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Protect Your RRSP from Revenue Canada
How Can You Protect Your Savings? RRSPs are widely acknowledged to be one of the best tax-deferral vehicles available to Canadians. Unfortunately if you are like most people, once you’ve contributed to your RRSP, you do very little follow-up planning. For example, if you were to pass away prematurely, what would happen to your RRSP? While RRSPs can be transferred to your surviving spouse tax-free upon your death, the proceeds are fully taxable when your spouse dies. Wouldn’t it be a shame if you spent a lifetime building up your savings, only to lose up to half of the value to taxes? You can protect your savings using a concept I call the “RRSP Conserver”. The RRSP Conserver is a way of using a Universal Life plan to pay the taxes so that the full value of your RRSPs can go to your loved ones - not Ottawa. An Immediate 50% drop in Value The Canada Customs and Revenue Agency considers RRSP/RRIF transfers at death to be a single lump some income payment, generally resulting in tax payable at the highest marginal rate. This tax treatment can erase half of the value of your savings. Instead, by using a Universal Life plan to protect your savings, the death benefit can easily cover the amount of tax payable. The cost of this insurance protection is a fraction of what would otherwise be lost in taxes.  Take
advantage of the flexibility of Universal Life to help
you protect your savings. For more information on the
RRSP Conserver, give us a call at
1-877-628-5762.
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Copyright (c) 2007. GetCoverd.ca. All rights reserved.
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Manulife Securities incorporated is a member cipf.
in any jurisdiction, in which manulife securities or its advisors are not appropriately licenced or registered or
where any product or service is not eligible for sale. details are available on request.
This website is not meant to provide legal or account advice. As each situation is different you should consult your own
professional advisor for advice based on your specific circumstances.
Manulife Securities and the block design are registered service marks and trade marks of
The Manufacturers Life Insurance Company and are used by its affiliates including Manulife Securities Incorporated.
Manulife Securities incorporated is a member cipf.