With COVID-19, clients have experienced drastic volatility with their stock portfolios. Businesses are closing, unemployment is rising, professionals (dentists, surgeons, specialists) are out of work or dealing with drastically reduced hours. Some clients are asking about their Participating Whole life insurance (PAR) amidst this crisis. Specifically, the viability of companies such as Sun Life, how the Sun Life PAR portfolio is invested and how this portfolio has held up during times of uncertainty. First we will look at the…
Category: Blog
Life insurance can be a core strategy for retirement savings
Life insurance can be a core strategy for retirement savings TIM CESTNICK SPECIAL TO THE GLOBE AND MAIL PUBLISHED JANUARY 30, 2020 In 2001, Carey McWilliams obtained a permit in North Dakota to carry a concealed weapon. The thing that makes his story so unusual is that he’s legally blind. Mr. McWilliams had satisfied the state’s shooting test by hitting a human-sized target 10 times out of 10 from a distance of 21 feet, or 6.4 metres. Today, he has…
Insurance – Asset or Expense?
Health Spending Accounts (HSA)
A health spending account is a private health service plan that offers the reimbursement of a wide range of qualifying medical expenses provided by a medical practitioner or pharmacist. The account is flexible, as it can be set up as a stand-alone plan or it can supplement an existing group or personal health insurance plan. The flexibility of the account and the ability to take personal expenses and make them into a corporate deduction makes an HSA an attractive benefit…
Fall Tax Clean up
As we make our way through the fall season, one area we noted physicians have been “cleaning up” is their taxes and terminal planning. First, we help you understand what happens to your estate when you pass away and then how to redirect assets through your medicine professional corporation tax free. WHAT HAPPENS TO YOUR ASSETS WHEN YOU PASS AWAY? Upon death, you are deemed to have disposed of assets at their market value at the time of death. The…