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Tag: Insurance Planning

How To Use Life Insurance For Retirement

One of the biggest advantages of owning your own company is the ability to deduct business expenses so you are paying those expenses with pre-tax dollars. But what many entrepreneurs don’t realize is that although there are many things that are not deductible, there is still a big advantage if you buy them in your corporation.So instead of buying life insurance with your personal (after-tax) income, you can purchase it through your corporation with (after-tax) income which has been taxed at a much lower…

Life Insurance For Retirement Income | Ocean 6 Wealth Advisory

How To Calculate How Much Life Insurance You Need

Do you ever wonder if you have enough life insurance or if you’re properly covered? If so, you’re not alone. One of the most common questions we are asked by our clients is whether or not they have adequate life insurance coverage. In this article, we’re going to help you answer this question, and provide some guidance on how to calculate how much life insurance you need.  Why you should have life insurance If you’ve never purchased a life insurance…

Calculate Life Insurance Needs | Ocean 6 Wealth Advisory

Creating An Effective Insurance Strategy

Insurance gets a bad rap, but that is often due to a misunderstanding of its overall benefits and not because it isn’t valuable. After all, nobody truly wants insurance, what we want is the significant benefits it can provide. Our newest episode explores the importance of having an effective insurance strategy as a valuable piece of your financial plan. We discuss the purpose of insurance and why you might need it, how to best structure your insurance using your corporation…

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Why You Should Avoid A Retirement Savings Plan

One of the things we often see with incorporated professionals and entrepreneurs is that they’re utilizing their RSP (Retirement Savings Plan) as their number one vehicle for retirement savings. For most entrepreneurs, this isn’t the most tax-efficient way to save for retirement. With an RSP, what you’re essentially doing is going into business with the government, and you have no idea how much of your business they are going to take on the back end. An RSP is a vehicle…

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Purchasing Insurance Through Your Corporation

One of the things we help entrepreneurs with when looking at their financial plan is how they can effectively structure their insurance strategy. The biggest challenge with owning insurance personally is that you’re paying for it with dollars that have been taxed at a significantly higher rate. If you have a corporation, you definitely want to own your insurance inside of your corporate structure. You’re paying tax on earnings inside the corporation at 13.5%, which gives you a significantly higher…

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