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I Started Chemo Treatment Today

I debated about writing about this on our company blog. After much thought I concluded that there was important insurance related information that I could pass on to recently diagnosed cancer patients, patients under treatment and cancer survivors.

Divorcing Couples Insurance Needs; Life Insurance, Disability Insurance, Group Insurance

In today's world, it's a fact that about 60% of marriages end in divorce. Many divorcing couples have financial responsibilities to each other for various reasons. Life insurance and disability insurance should be put in place and maintained in order to meet those financial responsibilities.

I want to review what would happen financially and how to protect the survivors, in the event of a premature death, or a living death.

Are Your Group Benefits Taxable?

Short answer is "it depends". If a company is paying the cost of an employee's benefit package, the cost of those benefits is a "taxable benefit" and the cost of those benefits is added to the employee's current years income.

The question then becomes, "Are the benefits you or your beneficiary receive taxable?". For the most part no. That, of course, is one of the advantages of group insurance; the benefits are "tax free". There is, however, one exception.

Taking Advantage of Life Insurance Fair Market Valuations and Professional Corporations

For years, CRA would not allow professionals like doctors, dentists, etc, utilise personal service corporations, or "professional corporations". Most professionals addressed their life insurance requirements by owning the policies personally and having named beneficiaries, usually spouses.

The 4 D's of Business Agreements

One of the more common forms of business structure is the partnership. Whether it is a simple partnership with 2 or more persons working together, or one of a Limited Company with share strucuture and 2 or more shareholders, when there is more than one party in business it is then some type of "partnership" structure.

Tax Deductibility of Medical Expenses in Canada has Changed

With the last budget, CRA has declared that "cosmetic" medical procedures will no longer qualify as a medical expense on personal Canadian tax returns. Procedures such as hair transplants, botox injections, teeth whitening etc, will no longer be deductible as qualified medical expenses. These procedures are considered "cosmetic" unless they are for reconstructive purposes due to accident or disfigurement of some kind.

New Travel Insurance Requirements for Canadian Visitors to Cuba

The Cuban government has advised Canada that effective May 1, 2010, all Canadian visitors, upon entry to Cuba, will be required to prove that they carry addequate medical insurance. This insurance must cover the visitor for the duration of the trip and must be from an insurer of their resident country. Failing to provide proof, will require the visitor to purchase the necessary coverage from a Cuban insurer.

Straight Talk about a Crooked Business?

Insurance. Yikes? Put on any TV station today and all we hear about are those big bad insurance companies in the US that are making too much money and denying coverage to people. Health insurance is big news right now. It seems all "insurance" gets lumped into the same bowl. I have been kicking around the life insurance business for over 25 years now and I can safely say, "it's not a crooked business".

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