To help keep you up to date on important wealth management news, concepts, and strategies, watch
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Canadian Dental Care Plan

The Government of Canada recently released details about the rollout of the Plan. Read more …

Learning from Experience: Lars and Nora’s story

Lars and Nora’s first baby, a small two-person operation, had matured into a mid-sized family run business, due in part to the expertise of their now grown children; daughter Fleur, son Lucas, and his wife Julia. Giving credit where credit is due, they also had a number of faithful employees, key to ongoing production and management of the company. Lars manned the helm as the main visionary, salesperson, and overseer of product development as the company expanded its reach. Read more …

Alternative Minimum Tax Changes – What You Need to Know

Did you know that Canada’s Federal Budget proposed changes to the Alternative Minimum Tax (AMT) rules with draft legislation that comes into effect on January 1, 2024? So, what is AMT and how does it affect your tax planning? Read more …

Critical Illness Insurance… It Just Makes Sense

Critical illness insurance (CI) seems to be something most people know only a little about, but it can be a great addition to life and disability insurance when it comes to income protection. When the benefits and advantages of critical illness insurance aren’t clear, it’s often the first type of insurance eliminated by someone evaluating their insurance needs. But when the value is put into perspective, many people refuse to go without. Read more …

Transferring the Family Business – The Landscape is Changing

When it comes to transferring the family business to the next generation, the tax rules in Canada are changing. Existing ‘anti-avoidance’ rules, which are meant to prevent the extraction of profits as a tax-free return of capital rather than as a taxable dividend, are being changed with a goal of equalizing the tax efficiency between arm’s length and non-arm’s length transfers. The new rules come into effect on January 1, 2024. Read more …

Make Holistic Planning Your Goal When Looking to Your Financial Future

In life, it’s oftentimes important to look at the whole picture rather than just the one limited view. Getting the bigger picture allows you to see a situation in full and avoid making flawed decisions based on a skewed outlook. The same goes for planning for your financial future, where it’s important to ensure that all your financial assets are in place and working in unison to protect you and your family today and into the future. Read more …

Melanoma: Through Thick and Thin

Did you know that melanoma is the deadliest form of skin cancer? About 9,000 Canadians are diagnosed annually causing approximately 1,200 deaths per year (1). Read more …

Canadian Financial Services Consumer Protection

Canadian financial services consumers can feel secure in knowing that Canada has a strong well-regulated financial services sector, and that in the unlikely event that a Canadian financial institution fails, consumers are protected by a variety of compensation plans. Read more …

Do Younger Canadians Need Insurance?

How early in life should you consider buying insurance? The answer depends on your unique situation. However, there are compelling reasons to consider purchasing insurance early in life. Whether you're starting a family, buying a home, or simply seeking to secure your financial future, insurance offers peace of mind. By acquiring coverage, at any age, you can ensure that you and your family are protected against unexpected events. Let’s review some of the factors that might affect your decision. Read more …

Securing Guaranteed Interest Rates with Annuities

When inflation is in the news there is increased focus on guaranteed interest type products, namely, annuities. But what exactly is an annuity and how does it work? Read more …

INFOclip: Gifting Your Life Insurance

As your life circumstances change, so do your financial obligations. As you enter retirement, if you’ve paid off your debts, prepaid for funeral expenses and achieved all of your wealth goals – congratulations! So, what could you do with your life insurance policy if it is no longer needed?

You could certainly choose to cancel your policy, but what if there was a more meaningful option? As the owner of a permanent life insurance policy, you can donate your insurance policy proceeds to a charity of your choice. You still enrich your estate through the tax benefits of charitable giving AND can have a significant impact on a charity’s ability to achieve its goals.

Watch this video and learn more about your options as well as the caveats involved in donating your insurance policy to charity. See more …

Your 101 on How Canadians Are Taxed

The time is now to take a look at your tax liability for 2022! It’s almost year-end and you know that you should take opportunities to reduce your tax burden for the year, but where do you start? Read more …

INFOclip: Transferring Wealth to Future Generations

You’ve worked hard throughout your life and, with some savvy financial planning, have managed to accumulate an impressive portfolio. Perhaps you’re starting to consider some financial strategies that will provide future generations of your family a head-start to achieve their own financial success.

However, knowing that traditional registered and non-registered investments create tax liabilities, how can you transfer the maximum amount of wealth to your children and grandchildren while paying the least amount of tax?

Watch this video and learn how using the “cascading insurance” strategy can help provide financial protection, while also creating a tax-efficient vehicle to enhance and transfer wealth to future generations. See more …

Protecting Your Retirement with Critical Illness Insurance

It’s certain that you’re saving some of those hard-earned dollars for retirement, but have you implemented the important added step of protecting your investments in case of a severe illness? Read more …

INFOclip: Protecting Your Estate

Over the years you’ve accumulated an estate consisting of registered savings, non-registered savings, property, maybe even a business. And when you pass, you want to make sure that your family or a favourite charity receive as much of your estate as possible. Smart thinking!

However, the reality is that if you don’t structure your estate effectively, much of it could end up in the hands of the government as taxes or distributed to heirs in a way contrary to your wishes. So, how can you prevent your estate from being distributed incorrectly? Proper estate planning is key.

Watch this video to learn how you can avoid estate pitfalls and ensure that your hard-earned savings fall into the right hands. See more …

INFOclip: Mortgage Protection

Do you own your own home and pay a mortgage? Do you ever wonder how you would continue to do so if there was a substantial decrease in your household income?

Purchasing your own home is an important milestone that can evoke both great joy and financial responsibility. Unfortunately, unexpected life events such as the disability, illness and even death of an income earner can make paying a mortgage that much more difficult, especially if you don’t have the proper protection in place to safeguard your family’s income.

Watch this video and find out how purchasing personal insurance can offer you and your family peace of mind, with the protection and flexibility you need during difficult times to keep you on track with your mortgage payments. See more …

Will the Money Last?

How long will your savings last when you start using it as income? Calculate it! Read more …

Corporate Owned Life Insurance - Watch Those Beneficiary Designations!

As a business owner, your corporation has a life insurance policy on your life - a key part of your estate and succession planning! However, to avoid unintended tax consequences, it’s critical that the beneficiary designations of your corporate owned life insurance policies be reviewed. Read more …

Is an Estate Freeze Something I Should Consider for my business?

You own your own business and recently, you’ve heard some talk about estate freezes. So, what exactly is an estate freeze and should you consider implementing one? Read more …

An Executor Checklist – A Few Things to Consider

Wow, you’ve been asked to be an executor (or liquidator in Quebec) – what a great privilege… or is it? Before you say yes to this momentous role, here are a few things that you should consider. Read more …

The Ultimate Planning Tool: For prioritizing what you want when you want

Permanent life insurance is often said to be the ultimate planning tool because it facilitates beneficial tax and estate planning opportunities and solutions throughout your lifetime to provide you with peace of mind now and into the future. The earlier in life that your permanent life insurance policy is purchased, the greater the impact it can have as a financial instrument. See how your permanent insurance can be flexible enough to service a lifetime of changing priorities and needs. Read more …

COMMENT Newsletter

As a Chartered Life Underwriter (CLU), Don is pleased to provide complimentary access to COMMENT, a publication of The Institute of Advanced Financial Education.

COMMENT will be valuable to shareholders, lawyers, accountants, and others interested in the technical aspects of risk management, wealth creation and preservation, estate planning, and wealth transfer.

JULY/AUGUST 2021 EDITION
- Tax-Free Transfers of Personally Owned Life Insurance Policies – Part 2: Recap of General Rules,
Tax-Free Rollovers - Transfer to spouse or common-law partner during life, Transfer to spouse or
  common-law partner at death, Should my client name a successor owner

- How New TOSI Rules Affect Maximizing Retirement Income for Shareholders of Canadian-controlled
Private Corporations: Retirement Exclusion, Second-Generation Exclusion, Income Splitting in Years
after the Business Ceases to Exist (Sale or Dissolution)
Read the newsletter …

MAY/JUNE 2021 EDITION
- Tax-Free Transfers of Personally Owned Life Insurance Policies – Part 1: Tax-Free Rollovers, Rollover
to a Child - But who is considered a child, What about a step-child, What about nieces and nephews;
Death and Marriage Breakdown; Why Should My Client Name a Successor Owner

- Budget 2021 – More Spending, Targeted Tax Measures:
  Personal Tax Measures – Tax on Luxury Items, Contributions to Defined Contribution Pension Plans,
Increasing Old Age Security for Canadians Aged 75 and Over
  Business Tax Measures – Immediate Expensing by CCPCs, Mandatory Disclosure Rules, Reportable
Transactions, Notifiable Transactions, Uncertain Tax Treatments, Reassessment Period and Penalties
  Other Announcements and Measures of Interest – Tax on Unproductive Use of Canadian Housing,
Calculation of Disbursement Quotas for Charities, Strengthening Beneficial Ownership Reporting
  Status of Prior Announced Measures

- CRA’s Views on Charitable Remainder Trusts: CRTs: What Are They, Testamentary CRTs Prior to the
Graduated Rate Estate, Testamentary Charitable Giving and the Graduated Rate Estate, CRA’s Views on
Testamentary CRTs  
Read the newsletter …        

MARCH/APRIL 2021 EDITION
- Corporate Wind-ups and Life Insurance: Tax Implications, Legal Considerations on Dissolution, Steps
to Transfer, Consequences in Not Transferring, Provincial Considerations
Read the newsletter …


JANUARY/FEBRUARY 2021 EDITION
- Leveraged Insurance Annuities and the CRA: Characteristics of LIA Plans of Concern, CRA Warning,
Purported Benefits, Consequences of Being an LIA Policy under the ITA, Interaction between
Legislative Provisions and CRA Concerns

- The Importance of Share Valuation in Shareholder Agreements: Potential Approaches to Valuation-
Annual valuation, Formula, Valuation by the corporation’s accountant, Valuation by an independent
appraiser; Insurance-related Valuation Issues

- Guarding Beneficiary Designations: Brief History of the Presumption of Resulting Trust, Presumption
of Resulting Trust and Beneficiary Designations, What Can Advisors Do to Help Protect Their Clients’
Beneficiary Designations
Read the newsletter …  

Did you know?

Residents of British Columbia can now sign, witness, store, and revoke their wills electronically. Effective 01 December 2021, Bill 21 amended the Wills, Estates and Succession Act (WESA), making BC the first Canadian province to offer these options.  

Bill 21 is intended to offer a safe, accessible, and convenient way to complete and store wills. Use of secure electronic processes also aims to reduce fraud.  

The validity of existing wills is not affected.  

For further information, contact Don by email at don@bydandwm.ca or by phone at 250.881.7600.

Did you know?

As of 01 June 2021, the minimum wage in British Columbia has increased from $14.60 to $15.20 per hour. BC now has the second-highest minimum wage in Canada. Nunavut has the highest minimum wage at $16 per hour.

Did you know?

Offering group employee benefit plans can be a wise business decision. Advantages may include:

• Positioning your organization as caring and forward-looking - an attractive feature to new hires;

• Providing incentive for key talent to remain within your company - not move to a competitor;

• Offering value to your employees at less expense to your firm than salary raises - no increases in Canada Pension Plan (CPP), Employment Insurance (EI), or Worker’s Compensation rates; and

• Writing off premiums as business expenses.

For more information on how a group plan may benefit your enterprise, contact Don by email at don@bydandwm.ca or by phone at 250.881.7600.

SMART TALK…about digital assets

You’re responsible. You’ve made lists and designated someone to look after your physical assets – your house, your car - in case of the unexpected. Well done. However, have you considered your digital assets? Read more …

The Estate Wedge – Your Peace of Mind Option

Your financial goals will change throughout the course of your life and the focus will eventually shift from asset accumulation and growth (saving! saving! saving!) to estate preservation and wealth transition (enjoying the sweet fruits of your labour). An estate wedge is a planning strategy that can help you with this shift from accumulation to estate planning. … Read more …

Did you know?

Many segregated (“seg”) fund management fees are now competitive with — and in some cases even lower than — mutual fund management fees. Since seg funds offer additional features unavailable to mutual funds (such as guaranteed values, important estate planning benefits, and potential creditor and liability protection), they can be an attractive investment option. For full details and to determine if seg funds are appropriate for your wealth management plan, contact Don by email at don@bydandwm.ca or by phone at 250.881.7600.  

An investment option — with guarantees, estate benefits, and creditor and liability protection

Most investors are familiar with mutual funds, but they may be missing out on guarantees, benefits, and protection offered by … Read more …

Things to Consider When Renewing Your Term Insurance Plan

When it comes to choosing life insurance, term insurance offers several benefits including simplicity, predictability and affordability. Lower premiums in the early years … Read more …

Beneficiary Designations – Making Sure Your Money Goes Where You Want

We work hard all of our lives. This hard work allows us to afford a home, maybe splurge on a few vacations, save a few dollars and when we pass, transfer our wealth to those we love, whether they be immediate family or a specified individual(s). Normally, this transfer can be done quite simply with a will or a beneficiary designation in the case of a registered plan and/or life insurance policy.  

However, designating a beneficiary for a life insurance policy just became more complicated with a recent Ontario Superior Court case … Read more …

Changing Gears – From Accumulation to Decumulation

You’ve been diligently stashing away some money from every paycheque, contributing to your RRSP and/or TFSA. Perhaps you have a defined contribution pension or, if you’re one of the lucky ones, the defined benefit version. Read more …

SMART TALK...about will planning and drafting

Planning your will and estate can be a complicated but very important process.

It’s crucial that you take the time to really focus on your vision, breaking things down into smaller sections so that it is easier to tackle one piece at a time. Read more …

Segregated Funds and the Death Benefit Guarantee

As a financial planning tool, segregated funds (or seg funds for short) offer several benefits within the area of estate planning. In fact, seg funds combine all the best features of a mutual fund with the attributes of an insurance policy. One of those insurance attributes, and a very important one, is the death benefit guarantee … Read more …

Protecting Your Estate

You’ve worked hard throughout your lifetime and this hard work has finally paid off. Perhaps you’ve accumulated assets beyond even those that you may need to enjoy a carefree and relaxed retirement that will eventually be passed on to your heirs. However, some of these assets can result in a tax liability … Read more …

Your Segue into Segregated Funds

Segregated funds have evolved considerably in recent years. All types of equity, fixed income and balanced mandates that once only existed as a mutual fund, now boast their equivalent within segregated funds. That is fantastic news since segregated funds have a long list of benefits for the investor. Read more …

Protecting Your Investments

So you’re thinking about retirement and have a few questions such as how much capital will you need for your retirement and how much do you need to save each month to meet that goal. Read more …

Needs Based Planning: It’s All About You!

Over the last decade, insurance solutions have evolved, not only in product development, but also in the lens from which we view them. Read more …

CPP Benefits - Early or Later

Have you ever wondered what the net impact would be on your CPP Benefits depending on when you choose to start withdrawing? Read more …

If your business value declines, there are steps you can take today to reduce taxes later

During these unprecedented times, the value of your business or other assets may have dropped 10%, 20%, 30% or more. While this result can be devastating right now, a small silver lining may be that there are some steps you can take today to reduce future taxes. Read more …

What You Should Know Before You Transfer Life Insurance

Planning for all of life’s events is not always possible. The same can be said for the transfer of a life insurance policy to a new owner, whether an individual or corporation. While it’s best to avoid the need to transfer life insurance entirely – and the accompanying tax consequences, which can be complex and onerous … Read more …

Did you know?

The Canada Deposit Insurance Corporation (CDIC) is a federal crown corporation that protects eligible deposits, at member financial institutions, against failure. This free, automatic coverage insures deposits to a maximum of $100,000 per separately insured category.     

The Government of Canada has amended the CDIC Act. The first phase of these changes will come into force on 30 April 30 2020; the second phase will begin on 30 April 2021. Read more …

When Your Business Owns a Life Insurance Policy, Proper Set-Up is Key

Corporate owned insurance can have many benefits. A policy owned by your operating company though, can cause quite a few headaches. Read more …

Did you know?

It may be possible to make your Canadian mortgage interest tax deductible! Contact Don by email at don@bydandwm.ca or by phone at 250.881.7600 to arrange an appointment to determine if this strategy fits your wealth management plan.

Did you know?

True or false: income from your employment pension plan may NOT be guaranteed for your lifetime.

True! While most employees assume that income from their employment pension plans is guaranteed for life, this is often no longer the case. Your employment pension income may not last for the duration of your life. Arrange an appointment with Don to discuss your employment pension and strategies for a secure retirement income. You can reach him by email at don@bydandwm.ca or by phone at 250.881.7600

How Corporate Insurance Can Benefit your Business

You own your own business and you have incorporated. A smart decision, since corporate structures have significant benefits such as … Read more …

Did you know?

Without notification from your financial institution or the Canada Revenue Agency (CRA), your financial records (including names, addresses, account numbers, account balances, interest payments, dividends, and other income) may have been shared with the Internal Revenue Service in the United States?

Under the Foreign Account Tax Compliance Act (FATCA), foreign financial institutions must report, to the US, information on the accounts of those who may be subject to US taxes. In her 12 November 2019 article (“Nearly a million Canadian bank records sent to IRS”), Elizabeth Thompson of CBC News reported that, since FATCA’s inception in 2014, Canada has sent 2.6 million records of Canadian residents to the US. For the 2018 tax year alone, 900,000 records were shared.

Did you know?

Income splitting can be achieved through family loans! Contact Don by email at don@bydandwm.ca or by phone at 250.881.7600 to arrange an appointment to determine if this strategy fits your wealth management plan.

Death, Taxes and Probate Fees

There is a saying that nothing in life is certain apart from death and taxes. Although death is inevitable, there are some ways to minimize those pesky taxes to ensure that as much of your estate goes to your loved ones as possible. Read more …

Is your Family Business Gaining from the Capital Gains Exemption?

Planning the future of your family business can be difficult. Will your children make wise decisions? Will the market be forgiving if they don’t? The questions are seemingly endless, but asking your life insurance advisor about pairing the benefits of the capital gains exemption with your life insurance policy is an easy one. Is it worthwhile? The answer will be, most likely, a resounding yes. Read more …

To get started on your integrated wealth management plan — and your peace of mind — contact Don by email at don@bydandwm.ca or by phone at 250-881-7600.