In a market faced with the highest inflation in 40 years, a potential recession looming in 2023-2024, how is your portfolio doing? Our wealth planning partners, Nicola Wealth are up 6.14% year to date to October 2022 in their core portfolio. This fund combines a wide array of asset classes to combine income cash flow with an aim towards long term capital appreciation and growth. Want to learn more? Elliott Levine, MBA, CFP Levine Financial Group in Toronto We Save…
We are in a bear market. The Dow Jones has lost 23% since November 19, 2021, the S&P 500 is down 16% since January and the Nasdaq off 27% since November. Inflation is at 6.7% – the highest level in 30 years while wages have remained stagnant. Companies are reporting declining profits due to inflation and slowing consumer demand. Consumers are spending more for basic living expenses (food and gas) and less on discretionary items (televisions, cars etc.). And…
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 depending on your appetite for risk, anticipated rate of return, liquidity, and appetite for paying tax (yes we did just say that). The purpose of this article is to help demystify whole life insurance as a savings, retirement and estate planning tool. What is Whole Life Insurance? Whole life is classified by the Canada Revenue…
In December, Sun Life announced they will no longer be the insurance company dealing with OMA disability insurance. According to the Sun Life announcement, OMA Insurance will be serviced by Canadian Premier Life Insurance Company with the transaction expected to close in early 2023. Who is Canadian Premium Life Insurance Company? According to their website, Canadian Premium Insurance Company insurers over 2,000,000 Canadians, is an A rated insurance company and is an independent subsidiary of Securian Financial Group. Who is…
As a Physician, you have spent the better part of your life building up assets and providing for your family. All too often people don’t think about what happens when they pass away and how to plan. There are two parts of estate planning. First, you need a Will. Second, you need to understand what happens to your assets when you pass away and how can you plan to reduce tax. This article discusses the importance of having a will…
Recently you received a notification from the OMA about a significant rate increase on OMA Disability Insurance. In fact this is the most significant rate increase in over 10 years on OMA Insurance.
Estate Planning: What You Need to Know Courtesy of Nicola Wealth Management – April 2021 Estate planning is a comprehensive process undertaken during one’s life to ensure your assets are transferred to your chosen beneficiaries in the event of your passing. Most typically, estate planning focuses on ensuring that the surviving loved ones are provided for after the death of an individual and that the transfer of assets to intended beneficiaries takes place according to the deceased’s wishes. Estate planning…
TIM CESTNICK SPECIAL TO THE GLOBE AND MAIL PUBLISHED FEBRUARY 7, 2019 If you’re a U.S. citizen living in Canada, then your tax and financial planning should take into account some special considerations. Here are the top six things to understand if you’re in this boat. TFSAS AND RESPS Tax-free savings accounts (TFSAs) and registered education savings plans (RESPs) aren’t recognized as tax-sheltered vehicles in the United States. Rather, both are considered to be foreign trusts that come with annual…
For the past 10 years OMA Insurance has been advertising its not for profit status and the annual premium refund on various insurance products. Refunds are paid in December of each year. For the first time in 10 years, the OMA did not publish the annual premium refunds on their website. As of June 2021, OMA Insurance announced. Group term life insurance – rebate has dropped from 70% to 20% Office overhead -refund has dropped from 75% to 20% Group…
Whole life insurance for physicians