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... RESP RESP RESP RESP RESP (CESG) PLAN ahead, ACT Now #RESP #NonResident

... RESP RESP RESP RESP RESP (CESG) PLAN ahead, ACT Now #RESP #NonResident

Secondary Will addressing CCPC: "Shares of closely-held private companies do not require the consent of third parties. The title of the shares is not controlled by a third-party, but rather by the company’s Directors. The BC Business Corporations Act specifically confirms that these Directors can authorize a transfer of the deceased’s shares based on the Will alone, without requiring a Probate of the Will. Shareholder loans due to the will-maker also do not require Probate. ...It’s possible to set up a trust or private company to own your assets so they won’t go through probate. Talk to your lawyer about the costs of creating a trust or company." Insurance Trust created by a Will: "An insurance trust created in a will by a declaration should not trigger probate fees if clearly drafted as a separate trust where the trustee and beneficiaries can be determined. The insurance trust while housed in a will does not mean the insurance proceeds that flow into it will form part of the estate because the insurance trust is treated as separate from the other distributive clauses of the will. Because it does not flow through the estate and is not administered by the estate (because the insurance trust provisions set this out) the proceeds will not be subject to creditors of the estate or probate. Case law has provided commentary as to how an insurance trust should be structured within a will."

Should you defer Property Tax and fund a Life insurance instead? A lot of insurance brokerages are selling on the idea ofdeferring your property tax and have the money funding a life insurance instead. When the client passes away, the outstanding balance of the tax payable will be more than enough to be offset by the death benefit. Any remaining amount, if any, can be distributed to the designated beneficiary. ... There are situations that you should not implement this strategy: 1. If you planning to sell your current property and purchase a new property in the near future.When the current property is sold, any outstanding deferment balance must be paid out.That simply means you will have less downpayment for the new property. 2. If you have a mortgage and you want to shop around for your mortgage.When you switch your mortgage lender, the new lender will condition the borrow to pay off the outstanding deferment. Deferment will hinder your ability to switch lenders. 3. you might become a non-resident in the future. when you become a non-resident, you are no longer qualified for the deferment program. Beware and get informed

Most Insurance applications are done non-face-to-face nowadays, due to COVID19. If your insurance advisor is licensed in BC and you electronically sign the application and the receipt while outside of BC, Insurance companies can nullify your policy. Insurance companies do record the time and your IP address with their E-signature system.

Quick Issue Term offers the life insurance protections you need FAST, Manulife Quick Issue Term life insurance is: #Easy... You and your advisor can complete the simple online application in minutes Expect a quick response. Your application is reviewed immediately and in most cases you’ll hear back from us in as little as one business day 80% faster than traditional underwriting. #Convenient blood and urine tests aren’t required. Plus, the application has fewer medical questions. #Key_features Select an amount of coverage ranging from $100,000 up to and including $500,000. Choose the coverage that best meets your needs. Coverage option For ages Term-10 1850 Term-20 1850 Term-65 1845

Pension adjustments (PA) is the value of benefits you earned under your employer’s sponsored Pension Plans and Deferred Profit Sharing Plans in the previous year (2018). Whereas Past service pension adjustment (PSPA) is based on the pension buyback in the current year (2019). Both PA and PSPA will reduce the RRSP avilable contribuion room for 2019.... If you plan to buyback your Past service pension in the future, you should not max out your RRSP contributions. If you don't have enough contribution room left inside your RRSP, Funding a pension buyback can be done with your RRSP. #retirementplanning

While stock markets around the world are down 18~22% from their peak, there is no better time to remind us of the importance of asset diversification. Scope: A well-diversified portfolio is never meant to persuade the highest return nor striving to be the leader of the pack. It should utilize various investment vehicles to smooth out the volatility and minimize the systematic risk.... Solution: Besides the traditional mutual fund investments, clients should consider utilizing #Gurantantted_Investment_Funds or #Guaranteed_Income_Fund to create pension-like retirement savings. To enhance estate value and supplement retirement income, clients should consider #Participating_life_Insurance which will never have negative returns (ie no down-side risk).

In some circumstances, while temporarily outside the province for work or vacation, individuals may retain eligibility for Medical Services Plan (MSP) coverage during an ‘extended absence’ of up to 24 consecutive months, once in a 60 month (five year) period. To qualify, the individual must: be a Canadian citizen or a person lawfully admitted to Canada for permanent residence; make his or her home in British Columbia;... be physically present in Canada for six of the 12 months immediately preceding departure; have not been granted an extended absence in the previous 60 months (five years); not have taken advantage of the seven month absence in a calendar year, available to vacationers, during the year the extended absence begins or during the calendar year prior to the start of the extended absence; and have not returned to the province for more than 30 consecutive days during their extended absence. for over 30 consecutive days during an extended absence, their absence is no longer considered to be consecutive and any subsequent absence would be considered a new absence. https://www2.gov.bc.ca//managing-yo/leaving-bc-temporarily

Federal Administered: LRSP, RLSP, LIF, or RLIF owners have the option to unlock up to 50% of the Year’s Maximum Pensionable Earnings (YMPE) $57’400 for 2019 if they meet certain conditions of financial hardship; which includes both low income and medical/disability related costs. This option is available at any age. Low income: An individual who anticipates that he or she will earn less than the low income limit of 75% of the YMPE will be allowed to withdraw an amount based o...n this expected income. The amount that may be withdrawn cannot be greater than the amount calculated using Form 1 (see link below). Medical/Disability related costs: An individual who anticipates spending more than 20% of his or her income on medical or disability related treatment or adaptive technology is entitled to withdraw the amount of their expected expenditures in any given calendar year, up to a maximum of 50% of the YMPE. A physician must certify that such technology is required. The owner must provide Financial Institution with: A written request to unlock due to Financial Hardship and provide withdrawal instructions Form 1, Attestation Regarding Withdrawal Based on Financial Hardship (PDF) http://www.osfi-bsif.gc.ca/Eng/pp-rr/faq/Pages/unlk-fms.aspx Form 2, Attestation(s) Regarding Spouse/Common-law Partner (PDF) http://www.osfi-bsif.gc.ca/Eng/pp-rr/faq/Pages/unlk-fms.aspx And, for medical/disability unlocking, a physician's certification that the technology is required Note: Forms 1 and 2 must be sworn before a notary public, commissioner or other person authorized to take affidavits. #COVID19 #RELIEF #FEDERAL

Division of assets on marriage breakdown Where insurance planning has been done in contemplation of an intergenerational transfer of a life insurance policy (for example, where dad owns a policy, son is the life insured and the policy will be transferred to the son at a future date on a tax-free rollover basis) the policy may be subject to equalization or division claims by a former spouse where there is cash value in the policy unless at the time of transfer there is evidenc...e that the policy is intended to be transferred as a gift. However even with the evidence of a gift there may be the ability to argue that the life insurance policy should be included for Net Family Property purposes. The Ontario Family Law Act defines property to include vested or contingent rights in property. Therefore, the son in the scenario above arguably could be treated as an actual owner. However, the son could argue that he did not have access or control of the life insurance policy at the time of the marriage and that ownership started after the date of marriage #but_as_a_gift or inheritance where death of the parent occurs. Failing a pre-nuptial agreement that addresses the issue the best mechanism is to have the parents expressly state in writing that the policy is intended to be a gift and should be excluded from NFP. This way there is at least evidence in writing for a court to consider which is considerably better than no evidence at all. However, if the cash value of the life insurance policy is used to purchase a matrimonial home then the gift argument will be jeopardized. [Excerpt]

Briefing: Alphabet, Amazon, Apple, Facebook and Microsoftwhich now make up a fifth of the s&p 500 index. American GDP is expected to drop by about 10% in the second quarter compared with a year earlier.... Government will shrink their debts over the course of decades, but only by using a combination of high taxes and ultra low interest rate, keeping interest expense managemable. The economic cost of capital coming from employment saving will be significantly higher comparing to borrowed capital.

BC Provincial Administered: LIRA and LIF Owners may qualify to unlock funds due to financial hardship. Applications must be submitted directly to the financial institution administering the LIRA or LIF. The following rules are in effect: Low income: the owner’s expected income before taxes, for the one year period following the date the application is signed is not more than 66 2/3% of the Year's Maximum Pensionable Earnings (YMPE) $57’400 for 2019)....Continue reading

Private Equity program, no income qualification Starting at 6.99% 1 Year, Open Term Upto 75% of appraised value Ideal for quck presale closing

https://www2.gov.bc.ca//covid-19-provincia/bc-restart-plan

Most Insurance applications are done non-face-to-face nowadays, due to COVID19. If your insurance advisor is licensed in BC and you electronically sign the application and the receipt while outside of BC, Insurance companies can nullify your policy. Insurance companies do record the time and your IP address with their E-signature system.

Most major insurers are providing premium payment flexibility for the clients during COVID19. For clients who report a specific financial impact due to COVID-19 -- Insurers are happy to work with them onidentifying options to meet their personal circumstances. This could include using the flexibility within theirpolicy or de laying premiums for up to 90 days. Clients’ circumstances vary, so it’s important insurers look at theirpersonal situation. ... If you have questions regarding your policy, you can contact the insurers directly. Due to the heavy volume of calls, the wait time will be longer than normal. Alternatively, you may contact us directly, we will try our best to answer your questions. Stay safe, stay positive.

Quick Issue Term offers the life insurance protections you need FAST, Manulife Quick Issue Term life insurance is: #Easy... You and your advisor can complete the simple online application in minutes Expect a quick response. Your application is reviewed immediately and in most cases you’ll hear back from us in as little as one business day 80% faster than traditional underwriting. #Convenient blood and urine tests aren’t required. Plus, the application has fewer medical questions. #Key_features Select an amount of coverage ranging from $100,000 up to and including $500,000. Choose the coverage that best meets your needs. Coverage option For ages Term-10 1850 Term-20 1850 Term-65 1845

As the lenders are allowing people to defer on their mortgage payments up to 6 months, we shall start seeing lenders tightening their lendings. There is simply no incentive to approve a mortgage now and find out the borrower is out of job 1 or 2 months down the road. With more stringent lending guidelines and lenders incurring higher costs, the government has to bypass the banking system to inject liquidity directly into the system. Although the prevailing rates are likely to be low for an extended period of time, lenders are reluctant to refinance additional loans as we have seen in 2008, unless they are compensated accordingly for the excessive costs and risks.

The EI system was not designed to process the unprecedented high volume of applications received in the past week. Given this situation, all Canadians who have ceased working due to COVID-19, whether they are EI-eligible or not, would be able to receive the CERB to ensure they have timely access to the income support they need. Canadians who are already receiving EI regular and sickness benefits as of today would continue to receive their benefits and #should_not_apply_to_the..._CERB. If their EI benefits end before October 3, 2020, they could apply for the CERB once their EI benefits cease, if they are unable to return to work due to COVID-19. Canadians who have already applied for EI and whose application has not yet been processed would not need to reapply. Canadians who are eligible for EI regular and sickness benefits would still be able to access their normal EI benefits, if still unemployed, after the 16-week period covered by the CERB. https://www.canada.ca//introduces-canada-emergency-respons

FEDERAL GOVERNMENT OF CANADA SUPPORT PROGRAMS FOR INDIVIDUALS Canada Emergency Response Benefit (CERB): https://www.canada.ca//introduces-canada-emergency-respons... Work-Sharing Program: https://www.canada.ca//temporary-measures-forestry-sector. EI Application: https://www.canada.ca///benefits/ei/ei-sickness/apply.html #CoVID19 #SUPPORT #FEDERAL #CERB Useful Links EI Sickness Benefits: Apply (https://www.canada.ca///benefits/ei/ei-sickness/apply.html, Government of Canada) Application for the Emergency Care Benefit will be available in April through 1 of 3 channel o CRA MyAccount secure portal (https://www.canada.ca//e-services/account-individuals.html) o My Service Canada Account (https://www.canada.ca//employment/services/my-account.html) o By calling toll-free 1-833-381-2725, or teletypewriter at 1-800-529-3742. Department of Finance, Canada’s COVID-19 Economic Response Plan (https://www.canada.ca//departm/economic-response-plan.html) Canadian Government Coronavirus (COVID-19) (https://www.canada.ca///coronavirus-disease-covid-19.html) Coronavirus disease (COVID-19) Employment and Social Development Canada (https://www.canada.ca///coronavirus-disease-covid-19.html)

BC Provincial Relief BC Financial Supports in Response to COVID-19: https://www2.gov.bc.ca//emplo/covid-19-financial-supports Provincial Tax Changes:... https://www2.gov.bc.ca//t/tax-changes/covid-19-tax-changes Rental Supplement: https://news.gov.bc.ca/releases/2020MAH0048-000561 BC Hydro’s Customer Crisis Fund: https://www.bchydro.com//ne/2020/bill-relief-covid-19.html #COVID19 #Support #BC

The Big 5 banks COVID19 Relief Contact CIBC Financial assistance form: https://www.cibc.com//personal-banking-financial-assistanc RBC Online booking tool:... https://app.bnc.ca/ Manulife Bank Coronavirus relief forms: https://www.manulifebank.ca/support/financial-relief.html #COVID19 #Support #Banks #Deferment

Use this calculator to find out how much insurance you need http://www.insureright.ca/

The eapp program allows our client to easily apply insurance remotely as clients can sign applications using our Docusign function this is completely electronic no wet signature needed. Please send your inquiry, should you have any questions. Stay safe

It's time to review your portfolio. The Portfolio X-Ray provides a great insight into your portfolio allocation. We provide free portfolio review and comparison.

(disability tax credit) DTC DTC (disability amount) 18... DTC DTC RDSPWorking income tax benefit) (Child Disability Benefit) https://www.canada.ca//tax-cred/disability-tax-credit.html

‘Government needs to get involved’: B.C. strata’s plea after insurance bill with 780% hike https://globalnews.ca//6/abbotsford-strata-insurance-hike/

If you are requarly paying monthly Registered retirement savings plan (RRSP) contributions, Child care expenses, Support payments, Employment expenses, Carrying charges and interest expenses on investment loans, Medical expenses, or Donations This form might be for you. ... https://www.canada.ca//c/formspubs/pbg/t1213/t1213-19e.pdf

https://www.advisorperspectives.com//the-surprising-result

https://www.facebook.com/7746841478/posts/10156561498656479/?sfnsn=mo

CRA You might want to consider donating public traded securities in-kind instead.... #Donation

RESP Family RESP, Individual RESP, Group RESP Family Plan : 21 31... Individual Plan Group Plan Schoolar plan Individual family Plan Group Plan Group Plan RESP Plan? Family plan Family Plan Individual Plan #RESP

If you don't have a will, plese complete the following form to name the standby guardian for your kids https://familylaw.lss.bc.ca//appointmentStandbyTestamentar

20156 Service Canada Service Canada #DeathOfTaxPayer #EstatePlanning