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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. "I kept hearing the radio ads thinking to myself that I would be silly if I didn't check it out. As a business owner in the auto and equipment leasing business for many years, I realized that if I can'... " Read more Bob Wilson President Bob Wilson Leasing Auto & Equipment Leasing "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 mys... " Read more Jason Gheda President SST Group of Construction Companies Limited www.sstgroup.ca "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 discov... " Read more Wauneen McMonagle Innergize Training Coaching Consulting www.Innergizetraining.com | ||||||
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