Calculating Your Life Insurance Needs
|
|
- Lily Hoover
- 5 years ago
- Views:
Transcription
1 Calculating Your Life Insurance Needs (E&OE-Errors and Omissions Excepted-See Disclosure) A. Determining the Value of Your Estate The first step is to determine how much your estate would be worth, if you were to die today. Specifically, we will look at assets in your estate that would be available to produce income (for reasons that will become apparent in B.). This figure will probably differ from your total estate worth, calculated in Checklist 2. For example, you may not wish to include some assets such as your home that may be retained by your heirs as their residence. Assets Savings accounts, cash $ Life insurance individual Life insurance group Lump sum value of any employer pension plan payable on death Lump sum value of RRSPs * Guaranteed Investment Certificates, Canada Savings Bonds, Treasury Bills CPP/QPP death benefit ** Stocks, bonds, mutual funds Business interests (net of liabilities) Market value of your home *** Market value of other real estate that would be liquidated Market value of any other assets not listed that would be liquidated (e.g. cars) Other
2 Total Income-producing Assets $ Liabilities Final expenses (funeral costs, uninsured medical bills, legal fees, etc.) $ Uninsured debts (credit card balances, personal loans or mortgages if not life insured, income taxes, etc.) Capital gains tax, if applicable **** Total Liabilities $ Now, subtract your liabilities from your assets: Value of Income-producing Assets in Your estate $ * Registered Retirement Savings Plans (RRSPs) allow you to save for your retirement and to defer tax on the amount saved for the purpose. If RRSPs are withdrawn (cashed in), tax must be paid on the amount withdrawn. However, if the beneficiary is your spouse, he/she may defer payment of the tax by transferring the funds (rolling over) to his/her own RRSP. If your spouse would roll over your RRSPs to his/her own RRSP, then this should not be included as an asset in your estate, for the purpose of this exercise. If your beneficiary is other than your spouse, be aware that tax will be payable by your estate. ** The Canada and Quebec Pension Plans (CPP and QPP, respectively) provide for a lump sum benefit payable to the spouse of a deceased CPP/QPP contributor. *** Include the market value of your residence only if your family would not continue to live in the home and it would be sold to provide a source of income to your family. **** Your estate may have to pay a federal tax on capital gains, because the government deems you to have disposed of your capital property (such as shares) on death. If your spouse inherits the property, any tax may be deferred until he/she sells the property, or passes the capital assets to the children or other beneficiaries at the time of his/her death. B. Calculating the Monthly Income Available to Survivors If your concern is to leave a lump sum so that debts can be paid off, or to leave a gift to a relative or a charity, then you need not continue with this second step. However, if you
3 are like most people, the total value of the income-producing assets of your estate is important, because it will help to answer crucial questions such as: How much income will your estate provide, after your death, for those who depend on you financially? And for how long will this income last? The purpose of this exercise, therefore, is to determine what income flow your estate will generate, and what other sources of income will be available. Income from Estate For illustration purposes, let s estimate that the income-producing assets of your estate (as determined in A.) could earn a gross return of 10% a year. This equates to a net after-tax annual interest rate of approximately 6%. Using this assumed net interest rate, each $1,000 in your estate will provide an income of approximately $60 per year, or $5 per month. No inflation factor has been added in. Calculate the monthly income your estate will generate by multiplying the Value of Income-producing Assets in Your Estate by (Value of Income-producing Assets in Your Estate) x = $ * *Note: This is the amount of monthly income available using only the interest on your capital. This leaves the actual capital untouched. Depending on the provisions of your Will, your survivors would usually have the option of using the capital in other ways. Canada/Quebec Pension Plan Monthly Income Benefits The Canada and Quebec Pension Plans (CPP and QPP, respectively) may provide your family with additional monthly income in the form of survivors benefits. These are available to the spouse and children of a CPP/QPP contributor, and the amount paid is adjusted at the beginning of each year. Spouse s benefit $ Orphan s (s ) benefit $ Employment Income Would your spouse work or continue to work in the event of your death? If so, estimate the monthly take-home pay. (It s a good idea to deduct from this figure child care/housekeeping expenses: e.g. take-home pay = $1,600, less daycare expenses of $650 = net pay $950.) Net employment income $
4 Pension Income Some life insurance plans and employer pension plans offer a monthly survivor s income rather than a lump sum benefit. If that s your situation, please enter the amount here. If you are in receipt of a pension that would continue to your spouse, this should be entered here. Also, if your spouse would receive Old Age Security or other government pension benefits, include this figure. Pension income $ Any other sources of income that would be available (e.g. support payment, investment income, etc.) $ Total Monthly Income That Would Be Available to Your Survivors If You Died Today $ C. Determining Your Life Insurance Needs Estimate the monthly income need of your family, after your death. (60-80% of current total net monthly income is the usual recommended figure.) What would be the appropriate in your situation? Family income needs $ Available family income from your estate And other sources (final figure from B.) $ Difference $ If the difference is such that the available family income is not sufficient to meet the estimated monthly income needs, now is the time to consider how that shortfall can best be met. There are a number of possibilities (including cutting back on family expenses, taking on an extra job, etc.). The one that we will deal with here is the use of life insurance to guarantee the needed dollars to provide income. Monthly income needed (the difference figure if there is a shortfall) $ Multiply by 12 to determine annual income shortage $
5 Annual income Assumed net after- Capital Required Shortage tax interest rate * $ % = $ ** The Capital Required figure represents the additional insurance needed in order to meet your own income objectives for your family should you die prematurely. Please note that this is a simplified calculation and does not take into the consideration the impact of inflation. For a more detailed analysis, ask a life insurance agent to assist you with a financial (or capital) needs analysis. * As per calculations in B, you can use 6%. Alternatively, use the interest rate that you believe is appropriate. ** This calculation is designed to leave the capital intact, using only interest to provide income. Copyright 2002, Douglas Gray. All rights reserved. Any reproduction of the material contained in this website is strictly prohibited. Excerpted with modification, from The Canadian Guide to Will and Estate Planning, 2 nd edition, by Douglas Gray, LL.B., and John Budd, FCA. Published by McGraw-Hill Ryerson. E&OE (Errors and Omissions Excepted). See Disclaimer.
For your family BUSINESS SUCCESSION
For your family BUSINESS SUCCESSION BUSINESS SUCCESSION This brochure will help family members after your death and for that reason, we refer to the deceased throughout. We ve included practical advice
More informationPersonalized Needs Analysis
Personalized Needs Analysis 1 Personalized Needs Analysis For: Name male female Spouse Children Phone Number home: Work Cell Birthdate: Smoker Non-smoker Occupation: Duties: Monthly salary after expenses
More informationFinancial Needs Analysis in the event of death (FNA)
Financial Needs Analysis in the event of death (FNA) Scénario #1 Prepared for: Mr. Maurice Engarde Ms. Marie Engarde March 30, 2010 François Forget Stratégie financière Impact inc. Directeur administratif
More informationSample Plan 2 (six modules)
Sample Plan 2 (six modules) Prepared For: Smith Prepared By: Anne Expert CFP, CLU Financial Advisor Date Prepared: June 14, 2012 Table of Contents Disclaimer Personal Information Net Worth Retirement Life
More informationRetirement Planning. Gordon Guides For the CFP Exam. By the end of this section CFP exam candidates should be able to:
Retirement Planning By the end of this section CFP exam candidates should be able to: 1. Summarize a client s current retirement objectives and perform a needs analysis. 2. Calculate a client s required
More information2.0 OVERVIEW OF FINANCIAL CRITERIA
Sub-section: FINANCIAL ELIGIBILITY (CRITERIA TWO) 12 Dec 2016 1 1.0 PURPOSE When it is determined that the deceased is service eligible, the second criteria set out in Veterans Burial Regulations (Section
More informationYour Will Planning Workbook
Your Will Planning Workbook Preparing your Will Glossary of terms..................................... 2 Introduction......................................... 3 Your estate.........................................
More informationYour Will Planning Workbook
Your Will Planning Workbook Preparing your Will Glossary of terms... 1 Introduction... 2 Your estate... 2 Beneficiaries of your estate Your spouse... 3 Your children... 3 Others... 4 Personal and household
More informationInsurance Solutions for Individual Needs
Insurance Solutions for Individual Needs This brochure looks at some of the different needs individuals can experience and it shows how insurance can help meet those needs. Leaving a Legacy at Death Life
More informationIdeally your contribution should be made as soon as possible in the year in order to shelter the investment income from tax.
Maximize RRSP Contributions. You should make your maximum RRSP contribution while you are working. You will get a tax deduction now at your current tax rate and you will be able to take the money out later
More informationWELCOME TO PENSION SERVICES GLOSSARY OF TERMS
WELCOME TO PENSION SERVICES GLOSSARY OF TERMS Please follow the appropriate links below to find relevant definitions of regularly used pension terms. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
More informationRetirement Checklist Making Sure You Don t Leave Any Stone Unturned in Retirement
Retirement Checklist Making Sure You Don t Leave Any Stone Unturned in Retirement If you are nearing retirement or are recently retired there are a number of financial planning To Do s that you need to
More informationCASE STUDY PROTECTING THE BUSINESS OWNER AND THE OWNER S FAMILY
CASE STUDY PROTECTING THE BUSINESS OWNER AND THE OWNER S FAMILY KNOWLEDGE EXPECTED OF: CFP Professionals Only Version 1.0.0, Updated 20170907 John, 42, works on contract in the field of computer animation.
More informationRetirement Checklist. Making the most of your retirement
Retirement Checklist Making the most of your retirement 2 Making the most of your retirement RBC Wealth Management RBC Wealth Management provides comprehensive services designed to address your multi-faceted
More informationIMPORTANT MESSAGES EMPLOYMENT INSURANCE (EI) EMPLOYMENT INSURANCE (EI) PREMIUM $51, $ % $ EMPLOYMENT INSURANCE (EI)
IMPORTANT MESSAGES EMPLOYMENT INSURANCE (EI) EI REDUCTION PROGRAM QUÉBEC PARENTAL INSURANCE PLAN PREMIUM (QPIP) CANADA PENSION PLAN (CPP) QUÉBEC PENSION PLAN (QPP) PROVINCIAL HEALTH CARE PREMIUMS 2018
More informationIMPORTANT MESSAGES EMPLOYMENT INSURANCE (EI) EMPLOYMENT INSURANCE (EI) PREMIUM $53, $1, % $ EMPLOYMENT INSURANCE (EI)
IMPORTANT MESSAGES EMPLOYMENT INSURANCE (EI) EI REDUCTION PROGRAM QUÉBEC PARENTAL INSURANCE PLAN PREMIUM (QPIP) CANADA PENSION PLAN (CPP) QUÉBEC PENSION PLAN (QPP) PROVINCIAL HEALTH CARE PREMIUMS 2019
More informationLittle known facts about the Canada/Quebec Pension Plan (cpp/qpp)
Little known facts about the Canada/Quebec Pension Plan (cpp/qpp) TAX MANAGED STRATEGY 8 For Canadians at or nearing retirement, the Canada/Quebec Pension Plan (CPP/QPP) remains a bit of a mystery. Many
More informationActuarial Report (29th) supplementing the 27 th and 28 th Actuarial Reports on the CANADA PENSION PLAN
Actuarial Report (29th) supplementing the 27 th and 28 th Actuarial Reports on the CANADA PENSION PLAN As at 31 December 2015 To obtain a copy of this report, please contact: Office of the Chief Actuary
More informationRetirement Checklist. Making the most of your retirement
Retirement Checklist Making the most of your retirement RBC Wealth Management RBC Wealth Management provides comprehensive services designed to address your multi-faceted financial concerns, simplify your
More informationGuaranteed Income Supplement Renewal Training Guide 2014
Guaranteed Supplement Renewal Training Guide 2014 Canada Revenue Agency Community Volunteer Tax Program Employment and Social Development Canada ISSD-002-01-13E You can download this publication by going
More informationExtending Retirement Assets: A Stretch IRA Review
Extending Retirement Assets: A Stretch IRA Review Are you interested in the possibility of using the funds in your traditional IRA to provide income to one or more generations of family members? Table
More informationSunSpectrum Term Client Guide A practical guide to helping you achieve a lifetime of financial security
SunSpectrum Term Client Guide A practical guide to helping you achieve a lifetime of financial security Life s brighter under the sun SunSpectrum Term can be your first step toward achieving lifetime financial
More informationRRSPs and RRIFs on death frequently asked questions
TAX, RETIREMENT & ESTATE PLANNING SERVICES WEALTH TRANSFER STRATEGY 8 RRSPs and RRIFs on death frequently asked questions Most Canadians are familiar with the tax advantages of using registered savings
More informationRETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT
RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT HELPING YOU MAKE THE MOST OF YOUR RETIREMENT If you are getting close to retirement, or have just recently retired, there are many financial details
More informationPensions Part 3 Deferred Profit Sharing Plans
June 3, 2010 Pensions Part 3 Deferred Profit Sharing Plans This article is the third part of a four-part series on employer retirement plans. Due to the complexity and variety of employer retirement plans,
More informationTax-Free Savings Account (TFSA) How the TFSA can help you reach your financial goals
October 21, 2010 Tax-Free Savings Account (TFSA) How the TFSA can help you reach your financial goals The Tax-Free Savings Account (TFSA) was introduced by the federal government in the 2008 budget. Since
More informationCanada Pension Plan / Quebec Pension Plan. Old Age Security. Do I need a Lawyer?
Aftercare booklet.indd 1 10/22/2008 3:12:57 PM Canada Pension Plan / Quebec Pension Plan Lump Sum Death Benefit: A one time payment which is based on the contributions of the deceased into CPP/QPP over
More informationFinancial Advisory Solutions Team. Retirement Checklist. Making Sure You Don t Leave Any Stone Unturned in Retirement. Government Benefits
WEALTH MANAGEMENT Wealth and Money Management Strategies and Solutions Financial Advisory Solutions Team Making Sure You Don t Leave Any Stone Unturned in Retirement Prashant Patel, ASA, CFP, Financial
More informationPensions Part 2 Defined Contribution Plans
June 3, 2010 Pensions Part 2 Defined Contribution Plans This article is the second part of a four-part series on employer retirement plans. Due to the complexity and variety of employer retirement plans,
More informationKEY TOPICS. What retirement looks like today What does retirement mean to you? Next steps: how to prepare today for tomorrow
KEY TOPICS What retirement looks like today What does retirement mean to you? Next steps: how to prepare today for tomorrow WHAT RETIREMENT LOOKS LIKE TODAY LIFE IN RETIREMENT Source: Sun Life Financial
More informationRetiring Right: Understanding the Taxation of Retirement Income
January 2019 Retiring Right: Understanding the Taxation of Retirement Income Jamie Golombek & Tess Francis Tax & Estate Planning, CIBC Financial Planning and Advice The question isn't at what age I want
More informationTax & Retirement Planning Guide
Tax & Retirement Planning Guide TD Asset Management Inc. (TDAM) understands the importance of maximizing the after-tax income for investors since, for most Canadians, paying taxes is their biggest lifetime
More informationEight steps to a. Create a bright future
Eight steps to a better retirement Create a bright future What your advisor and the Sun Life Financial team can do We re always striving to help you move your plan forward. We believe in working with you
More informationRate Reduction Application in Long-Term Care Document List Required for Assessment of Resident Eligibility
Ministry of Health and Long-Term Care Corporate Services Division Rate Reduction Application in Long-Term Care List Required for Assessment of Resident Eligibility To be used only by Residents Submitting
More informationCreating Retirement Income With Registered Assets
Registered Retirement Savings Plans (RRSPs) represent the most effective way to save for retirement. Subject to contribution rules and limits, you are allowed to defer income taxes each year on the amount
More informationThe Navigator. RBC Wealth Management Services. Maximizing Your After-Tax Retirement Income
RBC Wealth Management Services The Navigator Ten Strategies to Pay Less Tax in Retirement Maximizing Your After-Tax Retirement Income Are you approaching retirement or have you recently retired? Maximizing
More informationA.F.T.E.R.C.A.R.E. Guide. Assisting Families Through Experience that Requires Compassion And Respect for the Estate
Photo by Len Marriott, used with permission A.F.T.E.R.C.A.R.E. Guide Assisting Families Through Experience that Requires Compassion And Respect for the Estate Canada Pension Plan / Quebec Pension Plan
More informationTable of Contents. 24 Self-Pay 25 Reciprocal Agreements 27 Life Changes 28 Marriage Breakdown
Table of Contents 1 About this Booklet 2 Key Plan Benefits at-a-glance 5 Becoming a Plan Participant 6 Entitlement to Benefits 8 Earning Pension Credits 9 Past Service 11 Future Service 13 How your Pension
More informationROLE OF THE EXECUTOR - What you need to know
RBC Estate and Trust Services ROLE OF THE EXECUTOR - What you need to know Janice Domaratzki Investment Advisor RBC Dominion Securities Claudia Morrison Regional Trust Advisor RBC Wealth Management 2 Agenda
More informationShortened life expectancy benefits
Shortened life expectancy benefits (for pensioners) Overview If you face a shortened life expectancy, you may be able to receive a lump-sum benefit in lieu of further pension payments. The benefit is the
More informationThe Estate Preserver Plan
BMO Insurance Guaranteed Advisor Guide Market Indexed Accounts The Estate Preserver Plan Introduction to the Estate Preserver Plan As part of an overall financial plan, the Estate Preserver Plan from BMO
More informationCASE STUDY PROTECTING THE FAMILY
CASE STUDY PROTECTING THE FAMILY KNOWLEDGE EXPECTED OF: Both FPSC Level 1 Certificants and CFP Professionals Version 1.0.1, Updated 20180724 Pat, age 33, and Leslie, age 35, are married and have two children,
More informationEMPLOYEES PENSION PLAN
Effective 8 July 2019 Your Pension Plan was established on 1 January 1969 by Her Majesty in Right of Canada through the Minister of National Defence, pursuant to his authority and responsibility with respect
More informationRRSPs and RRIFs on death frequently asked questions
Tax, Retirement & Estate Planning Services WEALTH TRANSFER STRATEGY 8 RRSPs and RRIFs on death frequently asked questions Most Canadians are familiar with the tax advantages of using registered savings
More informationYOUR RETIREMENT PENSION PLAN
YOUR RETIREMENT PENSION PLAN FOR HOURLY EMPLOYEES OF FORD MOTOR COMPANY OF CANADA, LIMITED REPRESENTED BY UNIFOR AS AMENDED NOVEMBER 7, 2016 For Hourly Bargaining unit employees who were hired PRIOR TO
More informationRequired Minimum Distributions (RMDs)
Required Minimum Distributions (RMDs) March 21, 2012 Page 1 of 7, see disclaimer on final page What Are Required Minimum Distributions (RMDs)? Required minimum distributions, often referred to as RMDs
More informationOn the Horizon: Your Retirement Choices. Presented by: Janet Gray, CFP Money Coaches Canada June 2018
On the Horizon: Your Retirement Choices Presented by: Janet Gray, CFP Money Coaches Canada June 2018 Disclaimer This presentation was prepared for general informational purposes only. The opinions expressed
More informationESTATE PLANNING CHECKLIST
TAX AND ESTATE PLANNING ESTATE PLANNING CHECKLIST Many Canadians today do not have an estate plan, a road map for handling their affairs and finances for when they die. Everyone should have an estate plan.
More informationLife Insurance Basics
Timothy Leveroni, CFP CERTIFIED FINANCIAL PLANNER 50 Braintree Hill Office Park Suite #205 Braintree, MA 02184 781-848-9821 timothy.leveroni@lpl.com www.leveroni.com Life Insurance Basics September 11,
More informationESTATE PLANNING PACKAGE
ESTATE PLANNING PACKAGE Honest. Straightforward. Expertise. ESTATE PLANNING PACKAGE TABLE OF CONTENTS Estate Planning Your Estate Plan: A Step-by-Step Approach... 1 Estate Planning Checklist... 2 The Executor
More informationESTATE EVALUATION. John and Jane Doe
ESTATE EVALUATION John and Jane Doe Adam Advisor Investment Advisors 265 Anystreet Suite 123 AnyCity, AnyState, AnyZip (555) 555-5555 adam@investmentadvisors.inv Important Notes Estate Evaluation is a
More informationSurvivor s Benefits. If your spouse, common-law partner, parent, or guardian dies, you may be entitled to survivor s benefits.
CPP benefits: Are you entitled? Survivor s Benefits If your spouse, common-law partner, parent, or guardian dies, you may be entitled to survivor s benefits. What is the Canada Pension Plan? The Canada
More informationTax & Retirement Planning Guide
Tax & Retirement Planning Guide TD Asset Management Inc. realizes the importance of maximizing investors after-tax income. For most Canadians, paying taxes is their biggest lifetime expense. Tax planning
More informationUniversity of Toronto Pension Plan. This booklet provides details of the Pension Plan provisions for the following employee group; OPSEU 519
University of Toronto Pension Plan This booklet provides details of the Pension Plan provisions for the following employee group; OPSEU 519 BACKGROUND TO THE PLAN The current Pension Plan for the staff
More informationMaximizing Your Pension Income
Maximizing Your Pension Income These materials are not intended to be used to avoid tax penalties and were prepared to support the promotion or marketing of the matter addressed in this document. Neither
More informationUniversity of Toronto Pension Plan. This booklet provides details of the Pension Plan provisions for Faculty/Librarians.
University of Toronto Pension Plan This booklet provides details of the Pension Plan provisions for Faculty/Librarians. BACKGROUND TO THE PLAN The current Pension Plan for the staff of the University of
More informationThe Canadian Pension System
The Canadian Pension System Edward Tamagno Policy Associate Caledon Institute of Social Policy Ottawa, Canada General Assembly of the Japan Pension Research Council Tokyo, 8-98 9 September 2005 Outline
More informationRegistered Retirement Savings Plan
Registered Retirement Savings Plan A pillar of retirement income planning One of the pillars of retirement income planning in Canada is the Registered Retirement Savings Plan (RRSP). Introduced by the
More informationAging and taxation: Retirement income and age-related tax issues
Tax & Estate Aging and taxation: Retirement income and age-related tax issues We all know the over-worn adage about the inevitability of death and taxes, but just because we recite it doesn t mean we have
More information2016 Edition Tax Tips for Investors
BMO Financial Group April 2016 2016 Edition Tax Tips for Investors Knowing how the tax rules affect your investments is essential to maximize your after-tax return. Keeping up to date on changes to the
More informationTax-Free Savings Account (TFSA)
Tax-Free Savings Account (TFSA) What is a TFSA? Starting in 2009, a tax-free savings account (TFSA) is a new way for residents of Canada to set money aside tax free throughout their lifetimes. Contributions
More informationCanada Pension Plan (CPP) overpayment you may be entitled to a refund if you contributed more to the CPP than required.
Definitions Balance owing the amount that you have to pay to the Canada Revenue Agency (CRA) if you haven't paid enough tax during the year. Canada child benefit (CCB) a tax-free monthly payment that eligible
More informationTotal Compensation Pension Pay and Incentives Benefits Health and Well-being. Your information booklet Defined contribution (DC)
Total Compensation Pension Pay and Incentives Benefits Health and Well-being Your information booklet Defined contribution (DC) March 2018 17718 Welcome to the Canada Post pension plan Defined Contribution
More informationSTAYING ON COURSE. Separation, divorce and your finances
STAYING ON COURSE Separation, divorce and your finances This guidebook provides ideas and suggestions to help you stay on course during separation and divorce. While it is designed as a comprehensive resource,
More informationGeneral guide to Spanish inheritance tax."
General guide to Spanish inheritance tax." Spanish inheritance tax is complex as there are both national and regional variations. For regional rules to apply (which often establish higher exempt amounts
More informationOnce you become a Member of the Plan, you may not withdraw from the Plan so long as you remain employed by the City.
Retirement Benefit Plan for the Employees of the City of St. John s as applicable to Members of CUPE Local 1289, CUPE Local 569, NAPE Local 7808, and Non-Bargaining (Option 1) The Retirement Benefit Plan
More informationCommon wealth transfer mistakes 1
Common wealth transfer mistakes 1 WEALTH TRANSFER STRATEGY 6 Each year in Canada, billions of assets are transferred at death. If you intend to transfer all, or part of, your assets to your heirs you want
More informationSeptember 05, Dear John,
Pascal Leo, CIM Knowledge Specialist Sun Life Financial - Client Solutions Centre 1 York St, 27th Floor Toronto, ON M5J 0B6 1-877-504-8031 432-7724 pascal.leo@sunlife.com September 05, 2017 Dear John,
More information2013 Approximated Combined Federal & Ontario Income Tax (1,2,3,4, 5) 2012 Approximated Combined Federal & Ontario Income Tax (1,2,3,4, 5)
Estimated combined Federal and personal income tax Taxable Income 2017 2016 2015 2014 2013 2012 2011 (1,2,3,4) 2010 (1,2,3,4) 2009 (1,2,3,4) $20,000 $1,800 $1,800 $1,800 $1,900 $1,900 $1,900 $2,000 $2,000
More informationSummary Plan. de l AiM Succès. pension plan. Multi-employeur. plan de pension. Success. Security. Securité. with. avec
Summary Plan Description Success with Security IAM Multi-employer pension plan plan de pension Multi-employeur de l AiM Succès avec Securité O O january 2017 I.A.M. Multi-Employer Pension Plan (Canada)
More informationRate Reduction Application in Long-Term Care Document List Required for Assessment of Resident Eligibility
Ministry of Health and Long-Term Care Corporate Services Division Rate Reduction Application in Long-Term Care List Required for Assessment of Resident Eligibility Only to be used by Residents Applying
More informationUniversity of Toronto Pension Plan. This booklet provides details of the Pension Plan provisions for Professionals/Managers 6-9.
University of Toronto Pension Plan This booklet provides details of the Pension Plan provisions for Professionals/Managers 6-9. BACKGROUND TO THE PLAN The current Pension Plan for the staff of the University
More informationThinking about the Deffered Retirement Option Program? Read this report first!
Thinking about the Deffered Retirement Option Program? Read this report first! The information provided herein is for general reference purposes only. It is not approved or endorsed by the Florida Retirement
More informationEstate Taxation Made Simple (?) Monica Haven, E.A.
Estate Taxation Made Simple (?) 061403 Monica Haven, E.A. I. Types of Tax A. Estate Tax Assessed on the value of the decedent s estate on the date of death or the alternate valuation date 6 months later
More informationOld Age Security and the Canada Pension Plan
Old Age Security and the Canada Pension Plan A Reference Guide March 2008 A Reference Guide Old Age Security and the Canada Pension Plan This booklet is a reference guide to the Canada Pension Plan and
More informationQuestions to ask yourself when making decisions about your survivor benefits
SURVIVOR BENEFITS INTRODUCTION Your eligible spouse or children may be entitled to survivor benefits to help them maintain financial security after you die. The type and amount of benefit depends on how
More informationWHAT HAPPENS IF I DIE WITHOUT MAKING ANY WILL?
Making a Will WHAT HAPPENS IF I DIE WITHOUT MAKING ANY WILL? If you die without making a Will, the law provides that your spouse is entitled to your entire estate if there are no children. If you leave
More informationTAX, RETIREMENT & ESTATE PLANNING SERVICES. Your Will Planning Workbook
TAX, RETIREMENT & ESTATE PLANNING SERVICES Your Will Planning Workbook Preparing your Will Glossary of terms... 1 Introduction... 2 Your estate... 2 Beneficiaries of your estate Your spouse... 3 Your children...
More informationPrepared for Mr. John Smith, Mrs Jane Smith March 13, 2013
Prepared for Mr. John Smith, Mrs Jane Smith March 13, 2013 Dan Dean, B.Sc., CFP, CLU DAN DEAN Financial 13135 156 Street NW Edmonton(Alberta) T5V 1V2 Telephone:780-487-7903 Fax:780-944-0683 deandanr@gmail.com
More informationMarital Status Single Married Common law Widowed
FINANCIAL PLANNING INFORMATION Date: IA Name: FPS Name: PERSONAL INFORMATION First name Last name Marital Status Single Married Common law Widowed Separated Divorced Date of birth Retirement age Date of
More informationSHEDDING LIGHT ON LIFE INSURANCE
SHEDDING LIGHT ON LIFE INSURANCE A practical guide LEARN MORE ABOUT Safeguarding your loved ones Protecting your future Ensuring your dreams live on Life s brighter under the sun About this guide We ve
More informationRetirement what s your plan?
Retirement what s your plan? Topics covered Lifestyle planning Sources of retirement income Maximizing your retirement income Estate planning Whether you re approaching retirement or already enjoying it,
More informationRequired Minimum Distributions
Required Minimum Distributions Page 1 of 6, see disclaimer on final page Required Minimum Distributions What are required minimum distributions (RMDs)? Required minimum distributions, often referred to
More informationRRSP Contribution Limits Pension Adjustment (PA)... 9 RRSP Contribution Room... 9
Pension Plan for the Eligible Employees at the University of Saskatchewan (Research Pension Plan) Contents Introduction... 2 Eligibility... 2 Enrolling in the Plan... 2 Contributions... 2 Other Contributions...
More informationHow the world s best financial plans are made
How the world s best financial plans are made When you come to Planswell, you answer several questions and then see your plan. What you don t see are the millions of calculations we make in the background
More informationRRSPs and RRIFs on death Frequently Asked Questions
RRSPs and RRIFs on death Frequently Asked Questions W E A L T H T R A N S F E R S T R A T E G Y 8 Most Canadians are familiar with the tax advantages of using registered savings plans to save for their
More informationKnowing how the tax rules affect your
BMO NESBITT BURNS Tax Tips for Investors 2013 Edition Tip 1: Reduce Tax With Income Splitting Under our tax system, the more you earn, the more you pay in income taxes on each incremental dollar earned.
More informationPension Plans. University of Guelph. Pension. University of Guelph. Total Compensation. Base Pay. Group. Benefits. Post Retirement.
University of Guelph Pension Plans Pension Recognition Programs Group Benefits Base Pay University of Guelph Total Compensation Post Retirement Benefits Employee Assistance Program Vacation and Leaves
More informationRetirement Savings Guide
advisory Solutions There is no question about it, saving for retirement should be one of your primary financial planning objectives. After all, with increased life expectancies you could be spending a
More informationHarvest Your Savings
Harvest Your Savings Agenda 1. Your retirement income needs 2. Where will your retirement money come from? 3. Retirement accounts and products 4. Sun Life Financial s retirement services Income at Retirement
More informationUnder current law, a member qualifies for a lifetime monthly pension with the following combinations of age and service credit:
Welcome to SERS As a public school employee, you will be contributing to the School Employees Retirement System (SERS), one of five Ohio public pension funds. With some exceptions, SERS membership is required
More informationGREYHOUND WESTERN EMPLOYEES RETIREMENT INCOME PLAN YOUR PENSION PLAN SUMMARY
GREYHOUND WESTERN EMPLOYEES RETIREMENT INCOME PLAN YOUR PENSION PLAN SUMMARY November 2003 GREYHOUND WESTERN EMPLOYEES RETIREMENT INCOME PLAN PENSION PLAN SUMMARY YOUR RETIREMENT PLAN The Greyhound Western
More informationFILING TAXES THE KEY TO BENEFITS 2018 (based on 2017 income thresholds)
Example #1 - Single parent Two Children ages 2 & 4 Employed part time Annual employment income $15000.00 PLUS Benefits based on tax filing: GST Refundable Credit $ 866.00 ($216.50 paid quarterly) Canada
More informationPage A. PREPARING TO CHOOSE 3 WHAT IS THE DIFFERENCE BETWEEN LOCKED-IN AND
Table of Contents Page A. PREPARING TO CHOOSE 3 WHAT IS THE DIFFERENCE BETWEEN LOCKED-IN AND NON-LOCKED-IN FUNDS? 3 WHAT ARE THE OPTIONS FOR MY LOCKED-IN FUNDS? 4 WHAT ARE THE OPTIONS FOR MY NON-LOCKED-IN
More informationSurvivors. b e n e f i t s g u i d e
Survivors b e n e f i t s g u i d e About this guide This guide explains the WSIB s benefits and services for dependants of workers who have died as a result of a work-related disease or injury. In addition
More informationPersonal Financial Plan
Personal Financial Plan Pete and Carrie Mitchell 918 Richmond Street Toronto, Ontario M5N 1V5 Disclaimer This document has been prepared to assist in the analysis of your current financial position, thereby
More informationPreserving and Transferring IRA Assets
Preserving and Transferring IRA Assets september 2017 The focus on retirement accounts is shifting. Yes, it s still important to make regular contributions to take advantage of tax-deferred growth potential,
More informationPage A. PREPARING TO CHOOSE 3 WHAT IS THE DIFFERENCE BETWEEN LOCKED-IN AND
Table of Contents Page A. PREPARING TO CHOOSE 3 WHAT IS THE DIFFERENCE BETWEEN LOCKED-IN AND NON-LOCKED-IN FUNDS? 3 WHAT ARE THE OPTIONS FOR MY LOCKED-IN FUNDS? 4 WHAT ARE THE OPTIONS FOR MY NON-LOCKED-IN
More informationThe Estate Preserver Plan
The Estate Preserver Plan Wealth Management Goals Manage savings for retirement Minimize taxes Transfer wealth in a fair and equitable manner Who will be the beneficiaries your client s estate? The Estate
More informationPOLICY NUMBER: POL 12
Chapter: CLAIMS Subject: SURVIVOR BENEFITS Effective Date: November 8, 1994 Last Update: January 10, 2019 PURPOSE STATEMENT: The purpose of the policy is to describe the benefits payable to a worker s
More information