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Using whole life insurance for tax-free income in retirement
– moneysense.ca
I am retired from my company, where I am the sole owner. Thirty years ago, the company bought a whole life insurance policy with the expectation of an annual tax-free dividend. However, it appears to be very difficult to now obtain such supplementary income because most financial institutions will not offer loans against a life insurance policy. When I ask the agent about this, he is not helpful and discourages any talk about cashing out the policy. I have not spoken to him in years, but he is probably the primary person currently benefiting from this life insurance policy. The current cash value is around $100,000 and a death benefit of $136,200. (I cashed out a portion of it a few years ago and paid a significant amount of tax.)
I don’t want to leave this insurance to my benefactors and would rather cash out (taxable) or gain some annual income from the policy. The whole life is not as it was originally sold, which at the time offered supplementary retirement income…
MoneySense at the MoneyShow: The Top ETFs in Canada for 2024 and the Market Trends to Follow
– moneysense.ca
To help find promising opportunities, while avoiding more troublesome risks, joining MoneySense and 70 plus other world-class investment experts at MoneyShow Toronto!
On September 13 and 14, attend live presentations, where you can chat directly with the experts and fellow Canadian investors and traders from around the world. Plus, you can visit interactive tradeshow booths, featuring books, timely research, educational videos, exclusive discounts, prize draws and more.
Reserve your FREE spot for the MoneyShow now
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The Top ETFs in Canada for 2024 and the Market Trends to Follow
With more and more ETFs listed on Canadian exchanges, DIY investors have an overabundance of choice. It can be hard for investors to know which ETFs to put into their portfolios—should you stick with index-based ETFs or explore thematic and sector ETFs, for example? MoneySense breaks through the clutter with our annual ETF All-Stars Report—now in its 12th year…
