Cut tax while cashing in a whole life policy + MORE Apr 21st

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Q: My question is about whole life insurance. My wife and I both have policies. her cash surrender value with paid up additions is around $200,000. My policy is about $190,000. We have no children. We both have pension plans and comfortable assets. We are looking at surrendering one if not both insurance plans. Do you have any suggestions to help minimize the share the taxman will get?
—Roy

A: Roy, to start I would verify the Adjusted Cost Base of the policy and the amount of the Taxable Gain if the policy is surrendered. You can get the information from the insurance company that sold you the policy and I would request a response in writing. This is just good practice and the insurance company is less likely to make a mistake if you put it in writing.

You may also be able to to do a dividend withdrawal which allows you to maintain the coverage and still take out money from your policy. In general, whole life policies have two parts—a guaranteed cash value (that you need to cash in the policy to get, or alternatively, get a loan against) or “dividends”, which is an amount that has built up over the years that you are able to withdraw without surrendering the policy…

U.S. President Donald Trump signed an executive order to review any major tax regulations set last year by his predecessor, as well as two memos to potentially revamp or eliminate fundamental elements of the 2010 Dodd-Frank financial reforms.

Being a prospective homebuyer in Toronto right now is a terrible horrible no good very bad ordeal. Frantic bidding wars are the norm, with homes regularly selling for massively over asking prices. For a hint of what it’s like out on the mean real estate streets, have a go at Maclean’s Homebuyer Misery Game. We assembled 10 Toronto homes that sold over asking in recent months. For each home, submit a bid you think will win you your castle, and see if it was enough. Scroll down for a map that shows where each home is located. Good luck!

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Before getting slapped down by the real estate council, Paranych made a big show of his success (Curtis Comeau)
 
There was a time when Terry Paranych ruled the Edmonton real estate market. His headshot—complete with suspenders and a flashy watch—was slapped on buses, billboards and benches around the city. His ads declared that he (or, more accurately, his brokerage) could sell your property “fast and for top dollar” and sometimes billed him as Canada’ top agent.
But Paranych’s ads ran afoul of the Real Estate Council of Alberta, the industry regulator. In a recent decision, Paranych was found to have violated the council’s rules 25 times in 2012 and 2013 with misleading advertisement and unverifiable claims. Ads promoting his status as Canada’s No. 1 agent neglected to mention the sample size was limited to Re/Max agents—not the entire country. According to the hearing panel, claims such as selling homes “quickly” and for “top dollar” cannot be verified…