-
Insurable interest
Read more »: Insurable interestWhat is Insurable interest? The term “insurable interest” is used to describe the legal and financial interests of a person or company in an insurance policy. It means, in simple terms, that the person or entity buying the insurance has a stake in protecting the insured property or person. The stake is to ensure that…
-
Inheritance tax with Ascendant Financial
Read more »: Inheritance tax with Ascendant FinancialWhat is Inheritance tax? The term Inheritance Tax (IHT), stands for an amount that’s payable by a person who has received assets upon another individualâs death. The asset range includes cash, real estate properties, business shares among others. This emphasizes how important it is to understand optimal inheritance tax literature takes into account these factors…
-
What is Income Tax in Canada?
Read more »: What is Income Tax in Canada?Income tax is the percentage of your earnings (business or personal) that you pay to the government. Canada’s income tax system is graduated, meaning that your tax rate will depend on what you earn. Canada Revenue Agency (CRA), which manages the income tax revenue, is responsible for financing various government services. These services include vital…
-
What is Corporate tax?
Read more »: What is Corporate tax?Corporate tax, or the corporate income tax, is a tax that is levied on profits or incomes generated by businesses or corporations. Corporate taxes can be levied on income produced from the business activities and income produced on property such as investments. The government imposes a direct income tax on companies’ earnings, usually based on…
-
What Are The Financial Risks of Having Only One Primary Beneficiary?
Read more »: What Are The Financial Risks of Having Only One Primary Beneficiary?Why Do I Need A Primary Beneficiary? When you have a life insurance policy, you may be concerned with dividing up the benefit amount and who will take responsibility for your children or other dependents after your death. Additionally, there will be many obligations that need to be dealt with when you pass away. Therefore,…
-
What is Liability?
Read more »: What is Liability?Liability in financial accounting is a financial obligation that a company or individual has to another party, such as a loan or other type of debt that have to be paid back at a specific time or when certain conditions are met. In his book, Rich Dad Poor Dad, Robert Kiyosaki (an American businessman and…
-
How Can Termination of Employment Affect Your Group RRSP?
Read more »: How Can Termination of Employment Affect Your Group RRSP?Have you been working for an employer that offers group RRSP? The group RRSP plan is often a carrot used to attract talent and keep employees. So what happens if you no longer work there? What happens when you are fired or terminated? When you lose your job, the last thing you want to think…
-
How will the economy of Canada impact your registered accounts?
Read more »: How will the economy of Canada impact your registered accounts?It goes without saying that a country’s economy has a significant impact on different sectors or areas. The economy is an ever-changing entity. Even when the Canadian economy seems to be doing well, many people continue to dread that much-talked-of economic downturn. People are always worried about what they will do when this inevitable and…
-
The Biggest Fears Of Registered Retirement Savings Plans
Read more »: The Biggest Fears Of Registered Retirement Savings PlansIt’s important to know what the main fears of Canadians are about RRSPs to be prepared and well-informed when it comes time to make decisions about your retirement planning.
-
Is A Group RRSP Considered Employee Benefits?
Read more »: Is A Group RRSP Considered Employee Benefits?Employee benefits are pieces of an employment package that the employer gives the employees. These benefits often include insurance, educational assistance, childcare, health care or discounts on goods and services. Sometimes even stock options or a pension plan are offered. While some companies offer just one benefit package, many have a more diverse range of…
-
Five Things You Should Know About Registered Retirement Income Funds
Read more »: Five Things You Should Know About Registered Retirement Income FundsCanadians often have many different investment options to choose from, but one of the essential pieces of the puzzle for many families is the Registered Retirement Income Fund(RRIF). What is a RRIF? An RRIF is when you convert your RRSP into an income-producing tool. These accounts allow you to withdraw money from them every month…
-
Why you donât need a professional certification in financial services
Read more »: Why you donât need a professional certification in financial servicesProfessional certification is an essential milestone in anyone’s life. It may only validate your skills and is also another way to differentiate yourself from others, especially in the job market. However, when it comes to professional certifications in finance, do you need one to manage your finances successfully? Many Canadians have always had the misconception…