The adjusted cost basis (“ACB”) of a life insurance policy is important when a policyholder wants to dispose of all or a portion of his or her policy, or when a corporation receives life insurance proceeds and needs to calculate the resulting credit to its capital dividend account. The definition of ACB in the Income […]
There are many reasons why the owner of a life insurance policy might want to transfer ownership of the contract. As time evolves, the initial ownership of the policy may no longer make sense. The need for a change in ownership could be triggered by an event such as a corporate reorganization, a change in […]
Severe and prolonged health impairment, whether mental or physical, can be debilitating and can seriously affect the individual’s activities of daily iiving. Canada’s income tax system has a specifically designed non-refundable tax credit that provides financial support to severely disabled individuals. In 2011, the federal government’s cost of providing this credit was projected to be […]
Estate planning should involve a thorough review of an individual’s financial, moral and legal obligations to ensure they are entrenched and reflected in the individual’s will and estate plan. The most obvious of these obligations is the provision for the ongoing support of a spouse, minor children and children with special needs. Less obvious obligations […]
Governments use the tax system to give benefits and/or support to certain sectors of the economy. For example, Canadian farmers receive many unique tax benefits. Issues often arise, however, when an individual has more than farming in his or her mix of business activities. Consider, for example, an individual who was raised on a farm […]
Canada’s aging population is heavily reliant on family members and friends for elder care. Statistics Canada tracks this information, and a review of the numbers reveals some fascinating demographic information, including: • Nearly 70% of the care required by seniors, age 65 or older, is provided by a close relative age 45 or older. • […]
Generally speaking, retirement income planning involves saving out of and investing current earned income in order to build a pool of capital that can support lifestyle needs when earned income ceases. Savings can be accumulated in a great variety of programs. There are registered plans such as pension plans or registered retirement savings plans. Under […]
Alternative minimum tax (“AMT”), introduced in 1986, was designed by the Department of Finance to ensure that high-income taxpayers could not structure their affairs to pay little or no tax. The concept behind AMT is to reduce or eliminate certain tax preferences available as part of the general taxable income calculation in a particular year. […]
A “joint tenancy” and a “tenancy in common” are the two primary forms by which two or more individuals can hold title to property in common-law jurisdictions (including all provinces other than Quebec). Registering property in either fashion has certain financial and estate planning implications. Under a joint tenancy, the owners hold the property as […]
Credit is a precious privilege that allows individuals to expand their purchasing power; yet, as an intangible, few think about it on any regular basis. Without credit, purchasers rely completely on cash flow so the ability to accumulate assets is limited to an individual’s ability to save. With credit, the ability to purchase a home […]
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At M.A. Schneider Insurance, we believe the saver deserves to be celebrated.
After all, it’s the saver that is conscientious every day to gradually create wealth for all.
That habit not only creates security for them but for their families and for the community as a whole.
We think they sometimes lose sight of how important they are.
This blog is here to help them. To help inspire them to stay the course and ultimately lead the great lives that they deserve.
1. Insight we gather about what’s going on that may affect the long-term quality of your life…
While there is a lot on the Internet, we know that making the best decisions for your life is often based on knowing just what your options are.
2. We hope that understanding what’s going on will help with perspective on what you can do.
3. New innovation and resources you can seek out.
This blog will offer an insight into the future because whether we like it or not, we’re going there. We’ll do the research to find the innovations that you should know about.
