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By

Philip Setter
Before we can even begin to dive into any strategies involving permanent life insurance, I need to explain the basics of permanent life insurance as well as how corporate life insurance works. Okay, let’s break into it. There are two major types of permanent life insurance: Universal Life InsuranceWhole Life Insurance Both have MANY misconceptions around them...
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A unique and interesting insurance strategy that has been gaining a lot of popularity lately is a jointly owned critical illness policy, also known as a shared ownership critical illness policy. Firstly, let me explain the mechanisms of a critical illness policy and the various components that go into making this strategy, and then I...
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In another post I explained how Universal Life insurance works, in this post I’ll be going over how whole life insurance works. Whole life is a much simpler form of permanent life insurance that has been around much longer than universal life. Just because it’s been around for longer doesn’t necessarily mean that’s it’s a better product;...
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Now that you are an expert in the world of insurance and permanent life policies, I’m going to throw a couple advanced concepts at you. I’m going to first discuss the problem that this concept addresses and then you will see how insurance can be effectively used to solve it. Most successful business owners retain...
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Okay, if you thought back end leveraging was complicated than this next concept might actually melt your brain. I was thoroughly dumbfounded by this for at least 3 months until I finally wrapped my head around it. Once I fully understood the power of this strategy it literally blew me away. In the last email...
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The last insurance piece that I’ll speak about briefly in this post is a health spending account. While technically not insurance – it makes sense to talk about it in this series of posts. Business owners are always trying to find ways to write off as many expenses within their corporation as possible. Medical expenses...
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In the recent 2018 Federal Budget, the finance minister introduced new legislation that affects business owners that have passive assets within their corporation and associated corporations. Before we dive into the mechanics of how this grind down works, we need to first review what the Small Business Deduction (SBD) is and how corporate taxes work....
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In a previous post I briefly described the difference between non-eligible dividends and eligible dividends. This is an important topic to understand fully before we discuss the new legislation that is affecting access to the small business deduction (SBD). There are essentially two types of income that a corporation can earn: Active income from the active...
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So, you’ve built up a decently sizable company and have started to accumulate some assets and cash within it. You might own buildings, vehicles, tools or other assets in your company. One of the most important things a business owner should think about is protecting and preserving what they’ve built. Entrepreneurs usually don’t have a...
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I’m not going to spend a ton of time going over every single piece of documentation, clauses and agreements that you should have in your business, however I am going to spend a few paragraphs on what I believe to be the important one. On the business side every corporation should have up to date...
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