Category: Blog

Often clients tell us they don’t need life insurance for long term planning. What they are really telling us is that they don’t understand why they need life insurance for long term planning. So we thought it best to discuss the top misconceptions clients have on permanent life insurance. I have enough money to take care of my family so I no longer need insurance.  Some clients are fortunate to have saved well over their careers and no longer need…

News release Capital Gains Increase deferred until Jan 1 2026 January 31, 2025 – Ottawa, Ontario – Department of Finance Canada Today, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, announced that the federal government is deferring—from June 25, 2024 to January 1, 2026—the date on which the capital gains inclusion rate would increase from one-half to two-thirds on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and most types…

January 2025 I am yet to come across a client who is excited to pay Revenue Canada their hard earned money. That being said, I have lots of clients who either don’t understand how their assets are taxed when they pass away or choose to put their head in the sand and ignore the tax issues because “its not their problem or their kids will get enough.” So lets first start and understand how your assets are taxed when you…

Tips and traps when reviewing wills By Matt Trotta | December 11, 2024 | Last updated on December 10, 2024 6 min read Roughly two in five Canadians report having an up-to-date will, meaning three in five don’t. And the affirmative responses were likely based on the respondents’ wills reflecting their wishes, rather than being up-to-date with tax, estate and family law. Testators should review their wills on a regular or annual basis, ensuring that named executors, beneficiaries, guardians and bequests of property remain appropriate for…

Finance confirms CRA will administer capital gains tax changes Whether Parliament is prorogued or dissolved, the agency generally continues to administer proposed legislation By Michelle Schriver | January 7, 2025 | Last updated on January 7, 2025 2 min read A day after the prime minister prorogued Parliament, the Department of Finance confirmed on Tuesday that the Canada Revenue Agency will administer the capital gains tax changes as proposed. “Although these proposed changes are subject to parliamentary approval, consistent with standard practice, the Canada Revenue Agency…

Yesterday evening OMA Insurance had a seminar on estate planning using life insurance. This seminar focused on understanding how assets are taxed when you and your spouse pass away and how life insurance can be used as an asset accumulation tool to save and disburse funds tax efficiently through your corporation while alive and after you pass away. Below are our planning tips on tax and how to use insurance as an estate planning tool. How are assets taxed when…

Physicians No Medical Life insurance offer. In November, we put together a no medical life insurance offer for Physicians. Here are some of the highlights. Coverage: Issue ages 18 to 70: $100,000 Issue ages 71 to 75: $50,000 Benefits: No medical exams or health questions. You can obtain coverage without providing any evidence of insurability. Level premiums for life. Easy application process using our on line application. Details Residents of Canada aged 18 to 70 can obtain insurance coverage up…

Physicians Incomes are increasing in Ontario In September, a Board of Arbitration, chaired by Mr. William Kaplan, released a decision awarding a 9.95 per cent increase for the first year of a four-year agreement between the Ontario government and Ontario’s doctors. The award is retroactive to April 1, 2024. The next three years of the Physician Services Agreement will continue to be negotiated between the province and the Ontario Medical Association. What does this mean for you? Disability insurance –…