Category: Blog

Medical Student Offer

Posted on October 17, 2024 by - Blog

The Medical Student offer from RBC Insurance is the most comprehensive individual disability plan in the marketplace for medical students, residents and fellows. HIGHLIGHTS – No medical underwriting – 25% discount  – Own occupation definition of disability – Cost of living adjustment – Future income option up to $25,000/month – HIV HEP B&C – Conversion to long term care coverage – $100,000 critical illness insurance as secondary protection MEDICAL STUDENTS How much disability insurance are medical students eligible for with the RBC Medical…

How to plan around the new capital gains tax

Posted on June 25, 2024 by - Blog

With the 2024 changes to capital gains tax, many clients are inquiring about how to update their planning. Understanding this tax hike is crucial to avoid overpaying Revenue Canada. It’s a common misconception among incorporated individuals that when they and their spouse pass away, the only tax payable is on the capital gains on the investments within their corporation. This is incorrect. There are three levels of tax that may occur. First, there is capital gains tax on your corporation’s…

Federal Budget 2024

Posted on April 17, 2024 by - Blog

Here are the highlights of the Federal Budget. FOR INDIVIDUALS No changes to personal tax rates. The capital gains inclusion rate, i.e., the amount of capital gains subject to tax, will be increased from 50% to 67% on capital gains that exceed $250,000 when realized after June 24, 2024. For individuals only, the first $250,000 of capital gains realized in a tax year will still be eligible for the 50% capital gains inclusion rate. Canadians typically pay taxes on capital…

Life Insurance – 10% discount

Posted on February 1, 2024 by - Blog

Since Covid, we have been hearing from physicians about increasing their life insurance. With this in mind, we have put together a limited time special offer to update your term life insurance with a 10% discount. Physicians can now apply for term life insurance with a 10% discount, competitive rates and a conversion option to permanent insurance. Up to age 60 can apply for $2,000,000 with a 10% discount. 61-75 can apply for $1,000,000 with medical tests and a 10% discount. Physicians…

Demystifying Whole life insurance for physicians

Posted on October 20, 2023 by - Blog

Most physicians are incorporated and save money inside their professional corporations. You may choose to invest in stocks, bonds, mutual funds, or whole life insurance. The purpose of this article is to help demystify whole life insurance as a savings, retirement and estate planning tool. What is Participating Whole Life Insurance? A participating whole life insurance policy is permanent life insurance where the cash value and death benefit grow over time and can be utilized for retirement and estate planning…

OMA Insurance changes – Questions?

Posted on September 15, 2023 by - Blog

Recently Physicians received a communique about changes to OMA Insurance. We have had many calls from physicians asking about these changes. A few things you should know. According to the OMA, the OMA group disability insurance is now with Manulife. The OMA group term 75 life insurance is underwritten by New York Life and administered by Manulife. How have OMA Insurance rates changed? Over the past 10 years the cost for OMA insurance has increased. With OMA Group disability insurance, there…

Disability Insurance for Doctors

Posted on August 16, 2023 by - Blog

  Being Disabled means you are unable to work due to sickness or injury.  Whether it is a cardiac issue, nervous disorder, complication of pregnancy, a broken bone or pulled disc; anything can cause a disability. For physicians, a disability can be devastating by taking a toll your ability to earn income and this affects you and your family. What is Disability Insurance? Disability can be temporary or permanent. The most common causes of disability include accidents, cardiovascular mishaps, pregnancies,…

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