David Wm. Brown , CFP, CLU, Ch.F.C., RHU, TEP, is a member of the MDRT, and a partner at Al G. Brown and Associates in Toronto.
Small business is up in arms about the proposals on tax planning using private corporations
Adapt to the new normal of life insurance changes
There are only a few months left
CALU has submitted its recommendations for the 2015 Federal Budget to the House of Commons Standing Committee on Finance.
A client called me earlier this year with a strange question. He wanted to know if donating an organ or a piece of an organ would affect his ability to purchase life insurance in the future. At the time, it seemed like an academic question and the client didn’t offer any explanations.
For some clients, vacations can turn into financial nightmares. People may fall ill overseas, think they’re covered by their travel insurance, but then discover their claims have been denied. Trouble is, most people neither read nor understand the fine print in the exclusions and limitations section of their policies, and don’t realize they won’t be covered in certain situations.
Fewer Canadians are donating to charity. Statistics Canada reports donations fell nearly 2% to $8.3 billion in 2012. What’s worse, the number of people giving slipped 1.4% to 5.6 million.
The 2013 Budget has killed the 10/8 arrangement, and people who invested in these insurance strategies will need to unwind them before 2014 and readjust their plans.
After an insurance policy’s 10th year, it must pass three tests to remain classified for protection, not investment, known collectively as the Exempt Test. Here’s how you can ensure your clients pass the test.
Low long-term interest rates, introduction of International Financial Reporting Standards and unprecedented market volatility have created an uncertain environment for Canadian insurers and advisors.