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long term care insurance canada

Long Term Care Insurance Canada: What is in LTC?

As Canadians live longer, the need for comprehensive long-term care becomes more pressing. Long term care insurance is essential for anyone considering their future health needs, helping cover elderly care costs that provincial health plans and government programs don’t fully address.This type of insurance ensures you have the financial resources to afford good quality elderly […]

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Immediate Financing Arrangement: What Is IFA For?

An Immediate Financing Arrangement (IFA) is a financial strategy that allows individuals and corporate business owners to obtain permanent life insurance coverage while preserving cash flow for investment or business opportunities. By leveraging the cash value of a life insurance policy with a financial institution, policyholders can access a significant portion of their premium payments

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Whole Life vs Universal Life Insurance in Canada

Are you torn between whole life vs universal life?  Choosing the right type of life insurance is crucial for ensuring your loved one’s long-term financial security. Choosing between whole life and universal life insurance can impact long-term financial planning and peace of mind. This post will compare whole life and universal life insurance, focusing on

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Are Executor Fees Taxable in Canada: Estate Executor’s Guide

The duties of an executor involve significant responsibility and ensuring that the estate administration is according to the wishes of the deceased. However, the biggest question that most estate executors have is: “Are executor fees taxable in Canada?” Yes, executor fees are taxable in Canada, as they are considered earned income. This crucial detail significantly

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Joint Last to Die Life Insurance: An Estate Planning Tool

Joint Last to Die life insurance, also known as survivorship life insurance, is a crucial part of estate planning for Canadian couples. This life insurance policy covers two individuals and pays a death benefit only after the second person dies. Doing so offers a cost-effective way to protect an estate compared to purchasing two life

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Canada Learning Bond Eligibility – 2024 CLB Guide

The Canada Learning Bond (CLB) is a government of Canada education grant that provides financial support for children’s education after high school. This federal government initiative offers an initial payment of $500, followed by up to $1,500 in additional funds, making a total of $2,000 available. These funds are deposited directly into a Registered Education Savings Plan (RESP)

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Are Annuity Payments Taxable in Canada? Basic Guide

Annuities are an excellent way to secure steady income during retirement, but knowing how they are taxed helps make better financial decisions. For instance, any income received from annuities, except those from a structured settlement due to damages or investment growth, is subject to taxes. The Canada Revenue Agency’s guidelines specify that while annuity payments

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can you live off interest on a million dollars in canada

Can I Live Off Interest on a Million Dollars in Canada?

Is living off the interest on a million dollars possible? Yes, depending on your investment choices and spending habits, you can live off the interest on a million dollars in Canada. The idea of financial freedom through passive income is appealing, but it’s vital to understand what it truly entails. Investing in a one-year Guaranteed

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