Yesterday evening OMA Insurance had a seminar on estate planning using life insurance. This seminar focused on understanding how assets are taxed when you and your spouse pass away and how life insurance can be used as an asset accumulation tool to save and disburse funds tax efficiently through your corporation while alive and after you pass away. Below are our planning tips on tax and how to use insurance as an estate planning tool. How are assets taxed when…
Physicians No Medical Life insurance offer. In November, we put together a no medical life insurance offer for Physicians. Here are some of the highlights. Coverage: Issue ages 18 to 70: $100,000 Issue ages 71 to 75: $50,000 Benefits: No medical exams or health questions. You can obtain coverage without providing any evidence of insurability. Level premiums for life. Easy application process using our on line application. Details Residents of Canada aged 18 to 70 can obtain insurance coverage up…
Physicians Incomes are increasing in Ontario In September, a Board of Arbitration, chaired by Mr. William Kaplan, released a decision awarding a 9.95 per cent increase for the first year of a four-year agreement between the Ontario government and Ontario’s doctors. The award is retroactive to April 1, 2024. The next three years of the Physician Services Agreement will continue to be negotiated between the province and the Ontario Medical Association. What does this mean for you? Disability insurance –…
The Medical Student offer from RBC Insurance is the most comprehensive individual disability plan in the marketplace for medical students, residents and fellows. HIGHLIGHTS – No medical underwriting – 25% discount – Own occupation definition of disability – Cost of living adjustment – Future income option up to $25,000/month – HIV HEP B&C – Conversion to long term care coverage – $100,000 critical illness insurance as secondary protection MEDICAL STUDENTS How much disability insurance are medical students eligible for with the RBC Medical…
What Happens to Your Medicine Professional Corporation When You Retire?
With the 2024 changes to capital gains tax, many clients are inquiring about how to update their planning. Understanding this tax hike is crucial to avoid overpaying Revenue Canada. It’s a common misconception among incorporated individuals that when they and their spouse pass away, the only tax payable is on the capital gains on the investments within their corporation. This is incorrect. There are three levels of tax that may occur. First, there is capital gains tax on your corporation’s…
Here are the highlights of the Federal Budget. FOR INDIVIDUALS No changes to personal tax rates. The capital gains inclusion rate, i.e., the amount of capital gains subject to tax, will be increased from 50% to 67% on capital gains that exceed $250,000 when realized after June 24, 2024. For individuals only, the first $250,000 of capital gains realized in a tax year will still be eligible for the 50% capital gains inclusion rate. Canadians typically pay taxes on capital…
The RBC Medical Student offer is the most comprehensive disability plan in the marketplace for medical students, residents and fellows.
Since Covid, we have been hearing from physicians about increasing their life insurance. With this in mind, we have put together a limited time special offer to update your term life insurance with a 10% discount. Physicians can now apply for term life insurance with a 10% discount, competitive rates and a conversion option to permanent insurance. Up to age 60 can apply for $2,000,000 with a 10% discount. 61-75 can apply for $1,000,000 with medical tests and a 10% discount. Physicians…
