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.
To learn more simply fill out this form or call us at 416-364-2929 or 1-866-566-2001.
"I met with Mark after hearing his radio ads. We met in his office and I found him to be extremely professional. I really appreciated his orientation and process. It wasn't only about insurance, albeit, this was a very important reason for our meeting. He was genuinely interested in finding out about me and my family and our aspirations and goals to determine what was best for us. Mark was very flexible with my busy travel schedule. He followed through even as I experienced a significant move and corporate change. Mark will be a big asset to any senior executive who doesn't have the time or urgency to look after important family matters. I recommend him highly."
Riaz A. Bandali, MBA, BSc
President and General Manager
Global Early Clinical Research
Quebec
"My busy practice and family life leaves precious little time to deal with our insurance matters; and it's not my area of expertise. Mark Halpern created a program that's protecting me and my family. He really cares. You will be working with the best."
Dr. Edward (Ted) English M.D. B.A. F.R.C.S.C.
Chief of Orthopedic Surgery
Medical Director of Orthopedic and Rehabilitation Medicine
The Scarborough Hospital
"Mark has been helping me with Life Insurance and Critical Illness for over 10 years. Like most people, I find it difficult to deal with these issues and take care of them properly to make sure that my family is safe and secure in the future. My previous experience with life insurance salesmen left me feeling pretty cynical and fearful. Enter Mark Halpern - He has an amazing array of innovative products, he explains things so that you really get it, and absolutely no pressure - I kid you not. On one occasion, he even advised against purchasing a product! Look, the last thing I want to sound like is an infomercial, but for Mark, I will make an exception. Life insurance is critical and you want to deal someone who has knowledge, integrity, and compassion. Mark Halpern is the man."
Dr. L Steiner
Psy.D., Clin. Psych
"I responded to Mark's radio advertising because I was interested in critical illness insurance. My biggest concern as a visiting nurse is what would happen to me and my family if my income stopped due to an accident or sickness. Plus, I had no idea if my current long term disability coverage was adequate as I had no professional advisor to review it for me. Mark was very helpful. He was straightforward on what I had and what I should be doing. He responded quickly to my needs and got me the right critical illness insurance protection and life insurance for me and my family. I feel much better knowing that things have been taken care of and am happy to know that I can always count on Mark if I need anything in the future. I recommend Mark to any busy person who needs things done the right way...and... right away!"
Jolan Drdla
Visiting Nurse
VHA Nursing Association