Corporate Services
Comprehensive products to protect you and your family.
Whether you are buying a new home, having your first child, protecting your income against a disabling illness, planning for the continuation of a business, or preventing the unnecessary taxation of your estate, everyone needs some insurance. We recognize that every client is unique and has different objectives. We will be pleased to assist you in evaluating your insurance requirements and to help you in determining which products may be most appropriate. As brokers, we represent most insurance companies and are therefore able to make objective recommendations that always put the client's needs first.
Partnership or Buy-Sell Insurance
When using life insurance with a buy-sell agreement, either the company or the individual co-owners buy life insurance policies on the lives of each co-owner (but not on themselves). If you were to die, the policy owners (the company or co-owners) receive the death benefits from the policies on your life. That money is paid to your surviving family members as payment for your interest in the business. If all goes well, your family gets a sum of cash they can use to help sustain them after your death, and the company has ensured its continuity.
Key-Person Insurance
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When a business loses a key person, several things can happen. First and foremost, the business is disrupted as the owners try to assess what has happened and develop a plan of action. This disruption usually causes a drop in sales as the business focus is diffused. As well, sales that have already been made may not be deliverable or may be questionable, causing clients to go elsewhere. Creditors may become concerned and force the company to liquidate assets to pay back loans or, possibly, put it into receivership. Finally, even if the business is able to survive all these factors, it still must replace the skills that were lost, if possible.
Individual Pension Plan (IPP)
An Individual Pension Plan (IPP) provides the platform for individuals to maximize the accumulation of registered retirement assets and employers to take advantage of substantial corporate deductions. Our executive pension experts have helped thousands of employers, business owners, incorporated professionals, and key executives prepare for a successful retirement. Read More
Corporate Retirement Solutions
Federal Tax changes (effective January 1, 2019) to the taxation of passive income earned by a "Canadian controlled private corporation" in excess of $50,000 per year, will reduce or eliminate your small business income deduction.
Utilizing permanent Life insurance in your corporation, may be a very effective vehicle to supplement your personal retirement. Read More
Private Health Services Plan (PHSP)
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In essence, a PHSP allows employees to have their medical expenses reimbursed on a tax-free basis while enabling the business – either a proprietorship or a corporation – to have a full deduction for the reimbursed expenses. Effectively you have transferred an out-of-pocket and after-tax expense into a business deduction. Read More
Deferred Profit Sharing Plans (DPSP)
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A Deferred Profit Sharing Plan (DPSP) is an arrangement similar to a Defined Contribution Pension Plan (DCPP) whereby an employer distributes a portion of pre-tax profits to selected employees. The pension amount is not known in advance and is determined by the amount of contributions, investment returns and annuity and interest rates at the plan member's retirement. Read More
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Pension Plans
(Money Purchase Pension Plans)
Under a Defined Contribution Pension Plan (also called a "Money Purchase" Pension Plan), the contributions of plan members and plan sponsors are invested towards the funding of a retirement income. The maximum combined contribution is the lesser of 18% of earned income to the maximum contribution limit. Typically, the contribution going into the plan is known, while the final benefit is not known. The employer's contributions are a tax deductible expense and are not a taxable benefit to the plan member. Read More
Group Retirement Savings Plan (RRSPs)
A group Registered Retirement Savings Plan (RRSP) is an employer-sponsored retirement savings plan, similar to an individual RRSP, but administered on a group basis by the employer. Contributions are made by payroll deduction , on a pre-tax basis, through a Group RRSP administrator. Employee contributions are often matched by the employer (typically to a maximum of 3-5% of earnings). However, contributions by the employer are not mandatory. Contributions by the employer are taxable as income to the employee. Read More