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Are life insurance premiums tax deductible?

Are Permanent Life Insurance Premiums Deductible?

August 18, 2021 10:56 am Published by

A common question I will get during a review of permanent life insurance options is whether the insurance premiums paid are deductible for tax purposes.  For those unfamiliar with permanent life insurance benefits, please review my article:   Seek Tax Advice Below I’ve overviewed some of the general rules surrounding deductibility of life insurance premiums for information purposes.  However, please be advised before continuing in this article that only a public practice accountant should be provided you advice on whether any premiums paid by you or a related entity are deductible for tax purposes. As part of my service...

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The Three D’s: Building A Strong Financial House

December 12, 2019 8:48 am Published by

Ask any child about the lesson they learned from the ubiquitous fable “The Three Little Pigs” and they’ll invariably tell you, “build a strong house!” While that may seem obvious to most of us on a literal level, we often neglect to heed this advice on a metaphorical one. Indeed, while we no longer fear the Big Bad Wolf and his machinations, the lupine specter emerges in the form of the contingencies of life that affect our financial well-being. The Strong Foundation of Insurance Building a financial plan is tantamount to building a financial house, and a strong foundation is...

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How To Prepare For a Paramedical Visit

November 12, 2018 10:15 am Published by

Paramedicals and Pre-Screening In some cases, in order to complete your insurance pre-screening process, a paramedical may be sent to complete a blood and urine test. While we understand that the word ‘paramedical’ may have some negative connotations, the truth is that the process is relatively innocuous, simple and no cause for concern. In most cases, the paramedicals will even visit you are your home or office, making the process as pragmatic and convenient as possible. There are some cases which require that you visit their office to complete a stress test; however, those are usually performed for larger asset...

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Underwriting Demystification – The Benefits of Pre-Underwriting

October 24, 2018 9:22 am Published by

The Underwriting Process There are several reasons why people want to use their life insurance more strategically. Some want to protect a dependent; others may owe money, personally or through their business, and want to use their life insurance as an asset (IFA). While these are good strategies, before you can move ahead with them, you have to go through the life insurance underwriting process. Underwriting Uncovered In essence, the underwriting process is an insurance company’s opportunity to look at the insurance application and certain attributes of your financial and personal health in order to decide whether to ensure you...

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Beyond IPP: Alternative Retirement Saving Strategies in Changing Times

April 26, 2018 4:10 pm Published by

Corporate Life Insurance, a wonderful asset that can be used to accumulate your retirement savings in a tax-exempt vehicle, which thereby keeps it away from tax changes that have cost owners quite a bit over the last 12 months.       IPP or Corporate Whole Life Permanent Policy? “I’m planning to retire, and in this new tax regime I don’t know whether I should pay a higher salary, keep contributing to my RSP and set up an IPP in a company, or consider another alternative?”   Saving for Retirement In light of the new tax changes that prohibit how...

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The Power of Now – Insurance Immediate Finance Arrangements

April 7, 2018 4:16 pm Published by

    We know you care about your loved ones and having a succession plan in place is important to you; however, at this stage in your life and career, you don’t necessarily want to put money away now, knowing that you’ll never get to touch it again. It’s one of the most common concerns about buying corporate permanent life insurance–paying premiums now that will only benefit the next generation.   The Long and Short of It There’s nothing wrong with that life insurance paradigm in theory, but what if you could ensure that the next generation benefits in the...

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Life Insurance as an Asset

March 7, 2018 4:20 pm Published by

When I ask people if they invest in their business, invariably, most contend that they do. However, beyond the more traditional forms of investment, what they’re not always aware of is that there are other beneficial investment strategies to explore.   This usually leads to these more specific follow up questions: Do you need life insurance for risk management? Do you prefer to invest in longer-term investments within your corporate or personal net worth? If the answer is “yes” to both of these questions, a successful course of action would be to do BOTH, using one of the misunderstand and...

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Do You Have a Succession Plan in Place?

January 7, 2018 4:22 pm Published by

“Exploring opportunities you may have to save tax or grow your wealth through early estate or succession planning may be the best New Year’s resolution you’ll ever make.” I’m often approached by shareholders asking me about succession strategies. It’s a great question.  When I ask them what they have in place legally to transition their assets or corporate shares, they usually know there’s something in place, but don’t have a clear understanding of what it entails. It’s important to make sure you know what you have, what it’s for, and how it’s going to be funded.  Because if you do...

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Is Corporately Held Insurance Right for You?

December 10, 2017 4:24 pm Published by

“If the Federal Government removes the Pipeline Method, having corporately held insurance will allow capital gains to be taxed at a lower rate. Now more than ever, corporately held insurance is a sound financial move.” Recently, I’ve been contacted by many lawyers, investment advisors and clients asking about the benefits of Corporately Held Insurance – insurance owned by an incorporated business rather than an individual. It is most commonly put in place when a corporation is profitable and they want to be able to protect their interest if an owner or key employee dies.   Proposed Federal Government Tax Changes...

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4 Questions to Ask Yourself Before Buying Life Insurance

October 18, 2017 4:27 pm Published by

There’s no way to paint a pretty picture to help people understand the necessities of buying life insurance. The important thing to understand is that you don’t buy life insurance for yourself, you buy it for your loved ones. Life insurance is a foothold on reality for your spouse and your children in the event of your death. It’s a reality of life we put off because we don’t want to think about the events that could make life insurance necessary. But the problem is we still end up thinking about it, don’t we? Living without adequate insurance will slowly...

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