Blog Article

13 Jun 2024 | Uncategorized

“What’s the rush!” Well…

Unfortunately, it happened again last week. Having talked to them, their accountant, and their lawyer every year for multiple years (BTW they all agreed that something should be in place) the decision to move forward was never made. Something that I’ve seen time and time again – successful business owners who’ve worked hard to build their businesses and accumulate wealth but have no plan to protect it from taxes and other fees when they pass away.

Did you know that the government will take a staggering 53.53% of your RRSP/RRIF after the second death of both spouses? That means $1 million in retirement savings is worth only $470,000 to your heirs. And if you have gains in your business, investment real estate, or securities portfolios, you could be paying the government 27% of those gains. If you have money in a corporation, it could be taxed at a rate of 40-70%. And let’s not forget about probate tax and other fees. You have to pay your “silent” partner (the government) a ton of money.

So why haven’t you taken action to protect your legacy? Perhaps you’re too busy running your business to think about estate planning. Maybe you’re overwhelmed by the complexity of the tax system and don’t know where to start. Or maybe you’re simply in denial, thinking that you have plenty of time to plan for the future.

But here’s the thing – estate planning doesn’t have to be complicated or time-consuming. And it’s never too early to start thinking about it. In fact, the earlier you start, the more options you’ll have for protecting your wealth and leaving a lasting legacy for your loved ones.

One powerful tool for estate planning is Life Insurance. By purchasing a life insurance policy, you can ensure that your loved ones receive a tax-free payout when you pass away. This money can be used to cover the tax bill and other expenses, leaving your estate intact for your heirs.

So why should you take action and protect your legacy with life insurance? For starters, it’s the responsible thing to do. You’ve worked hard to build your business and accumulate wealth – don’t let the government take it all away. And think about the peace of mind you’ll have, knowing that your loved ones will be taken care of when you’re gone.

But beyond that, estate planning with life insurance can also be a smart financial decision. Depending on the policy you choose, you may be able to access the cash value of the policy while you’re still alive, providing a source of tax-free income in retirement.

Let’s work together to create a plan that’s right for you and your business. Help protect your legacy and ensure that your loved ones are taken care of.

I want to be your insurance guy!

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The views expressed in this article are for informational purposes only and do not constitute insurance advice. Readers are encouraged to contact a representative from Benchmark Insurance Ltd. directly for personalized insurance solutions tailored to their individual needs. Benchmark Insurance Ltd. is a niche insurance agency offering Life, Critical Illness, Long-Term Disability, and Group benefits to individuals and businesses across Ontario. To learn more about our services and how we can assist you, please reach out to us at info@benchmarkinsurance.ca or call 647-955-1242.
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By: admin

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