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Q&A

  • I own my own business. How can insurance products be used effectively to defer taxes on retained earnings in my company and to transfer those assets in the most tax effective way to my family?

    As a business owner, CRA allows opportunity to accumulate cash inside insurance policies on a tax-deferred basis. These opportunities work best if there is a need for life insurance coverage for you, your partners or your family. If the policies have been structured properly, upon a shareholder’s death, the proceeds from the policy and potentially most of the cash that grows inside the policy will come out to your beneficiaries tax free. There are other details that should be addressed when looking to use life insurance as a tax deferred vehicle inside your company. For example, we prefer to see these type of cash value policies held within a holding company, versus the operating company, as they can cause the business owner of a privately held Canadian corporation to lose their lifetime capital gains exemption. There are other options on how to hold the ownership, which should be discussed with your advisor, lawyer and accountant.

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  • As a business owner, I get calls all the time from people trying to sell me a ‘cheaper’ employee benefits package. A colleague recommended I call you. Why should I choose you guys?

    Usually when we hear a client or colleague has recommended us it is because they have experienced the Apri team in action. Usually, an employee or family member has had a critical event, they needed help with a medical situation, an insurer has not paid a claim or they need a referral for a family member. We at Apri want to make sure the underlying promise of the contract is delivered to our clients. Just last week one of Apri's Consultants received a phone call about a small death claim. The family did not know what to do, Apri had not sold the insurance to the client and we are still not sure why they called us. Not only did the Apri Consultant help them with the first policy but, the Consultant uncovered other policies that the family should be claiming and helped the family do all the paperwork on them. She then dealt with the insurance companies directly and delivered the cheques to the client who was about an hour’s drive in each direction. When the Consultant returned to the office and told the story of how she was able to help this family in need, she went on to tell her team members that in her previous places of work she would not have been allowed to do this as there was no compensation being earned by the company. She went on to say "At Apri, I know they want me to do what is best for Canadian families and I love to be a part of a company with a higher calling." At Apri, it is not just about the coverage, it is about trying to return our clients, their employees and their families back to as close to normal as possible when a significant event happens. Our corporate tagline, ‘Living As Planned’ extends beyond the financial help that insurance helps achieve. It also extends to where clients, employees and their families can find help with their particular issues. At Apri, we pride ourselves as being a resource our clients can count on.

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  • We’ve just had our first child. What should I be thinking about?

    A. There are a few decisions that families start to think about when the first child comes on the scene. The main thing most families forget is getting their wills updated as soon as possible. A lot of young families travel together and a single accident can cause significant issues if a family member was to die without a will. Consider: who will be the guardian of the children, how should the assets be used for their future, when do they get access to those assets, etc.? B. From an insurance perspective some of the questions that need to be answered are:

    • a) Will both parents continue to work?
    • b) If either were to die, would the other parent need any income top-up to keep the family in the same lifestyle? If so, how much?
    • c) If either of the parents was to become disabled, is there enough income coming in if they cannot work any longer? If not, how much of a top-up would they need?
    • d) Is there a need for childcare if there was only one surviving parent?

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  • I’m an employee at a company that has an Apri company insurance plan. I’m not sure if I’m getting enough coverage. What else do I need to know to make sure I’ve got enough?

    This is a great question with a lot behind it. The best way to determine if you and your family are covered properly is to speak to one of our Education Consultants that Apri makes available to all employees with benefits. This service is to help you to determine whether you have enough coverage and whether it has been set up properly according to your wishes. If it turns out there is an insurance need (which is determined by a detailed Needs Analysis), the Education Consultant will give you a recommendation along with the best solution, according to your needs and budget. If you decide to move forward with the coverage, the Education Consultant will be able to help apply for the insurance coverage for you. The biggest concern for most people is they do not want to talk to a salesperson, and if they do, would they be recommending the right coverage? Our Education Consultants are on salary. Their jobs are not to sell, but to give the best advice for you and your family. They are able to educate and help. If you decide you want to take the information the Education Consultant gives you to another company or broker, for whatever reason, we are fine with that. We are happy in knowing that you are taking care of you and your family.

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