Gurj Kailey- Financial Advisor

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Gurj Kailey- Financial Advisor

We will work with you to develop a strategic plan to achieve your financial goals over time. Our focus is on meeting our clients' needs before they need help.

03/21/2023

👶🏼🏦📈 Thinking about your child's financial future? Invest in The Million Dollar Baby Plan! Here are some highlights:

👉 A long-term savings and wealth-building plan for your child
👉 Aligns with financial milestones, like going to school or starting a business
👉 Builds a special type of insurance policy as a forever asset
👉 Can grow to give your child about a million dollars at retirement age
👉 You have total control over the policy

Investing in your child's future has never been easier!

03/11/2023

👉 Passive income is the income earned without any material involvement of the earner. Earlier this year, the federal government announced new rules regarding passive income tax for Canadian Controlled Private Corporations (CCPC’s) that had a significant impact on business owners, entrepreneurs and incorporated professionals.

👉 New Passive Income Tax Rules: As of 2019, CCPC’s with more than $50,000 of annual passive income will now lose all or part of their Small Business Deduction and get taxed highly for every dollar of excess passive income.

👉 Passive Income Tax Strategies:

💰 Individual Pension Plans (IPPs): Depositing significant corporate funds for the shareholders' benefit, IPPs can save business owners significantly more than under current RRSP rules.

🏥 Shared Ownership Critical Illness Insurance: Provides important protection for the business owner, their families, and their business, and delivers a substantial guaranteed return on investment.

🏦 Corporate-Owned Life Insurance (COLI): Business owners can accumulate and access wealth that gets passed to their family tax-free.

💰 Retained Earnings: Business owners can use this strategy to invest in their business, pay off debts, and plan for the future.

👉 In conclusion, new passive income tax rules for Canadian Controlled Private Corporations (CCPC’s) have had a significant impact on business owners, entrepreneurs and incorporated professionals. Business owners can use various passive income tax strategies to keep more income for themselves.

03/08/2023

Happy Birthday to my beautiful wife! I am so grateful for the love and happiness you bring to my life.🎉🥳

01/16/2023

🤔Wondering how much life insurance you need? 💰It depends on your individual circumstances and financial goals! 💼Consider factors such as:

💵Your current income- our income is the primary source of financial support for your family, so it's important to consider how much income they would need to maintain their current lifestyle without you.

💳Debts and expenses- It's important to consider any debts and expenses that would need to be paid off in the event of your death, such as a mortgage, credit card debt, car loans, and other bills.

🎓Future expenses (such as education for children)- It's also important to consider any future expenses that would need to be covered, such as your children's education or retirement savings.

💐Final expenses (funeral costs)- You should also consider the final expenses, such as funeral and burial costs, that would need to be covered in the event of your death.

📈A general rule of thumb is to have enough life insurance to cover at least 10 to 12 times your annual income. But that is not always the case. Message me if you have any questions or for personalized advice! 💬

01/16/2023

What happens if something bad happens to you and you don't die, but you can't work and make money anymore because of an accident or an illness? That's where disability insurance comes in.

💰Life insurance: pays a lump sum of money to your chosen beneficiary if you die.

🤕Disability insurance: pays out if you can't work because of an injury or illness.

🔑Life insurance vs disability insurance: two different types of insurance that cover different things.

🛡️Riders: Additional options that can be added to life insurance policies but not as comprehensive as having a separate disability insurance policy.

💬Speak to a specialist: to understand what kinds of coverage you have or need.

📅Be prepared: for the future, and disability insurance is one way to make sure you and your family will be taken care of.

01/15/2023

Term life insurance is like a promise from an insurance company that if something happens to you and you die, the company will give a big chunk of money to your beneficiary

Usually this promise works for most things that can happen, like if you get sick, or if something bad happens like an accident.

But there are some things that the company won't cover.

Like if you die because you did something illegal, or if you lied on your application when you got the insurance, insurance company won't give the money to your beneficiary.

It's important to know that insurance companies have these rules and it's important to understand them before getting an insurance policy.

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01/14/2023

Emergencies are a part of life and they can be really stressful and hard to deal with, especially if we don't have enough money saved up.

That's where an emergency fund comes in

💸Emergency fund: a special savings account set up just for unexpected expenses.

🤒Emergencies: unpredictable events in life like medical emergencies or losing job.

💰3-6 months of income: A good rule of thumb for how much should be saved in an emergency fund.

💪Start saving: as soon as possible, so you have a safety net when unexpected expenses occur.

🔑Avoid debt: by having an emergency fund, you can avoid going into debt to pay for unexpected expenses.

💼Next step: Once you have an emergency fund, you can move on to the next stages of building wealth.

01/14/2023

A term life insurance policy can cover any expense or lost income that disappears when an insured individual dies.

For example, the death benefit from term life insurance coverage can pay mortgage payments, outstanding loans and credit card debt, children’s education costs, income replacement, cost of living expenses for dependents, and funeral costs and expenses.

The lump-sum payment from a death benefit can be used however the beneficiary chooses to help them grieve or retain their quality of life after the loss of your income.

01/13/2023

Not understanding how money works can be really hard. It can make it harder to get the things you want and make it hard to have freedom to make choices.

But there's good news- you don't have to be rich to think like rich people. All you need is knowledge!

Financial literacy helps us understand how to use money in a good way.

Without it, the choices we make about money might not be good ones.

That's why it's important for everyone to learn about financial literacy in school and at home.

With this knowledge, we can make better choices and have a better future!

01/13/2023

A term life insurance is a contract between you and an insurance company.

The company agrees to pay a lump sum of money to a chosen person if you die during the term of the policy.

The company uses statistics and calculations to determine how much you need to pay monthly or annually (Premiums)

The chosen person to receive the money is called a beneficiary and can be anyone you choose.

Some policies require medical exam but some don't

Term policies don't have cash value or savings component which makes it less expensive than other types of insurance policies

01/12/2023

Saving money is a wise decision and the earlier you start, the more your money will grow over time.

Banks offer various accounts that pay little to no interest on the money you save.

It's important to know that while some banks may offer low interest rates, there are also special accounts that offer higher interest rates.

The key is to do your research and find the right account for your savings goals.

By taking advantage of compound interest and higher interest rates, you can grow your money and achieve financial stability like many wealthy people do.

Don't wait, start saving now and watch your money grow.

Please reach out to me if you want to know more about these special accounts

Address

#206/5550 152 Street
Surrey, BC
V3S5J9

Telephone

+16049616827

Website

https://www.ifreedomfinancial.ca/

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