What are the benefits of a Corporate Insured Retirement Plan?
How Does a CIRP Work? If you are a business owner who has accumulated a large amount of savings inside your corporation, you may be looking for ways to invest them wisely and access them tax-efficiently. You may also want to leave a legacy for your family or your favorite charity. If so, you may want to consider a Corporate Insured Retirement Plan (CIRP). A CIRP is a strategy that involves buying a permanent life insurance policy on your life (or the life of another key person in your business) and using it as collateral for a loan. The loan can be used to supplement your retirement income or for any other purpose. The loan interest is generally deductible for...
How does a Corporate Insured Retirement Plan work?
If you are a business owner in Canada, you may be looking for ways to grow your wealth, protect your assets, and plan for your retirement. One option that you may not have heard of is a corporate insured retirement plan (CIRP). How Does a CIRP Work? A CIRP is a strategy that involves buying a permanent life insurance policy on your life (or the life of another key person in your business) and using it as collateral for a loan. The loan can be used to supplement your retirement income or for any other purpose. The loan interest is generally deductible for the corporation and the loan advances are tax-free for you. At death, the insurance proceeds are used...
How to use a Corporate Insured Retirement Plan?
Using a CIRP to Save Taxes and Boost Your Retirement Income If you are a business owner who has accumulated a large amount of savings inside your corporation, you may be looking for ways to invest them wisely and access them tax-efficiently. You may also want to leave a legacy for your family or your favorite charity. If so, you may want to consider a Corporate Insured Retirement Plan (CIRP). A CIRP is a strategy that involves buying a permanent life insurance policy on your life (or the life of another key person in your business) and using it as collateral for a loan. The loan can be used to supplement your retirement income or for any other purpose. The...
Who is eligible to apply for a Super Visa Canada?
Canada is a renowned destination for visitors, students, and immigrants from all over the world. The Canadian government established a unique immigration category known as the Super Visa for parents and grandparents of Canadian citizens and permanent residents. With the help of this program, parents and grandparents can spend up to two years at a time visiting their relatives in Canada without having to renew their visas. (more…)
How To Secure Your Future With Whole Life Insurance?
As we progress through life, there are certain inevitabilities that we all must face. Death, taxes, and unexpected events can throw our plans into disarray. While we can't control these factors, we can prepare for them by securing our future with whole life insurance. Whole life insurance protects you and your loved ones, offering peace of mind in uncertain times. In this guide, we'll discuss the steps you can take to secure your future with whole life insurance Victoria and Vancouver. What is Whole Life Insurance? Whole life insurance is a lifelong insurance policy that guarantees a payout to your beneficiaries after you pass away, regardless of when that may happen. Unlike term life insurance, which offers coverage for a limited period,...