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This strategy is to decrease your tax burden, and the tactic is purchasing a life insurance policy that allows for tax-deferred growth.
Many insurance companies have life insurance contracts that can be used as both a tax advantage and an investment tool.
The basic concept is to pay as much money for the least amount of insurance. This is not to say that the insurance portion is overpriced, but rather the over funding goes into a separate account inside the policy and all of the growth is tax-deferred.
This type of policy can be very advantageous to the owner. RRSPs allow for a limited amount of saving and if you want to save more money you get no further tax advantage.
Retiring & Finances
Most Canadians approaching retirement have worries about having enough money. They have worked hard for many years, hoping to retire to a lifestyle of traveling, entertaining and living well…