To protect your business and your future, it is imperative to have some planning in place. We ask the questions and then do the work behind the scenes so you can carry on with your business. Then we present you with our recommendations and work with you and your business every step of the way to ensure you are properly prepared for your future.
Your ability to earn an income is your most valuable asset, worth far more than your car or home. Unfortunately, the likelihood of being unable to work due to an illness or injury is more common than most people realize. Income replacement insurance – also called disability insurance – can help protect your ability to provide for yourself and your loved ones, by providing an income if you’re unable to work due to an illness, injury or disability.
A TFSA is not a traditional savings account. It is a registered savings vehicle that allows you to grow your investments, and earn income on them, tax-free. If you are 18 years of age or older (in Ontario) and have a Social Insurance Number (SIN) you can take advantage of this savings opportunity. You can use your TFSA to save for a large purchase or to supplement your retirement savings plan.
Your TFSA can hold any combination of eligible investment vehicles, such as cash, stocks, bonds, GICs and mutual funds. Tax is not payable on earnings within the TFSA account or when you make withdrawals. However, unlike contributions to your RRSP, contributions to the account are not tax-deductible.
Effective January 2016, the maximum annual contribution to a TFSA is $5,500.
Contributing to an RRSP is still one of the most popular ways to save for your retirement. Contributions are tax deductible and taxes are deferred until you withdraw the money. Canadian Income Tax Act approved assets, include savings accounts, guaranteed investment certificates(GICs), bonds, mortgage loans, mutual funds, income trusts, corporate shares, foreign currency and labour-sponsored funds. Rules determine the maximum contributions, the timing of contributions, the assets allowed, and the eventual conversion to a Registered Retirement Income Fund (RRIF) at age 71.
This is an RRSP that you establish to pay yourself income at maturity, but that your spouse or common-law partner contributes to. A Spousal RSP gives you the ability to contribute to your spouse's RSP and, take advantage of income splitting opportunities. As well, spousal RSPs are an effective tool in planning for a couple's retirement. Typically, a couple with one wage earner is best suited for a Spousal RSP.
First, the good news. People are living longer, and if you experience a critical illness, such as a heart attack, cancer or stroke, you’re now more likely to survive and live for many years. The bad news is these life-altering illnesses can turn your life upside down. A critical illness can affect your family life, your ability to work, and your future, well beyond recovery. As part of your financial security plan, critical illness insurance can provide you with financial resources to help pay for the unexpected personal, family or business expenses that often accompany a critical illness or condition.
You may already have accumulated wealth and are looking for ways to preserve as much as possible, whether taking an income or continuing to accrue.
Income distribution series: Investing in income distribution series may be your best option for withdrawing income from your non-registered account in a tax-efficient manner. This investment can provide you with a monthly income and allow you to defer tax. Income distribution series provides monthly cash flow based on a chosen distribution rate of approximately five or eight per cent per year. Rather than requiring you to redeem mutual fund units, the funds start off paying a monthly distribution that comprises in large part your original investment – a return of capital. Some funds may also make a year-end distribution of taxable income in the form of interest, dividends and/or capital gains.
Corporate Class: Help maximize the performance of your non-registered portfolio. Quadrus Corporate Class funds can help you reduce the income tax you pay on your non-registered investments with its capacity to consolidate expenses, income, gains and losses of multiple funds into a single entity. This helps to create tax-efficient distribution yields and ultimately provide compounding benefits for the funds.
Life insurance is an important part of any sound financial security plan. It can mean the difference between leaving your loved ones financially secure or struggling with debt and an inadequate income. We can help you find the right life insurance protection to ensure that those who matter most – your spouse, your partner, your children, a family member or friend – will be taken care of if you are no longer here to support them.
Permanent insurance - Permanent life insurance provides insurance coverage for life. It also offers cash values that can grow over time to either increase the value of your death benefit or help pay for future goals like an education fund, starting a new business, or supplementing your retirement income. Permanent insurance provides life insurance protection for the insured's lifetime. Cash values and paid-up values are available on the majority of permanent insurance plans. Permanent insurance is available in two forms, namely participating and non-participating.
Participating life insurance - Also called whole life insurance, participating life insurance provides lifelong insurance coverage with an opportunity for a tax-advantaged cash value component (a guaranteed amount of money that grows inside the policy) and death benefit growth.These policies give you the opportunity to earn policyowner dividends which can be used to purchase additional insurance coverage, or reduce your annual premium payments. Dividends when credited to the policy have a cash value. You can withdraw cash from these policies or borrow against the policy’s cash value.
Non-participating life insurance - Universal life insurance combines the benefits of a lifetime insurance policy with a tax-advantaged investment component that you select and manage based on your risk profile and objectives. It also offers the added convenience and flexibility of adjustable premium and payment schedules.
Term insurance – Term life insurance is a simple and affordable way to help you meet short-term protection needs over a defined period of time, 10 or 20 years. It is ideal for those seeking basic coverage when insurance needs/financial risks are highest but available funds are limited – for example, a couple with young children and/or mortgage. As the name implies, provides insurance protection for a specific length of time. The majority of term contracts end without any values, once the client has reached the age of either 70, 75 or 85.
We provide a health and dental benefit plan designed for individuals and families who are looking for help to pay expenses not covered by their provincial health plan. Our group benefit plans can help protect you against unexpected healthcare expenses such as prescription drugs, visits to the dentist, eye exams, paramedical services, transportation by ambulance, etc. From basic coverage to the maximum protection available, our plan selections, optional benefits and valuable services can make it easy for you to prepare for your healthcare needs.
Guaranteed interest options (GIOs) provide a guaranteed rate of return. With a GIO and a named beneficiary you get the additional benefits of an insurance policy such as bypassing potential probate, legal and other estate fees on death.
When you own your own business, you want to take the necessary steps to protect it. And that should go beyond protecting the physical aspects. Your most valuable asset is your ability to drive revenue.
Key person insurance or personal insurance on business owner - What would happen if something happened to you or one of your key employees that impacted their ability to work? The ripple effect could be significant, impacting your business and jeopardizing your lifestyle. Insurance on you and your key people can help protect the business you’ve worked so hard to build by helping to cover drops in revenue, to provide funds to maintain staff levels or to hire the additional staff needed to transition through a difficult time.
Protecting your business also means thinking about what will happen after you die. Will your heirs and your surviving owners be able to work together? Will your heirs need to sell the business to cover capital gains, estate administration tax (probate fees) and other costs? Life insurance can help ensure an orderly and economical transition of your business, giving you and your loved ones financial security.
When you own a business, you know how quickly your financial obligations can add up. Employee salaries, lease/mortgage, utilities, loans: How would you cover those expenses if you were disabled and couldn't work for months and months? How long could your business survive if you weren't there due to illness or disability? A business overhead expense insurance plan can help keep your company viable. Whether you return after a disability or choose to sell your business - help keep its marketable value intact with business overhead insurance. If you become disabled, the Plan reimburses you for your business expenses. Separate from your Disability Income Protection coverage that protects your personal income, Office Overhead Expense coverage could make the difference between keeping the doors of your practice open during a disability and having to close them permanently.
Buying a home may be the biggest investment you ever make. Your financial security advisor will connect you with a London Life mortgage planning specialist who has the knowledge and experience to help you find a mortgage that meets your needs and that fits your financial security plan. And once you’ve found the right home and the right mortgage, your financial security advisor can help you protect your investment and your family with the right life insurance coverage.
Mortgage protection - You have two life insurance options after securing your mortgage: insuring through the creditor or insuring through a life insurance company. Mortgage insurance is convenient, but the benefit is limited to the amount owing on the mortgage and is paid directly to the creditor and not your family. Life insurance is paid to your beneficiary and your coverage won’t decrease as your mortgage is paid down.
Find the right strategy for selling your business or handing it over to someone else, whether it be an employee, a family member, a friend or another entrepreneur. A good succession plan will help the transfer of your business go smoothly, and allow you to maintain good relationships with employees and business partners. Succession planning helps you protect the legacy of your business, maintain a service for your community, build value for your business, provide financial security for your family and your stakeholders, deal with unexpected events (illness, accident or death) and, prepare for the future.
Your business or organization is unique, and so are your people. Whatever the size of your group—from three members to thousands—you can offer them a group benefits plan that helps meet their needs and yours. Your people are likely your most important asset, and provide you with a competitive edge. At MacIntyre Financial we can help you retain your people with a broad range of competitive benefits plans.
There’s a wide variety of group benefits products and services you can offer to your members.
Benefits Plans for Small Business
Healthcare and Dental Care Benefits
Wellness and Disability Benefits
Life and Accidental Death and Dismemberment Benefits
International Benefits Plans
Learn more about these and the other group benefits products we offer by contacting us at MacIntyre Financial today.