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IMMEDIATE FINANCING ARRANGEMENT (IFA)

FOR CANADIAN CORPORATIONS

An IFA is a practice whereby you take out a premium life insurance policy that has a cash building component, such as an exempt whole or universal life insurance policy, and then directly use the policy as collateral to obtain a loan.


How the IFA works to help you get more tax deductions?

IS ‘PERMANENT LIFE INSURANCE’ A NEED OR A WANT?

Most Canadians are confused about choosing life insurance that caters to their needs. You must be fed up with many advisors, agents, brokers pitching a rosy life insurance product.

6 Reasons Why Retirement Planning

Should Be Your Priority

Retirement management has several benefits that range from both personal and psychological

to financial. Here are several advantages and common reasons for effectively planning your

retirement. As popular saying


“If you fail to plan, you are planning to fail!”

Important financial decisions that

everyone should make

Some timely decisions that we make have a great impact on our life either immediately or for the years that are yet to come. Taking a right financial decision is the best example of making a timely decision.

How to prepare yourself to face life- threatening situations and make the right financial decisions?

Each one of us begins a new day praying to God for the future of our family and ourselves. We step out of our home for work or any reason without knowing what is going to happen. Many personal unexpected situations might affect your family at large.

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6 Reasons Why Retirement Planning Should Be Your Priority

May 12, 20234 min read

Retirement management has several benefits that range from both personal and psychological

to financial. Here are several advantages and common reasons for effectively planning your

retirement. As popular saying

“If you fail to plan, you are planning to fail!”

Benjamin Franklin

1. It gives you peace of mind

The first and most crucial benefit of retirement planning is peace of mind. Having a written plan for your 20 or more years of long Holidays are essential. When you have the written plan with the milestones to compare with what you have achieved then you can see the progress towards your desired goal. It's just like having a road map before your journey. Planning before your retirement not only reduces the stress of running out of savings during retirement due to a shortfall in achieving the target or market downturns. but it is also a sign of relief for the years to come as you know exactly the amount and source of income for every stage of retirement. The

lack of planning can leave you uncertain about it, and this can unnecessarily cause increased stress.

2. Appraise pre-retirement discussion

If you take time and plan your retirement early with a knowledgeable advisor, you will be able to make more effective financial and career-related decisions before your retirement. Whether it is safe to stay at the current job or you need a side hustle ? Will you have monetary assurance for your mid, late-career degree, license or other credentials to increase cash flow? The retirement planning for a person with fifteen years to retirement will vary compared to a person with only five years to retirement, having a planner keeps you on the track.

3. Sailing with the same wavelength

One of the key benefits of early retirement planning is that you will be able to relate your plans with other relevant parties and make sure it goes well. It is not too early to decide when you and your spouse are sailing on the same wavelength concerning lifestyle desires and spending after retirements. However, your spouse may not be your only family member; you need to discuss your retirement plans.

Most of your retirement plans are affected when you desire to meet other objectives like assisting your elder child in starting or developing their business. As all these goals jeopardize your retirement to a great extent, you should plan your retirement beforehand to be benefited from it.

4. Cost Saving

With appropriate planning, you can reduce the cost and make what you assume to be the expense a best saving plan of your life. Many insurance policies with tax advantages can be acquired at a lower premium when you are younger and healthier and accumulate the safe compounding growth rather than waiting till your retirement and pay 100% tax on the growth and principal. This may result in little or no tax on retirement withdrawal and assure a source of

income as long as you live. Most of us want to settle in a dream geographical location after retirement, and we would examine available options other than buying at the time of retirement. There are several factors that financial planning can sort out for you to be beneficial after retirement.

● Is it financially sensible to acquire your desired retirement property in advance or rent it

out till retirement?

● What is the time required for you to build a new property before retirement?

Early retirement planning will help you meet your goals at the least cost.

5. Tax Benefits

Retirement planning has several benefits when it comes to tax it is true when it comes to taxation “The less you know the more you pay” . Planning will help you reduce the income tax amount that you will pay after your retirement. It will make sure your beneficiaries to retirement and other accounts related to you pay the right amount of Tax. Tax diversification is the key area most people overlook during their lives, especially when planning for retirement. This involves splitting the money and establishing them in different accounts that are tax-free, taxable and tax-deferred. Depending on your future conditions, you will be able to withdraw

income from different accounts during retirement strategically to keep more of the growth that you make during the saving phase.

Suppose you are a retirement saver with only a tax-deferred account in RRSP. In that case, you will have to pay more in tax when compared to a TFSA and Non-Registered regular taxable funds for the same deposit and withdrawal amount. The earlier you plan for your retirement, the more beneficial it is. This will help you establish and grow your funds in all possible ways. Maximizing the RRSP also potentially reduces the non-contributory Grants for retirement. Consulting with an expert retirement planner helps you stay on the course and take advantage of little known strategies that allow you to keep more for yourself.

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Kanwaljit (Sunny) Kochar

Over 30 years of experience in various industries helping people grow with time. As a Personal Financial Coach, my self and my team work with Canadians to build their wealth 3X faster, so they can not only get out of debt, but also achieve total financial freedom, retire early (and wealthy,) and do so without strict budgeting, so they can still take vacations, treat their kids, and enjoy quality time together as a family. CEO & Founder of Team Hexavision

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IMMEDIATE FINANCING ARRANGEMENT (IFA)

FOR CANADIAN CORPORATIONS

An IFA is a practice whereby you take out a premium life insurance policy that has a cash building component, such as an exempt whole or universal life insurance policy, and then directly use the policy as collateral to obtain a loan. In this way, you gain the full benefit from the insurance policy, yet you are still able to use your money to build your business or to invest in other income-generating avenues.


How the IFA works to help you get more tax deductions?

IS ‘PERMANENT LIFE INSURANCE’ A NEED OR A WANT?

Most Canadians are confused about choosing life insurance that caters to their needs. You must be fed up with many advisors, agents, brokers pitching a rosy life insurance product.

6 Reasons Why Retirement Planning Should Be Your Priority

Retirement management has several benefits that range from both personal and psychological to financial. Here are several advantages and common reasons for effectively planning your retirement. As popular saying


“If you fail to plan, you are planning to fail!”

Important financial decisions that

everyone should make

Some timely decisions that we make have a great impact on our life either immediately or for the years that are yet to come. Taking a right financial decision is the best example of making a timely decision.

How to prepare yourself to face life- threatening situations and make the right financial decisions?

Each one of us begins a new day praying to God for the future of our family and ourselves. We step out of our home for work or any reason without knowing what is going to happen. Many personal unexpected situations might affect your family at large.

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License #s: FSCO LIC#17161321 (ON), AIC LIC # M-3493167-1763384-2020 (AL), BC LIC#LIC-2020-0022136-R01 (BC). Insurance and segregated funds providdes by Carte Risk Management Inc.

@ 2024 Hexavision Enterprise| Terms And Condition| Privacy Policy | Advisor Disclosure

© 2024 Hexavision Enterprise. All rights reserved

Our Service Area

Ontario Quebec

Alberta New Brunswick

British Columbia Saskatchewan

Working Hours

🟢 Monday to Friday : 9:30 - 6:30 EST

🔴 Saturday and Sunday : Closed

Join Our Blogs

Hexavision Enterprise and Kanwaljit (Sunny) Kochar is licensed to sell Segregated Funds investments, Life and A&S Insurance products in Ontario, Alberta, QC, NB, SK and British Columbia. Not available in other provinces. License #s: FSCO LIC#17161321 (ON), AIC LIC # M-3493167-1763384-2020 (AL), BC LIC#LIC-2020-0022136-R01 (BC), AMF LIC# 2023-CI-1016414(QC), LIC # 087345 (SK), FCSC LIC# 220039066 (NB) Insurance and segregated funds providdes by Carte Risk Management Inc.

@ 2024 Hexavision Enterprise| Terms And Condition| Privacy Policy | Advisor Disclosure

© 2024 Hexavision Enterprise. All rights reserved