Transferring the Family Cottage

The family cottage should invoke memories of warm weather, sunshine, and happiness. Unfortunately, for some, estate battles or family fights surrounding the cottage can tarnish these positive memories upon the death of the owner of the property. Family fights over the cottage property may be contentious, as cottages can hold significant financial and sentimental value.…

Federal Budget 2017

BMO has published an excellent summary of the 2017 budget.  Tax rates for businesses remain unchanged, but if there is a change south of the border with their taxation rates, we could expect to see things change.

https://www.bmo.com/pdfs/17-0568-federal-budget-2017-insurance-e.pdf

 

 

BMO Insurance to Consider Occasional Marijauna Smokers for Non-Smoker Rates

Effectively immediately, BMO Insurance will consider occasional marijuana smokers for non-smoker rates.* ·  Applicable to new life insurance applications ·  All life products included (excludes critical illness products) ·  Occasional marijuana smoking is defined as up to two marijuana cigarettes per week for recreational purposes only (excludes medicinal marijuana users)   Commentary: Katarina Nikolic, Vice-President…

Employee Benefits

Plan Administrators – An Ever expanding Role! A Plan Administrators’ responsibilities will vary depending on the complexity of the benefit plan, however, even the simplest of plans place the burden of proper enrollment and exit procedures on the shoulders of the plan administrator. Checklists for the enrollment process and termination process are critical to ensure…

Mortgages

  Beware of Collateral Mortgages – Watch what is in the fine print! Most consumers know their mortgage rate, term, amortization and mortgage payment. Most would not know if their mortgage is a conventional or collateral mortgage, as this is buried in the fine print. A collateral mortgage registered on your home is usually for…

Investments

Self-Directed RRSP’s – An option you should consider   A self-directed RRSP is a  type of Registered Retirement Savings Plan (RRSP) whose owner determines the asset mix held in the trust (your RRSP Account) A Regular RRSP is: a Canadian retirement savings vehicle to which contributions are tax deductible on an annual basis, up to a certain amount.  Typically…

Insurance Solutions

What type of insurance is the best? There are two main types of insurance and insurance can be used to solve many problems from simple mortgage insurance, income replacement in the event of death and many estate planning issues. A good life insurance advisor will ask many questions to determine what type of life insurance…

Critical Illness Benefit

Many employee benefit plans have long term disability coverage to protect their employees if they are unable to work due to illness or injury. How well do your employees understand the waiting period and how long they will need to wait before they receive a benefit. Typically the waiting/elimination period is 17 weeks.  While the…

Mortgage Renewals

Borrowers in Ontario usually spend a lot of time and effort to find an initial mortgage, yet spend no time shopping around for renewals. By shopping your mortgage renewal, you can save thousands over the life of your mortgage loan. Lenders know that almost 60% of borrowers will simply sign and return the renewal notice…

Should I Invest in Mutual Funds/Stock Market

A young couple plans to buy a house in five years. They are saving diligently and have accumulated a down payment that currently amounts to $80,000. Here’s what could happen to this money if exposed to the volatility of the stock market. Year One: Their stock market investments rise 10 per cent to $88,000 Year Two:…