurance and financial products with artful expertise. His innovative ideas and attention to detail are impressive. He's also a good guy. If you work together, you will soon be recommending him yourself. "
Eric Carmona
Partner, Stikeman Elliott LLP