Life Insurance Canada News:

News from 2009

BMO buys AIG Life of Canada: What does it mean for existing AIG life insurance policy holders?

I've sold a lot of AIG Life of Canada policies to my friends and clients over the last three plus years. They are great policies from a historic giant of the insurance industry. But I have to say that I was pretty shocked when AIG's parent company in the US needed to be bailed out in September 2008. The risks to policyholders are minimal as I wrote to you then as AIG policies are covered byAssuris which means the greater of $200,000 or 85% of policies face value is guaranteed by ...
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savings

Tax Free Savings Account

Starting in 2009 Canadians age 18 and older with a valid Social Insurance Number can save up to $5000.00 a year TAX FREE in the new Tax Free Savings Account (TFSA). It is important to understand that contributions to the TFSA are not tax deductible for income tax purposes but interest and dividend income as well as capital gains earned inside the TFSA will not be taxed, even when withdrawn. The money can be withdrawn at any time for any purpose. It should be noted that certain investment ...
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