Harjot Dhindsa

09/02/2021

Small business owners could take advantages on tax treatment through their corporate policy. More information call us

08/28/2021

Your one stop shop for all insurance needs

08/23/2021

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Insurance Broker in Edmonton

08/19/2021

Who should invest in a RRSP?

Canadians under 71 years of age who earns employment income and wants to save for retirement by reducing their tax bill
Great for long-term retirement goals and generating ongoing income in your later years
Best suited for medium to high income earners
Reasons why you should invest in an RRSP:

Tax-deductible contributions

Claim your RSP contributions as a deduction on your tax return
Can carry forward deduction from contribution to future years when income might be higher

Tax-free growth

Won’t have to pay any taxes on investment gains as long as it remains in the RSP
Allows retirement savings to grow faster

Generate retirement income for stability

When you’re ready to retire, you can convert your RSP to a RRIF or annuity to receive regular payments
Income from the RRIF will be taxable but in your later ages, you will potentially be in a lower tax bracket and pay less tax

Spousal RSP benefits

Split income in the household by contributing into spousal RSP
Retirement income can be split more equally between you and your spouse, generating a reduced amount of tax that higher income earner pays

Government withdrawal benefits

Make withdrawals without paying any tax if you pay the money back within the specified time periods for:
Home Buyers Plan – withdraw from your RSP to contribute towards your first home purchase
Lifelong Learning Plan – withdraw from your RSP to contribute towards education costs

08/19/2021

Who should invest in a TFSA?

Canadians who have reached the age of majority
Great for short term, medium-term, and long-term savings
Best suited for low to medium-income earners or as a complement to an RRSP
Benefits include:

Earn investment income, tax-free

Interest, capital gains, dividends you earn in the account are not subject to tax

Flexibility to withdraw from TFSA

Withdrawals are tax-free and can be at any time, for any purpose that you choose

Flexible savings plan

Any unused contribution room in TFSA can be carried forward
Any withdrawals from a TFSA in one year, can be recontributed in the next calendar year

Government benefits stay the same

Withdrawing from a TFSA and receiving any amount will not affect the government benefits you get (ex. Child tax benefit, GIS, etc.)

08/18/2021

Segregated Funds:
Investing with peace of mind

Segregated Funds allow you to invest your money and help grow your wealth but also gives you peace of mind knowing that you have protection against uncertainty.

Unlike other investment options, segregated funds give you features that aren’t found in the typical investments (ex. Mutual funds, stocks and GICS):

Guarantees on your principal – money you invest is guaranteed up to 75% or 100% upon maturity and death
Reset Options – lets you lock-in market gains that can increase the amount payable upon maturity or death
Bypass probate – death benefits paid directly to named beneficiary instead of your estate ensures privacy and helps avoid the lengthy and costly process of going through probate
Potential creditor protection – by designating a qualified beneficiary, investments may be exempt from creditors in the event of bankruptcy or litigation

08/18/2021

A tax-free permanent insurance policy can make sure your financial legacy extends all the way to your grandchildren.

Have you considered a generational wealth transfer using permanent life insurance? You can take out an insurance policy on your adult children and investment growth in these plans is not subject to annual taxation, increasing your overall wealth. As the owner of the plan, you control money growing inside and can access it during your lifetime if needed.

08/18/2021

Did you know?

With this product, you get a cheque from the insurance company for every premium dollar you paid over the life of the contract. There is no other insurance product that allows you to receive all your premiums back if you don’t use it.

08/18/2021

Mortgage insurance VS Individual insurance
When taking out a mortgage with a lending institution you should cover off that debt with an insurance policy. Not all coverage options are created equal. Let’s look at the highlights of the two options available to you.

Control
Individually Owned
Term Life Insurance
You own the coverage and choose who receives the death benefit

Mortgage Insurance
from lender
Lender owns the policy and they are the beneficiary

Guaranteed Premiums
Individually Owned
Term Life Insurance
Your rates are guaranteed for the life of the policy

Mortgage Insurance
from lender
Mortgage insurance rates are not guaranteed and can increase

Portability
Individually Owned
Term Life Insurance
Coverage remains intact if you switch lenders

Mortgage Insurance
from lender
You need to reapply for coverage if you move lenders

Level Coverage Amount
Individually Owned
Term Life Insurance
Coverage amount stays the same even as your mortgage decreases

Mortgage Insurance
from lender
Coverage declines as your mortgage is paid off. Premiums stay the same

Comfort
Individually Owned
Term Life Insurance
Underwritten at the time of application.
No surprises at the time of claim

Mortgage Insurance
from lender
Underwritten at the time of death

08/18/2021

Why Disability
Your ability to earn an income is your most important asset.
This chart illustrates your total earning potential until age 65 based on your annual income and current age. When illustrated this way, you can grasp the significance of how valuable you are.

Your Earning Potential by age 65:
Annual Income At Age 25 At Age 35 At Age 45
$35,000 $2,359,089 $1,536,595 $894,063
$50,000 $3,370,128 $2,195,135 $1,277,233
$65,000 $4,381,166 $2,853,676 $1,660,403
$90,000 $6,066,230 $3,951,243 $2,299,019
$120,000 $8,088,306 $5,268,324 $3,065,359
$150,000 $10,110,383 $6,585,405 $3,831,699
Assumes an annual increase of 2.5%

08/18/2021

Travel Insurance Products that I can offer include:

COVID-19 Coverage
Out of Country Travel
Visitors to Canada Insurance
Student coverage: both in and outside Canada
Trip Cancellation and Interruption Insurance