100. Taxation of Policy Loans In Canada – Infinite Banking Concept

February 01, 2022 00:52:16
100. Taxation of Policy Loans In Canada – Infinite Banking Concept
Wealth On Main Street
100. Taxation of Policy Loans In Canada – Infinite Banking Concept

Feb 01 2022 | 00:52:16

/

Hosted By

Richard Canfield Jayson Lowe

Show Notes

EPISODE 100! Today is a milestone for all of us at Wealth Without Bay Street and Ascendant Financial. 100 podcast episodes released of the Wealth Without  Bay Street. Thank you to all of our listeners who have journeyed with us and we hope that you have gotten value from our show as you walk on the path of Becoming Your Own Banker.

In this episode, we talk about the taxation of policy loans in Canada. It is important to know your whole life insurance policy and how you can have a guaranteed loan provision through your policy. Learn about the Adjusted Cost Basis of your policies and the Net Cost of Pure Insurance, which can cause problems for you down the road.

IN THIS EPISODE, YOU WILL LEARN:

0:00 Introduction

1:38 Knowing Your Policy

3:07 Adjusted Cost Basis

6:44 What is NCPI

11:41 Relationship Between NCPI and ACB

14:50 Forfeiting the Policy

16:33 Withdrawing the Policy

18:18 Materializing Death Benefits

21:06 Collateral for Loans

25:29 Do Not Do Business With Banks

31:41 Dynamic Capital Adequacy Testing

38:08 More About Policy Loans

Get The FREE special report 7 Simple Steps to Becoming Your Own Banker –  http://7steps.ca/

Other Episodes

Episode

March 16, 2021 00:36:19
Episode Cover

54. Stage 4 Cancer Survivor To Infinite Banker – Stephen Wenzel -Client Series

CLIENT SERIES EPISODE: Stephen Wenzel is a world traveller, music director and yoga teacher, real estate investor, and 2-time Survivor of Stage 4B cancer....

Listen

Episode

October 04, 2022 00:42:49
Episode Cover

135. Smith Manoeuvre With IBC

Wealth Without Bay Street EPISODE 135: Featuring on today’s episode is Monty Bhatia. Monty graduated from U of T as a Software Engineer and...

Listen

Episode 0

December 23, 2022 00:35:22
Episode Cover

146. Life Gives To The Giver A Charitable Impact with John Bromley

Wealth Without Bay Street EPISODE 146: Featuring on today’s episode of Wealth Without Bay Street is John Bromley. John Bromley is the CEO and...

Listen