How Life Insurance can Help your Client’s Favourite Charity

The gifting of life insurance to registered charities has always been a popular method for individuals to fulfill their philanthropic goals. For some of your clients, this may be worth considering when it comes to a charity that is near and dear to their heart.

There are two basic options:

  • donate a policy while the client is alive or
  • make the registered charity a beneficiary of the policy

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How your Life Insurance can Help your Favourite Charity


Get Social Media Working for You

As a trusted advisor, do you enjoy working with families and helping them plan their financial security? Do you have marketing strategies to reach out and remain connected with them? Do you want to expand your business and reach a wider audience?

If you said yes, then you likely work hard at building your business and maintaining relationships that foster your continued success. You have the knowledge, competence, and desire to keep your clients’ best interests in mind. Your clients know this, and are happy about it, but . . . how do you get the rest of the world to know it too?

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What Your Clients Should Expect When they Apply for Insurance

Prepare for the future. Live in the moment. Our clients hear this advice all the time and wonder which makes more sense. Well, the answer to that is easy – if they prepare for the future, it makes living in the moment a lot easier to do.

Applying for insurance is one of those important tasks that can help your client plan for the future but it can be a little overwhelming for them. There are difficult decisions to make, a lot of questions to answer, paperwork, interviews, and medical tests. You can help make this process easier for them by letting them know what to expect.

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What to Expect When you Apply for Insurance


Coordinating the Completion of Your Client’s Will

Did you know that over 50% of Canadians do not have a will?*  Why? Some don’t know how to get started while others believe they can’t afford it.

Do your clients have a will in place? Is it up-to-date? Help your clients understand the importance of having a will. A will is an important part of their overall plan and without one, assets would be distributed as per provincial intestate legislation. This process takes time, can increase costs, and probably will not match their wishes for their estate. A will is needed in most cases – anyone with assets and/or wishing to give direction for the distribution of assets upon death.

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Where there’s a will, it will be your way


Increase Estate Assets through a Beneficiary Designation

Assisting your clients with planning for the transition of wealth to their children and grandchildren doesn’t have to be a daunting task. Start the conversations with your clients now so they begin to understand the impact of tax on their estate assets.

Do your clients understand the tax implications that occur upon death? There would be a deemed disposition of all their assets at fair market value which could result in tax (excludes the principle residence). There is, however, an exception for assets rolled to a spouse.

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Sharing Your Wealth with the Next Generation


Do your clients understand how the exempt test changes may impact them?

New rules beginning January 1, 2017 will affect the taxation of Canadian life insurance policies. The changes to the exempt test rules are comprehensive and complex. It is in your and your clients’ best interests to review existing policies and current needs in light of these upcoming tax changes to see what actions might be taken and planning put in place.

To help your clients better understand how these changes may impact their insurance, share the client article below titled, “Getting ahead of tax changes that will impact your life insurance,” and the accompanying short video which illustrates the changes in the new regulations and highlights the importance of considering the potential benefits of taking action during 2016 to meet their long term planning goals.

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Getting ahead of tax changes that will impact your life insurance


Case Study: Using the Capital Gains Exemption in a Family Succession Plan

In family succession plans, it can be difficult to transfer the shares of the family business to the next generation while still taking advantage of the capital gains exemption. This difficulty arises due to an anti-avoidance provision in the Income Tax Act. Life insurance can be used to accomplish the transfer on a tax efficient basis.

Bill and Joan, a married couple, are sole shareholders of XYZ Corporation. They want to retire and sell some of the company shares to their son, Bob, without financially burdening the business. It is difficult, however, for Bob to obtain the funds personally in order to complete the purchase of the shares from his parents.

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Is your family business gaining from the capital gains exemption?


What is your prediction for the future?

Have you imagined what life might look like in 2035? Have your clients imagined what their lives might look like? Change is inevitable – a career shift, a disability, changes in family, or a business opportunity. Envisioning ourselves 20 years into the future can be both exciting and worrisome. We can never really know what is going to happen.

At the PPI Solutions Symposium for Advisors in the fall of 2015, we brought 900 brilliant minds together and asked one simple question: “What is your prediction for the future?” They envisioned what life might look like in the year 2035. One thing is for sure – the world will be a very different place than today.

See what the future holds >>

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What is your prediction for the future?


Protecting your Practice: Are you Complying with your Regulatory Obligations?

The industry is changing, but is your practice keeping up? Be your own compliance officer and keep your insurance offerings up-to-date with regulatory obligations and insurance carrier policies.

Advisors are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations. As required under the Act – which has been in place since October 2000 – an advisor must have an anti-money laundering (AML) compliance regime in place to meet with reporting, record keeping and client identification requirements. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is an active regulator responsible for auditing advisors to ensure compliance with the Act. Advisors who are audited and found to have no policies in place could be subject to heavy fines.

The required elements of an AML Compliance Regime are:

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The Value of Good Advice


What 2016 Means for Life Insurance Trusts

As of January 1, 2016, life insurance testamentary trusts are no longer being taxed at the same marginal rates that apply to individual taxpayers unless they qualify as a qualified disability trust. Instead, they will now be taxed at the top marginal rate, just as inter vivos trusts are currently. Unfortunately, there is no grandfathering for existing life insurance testamentary trusts.

Despite the loss of taxation at marginal rates, life insurance trusts still have many important benefits such as control and flexibility of the distribution of the life insurance proceeds, possible avoidance of will challenges, and probate planning.

There are three ways to create a life insurance testamentary trust. Your client could:

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What 2016 Means for Life Insurance Trusts