Protection
OVERVIEW
This tax sheltered insurance account is owned by your holding company. The tax sheltered account holds fixed income assets and insurance tax law permits growth inside the account to accumulate tax sheltered. In the unlikely event you require these assets for retirement income, like an RSP, you will pay tax on the proceeds as they are withdrawn. Alternatively, this account is assignable and as such could be used as collateral for a loan (reverse mortgage) in which case, income received would not be taxable. The accumulation account along with the face amount of coverage is paid to the estate free of tax.
Any coverage where there are two insured is a “joint last to die” contract.
Combined Policy Summary
Below are all three of your Insurance Policies combined.
| Year | Deposit | Projected Cash Value | Actual Cash Vaue | Projected Estate Benefit | Actual Estate Benefit |
|---|---|---|---|---|---|
| 2007 | 6,367 | 0 | 0 | 0 | 1,000,000 |
| 2008 | 6,367 | 0 | 0 | 0 | 1,000,000 |
| 2009 | 6,367 | 0 | 0 | 0 | 1,000,000 |
| 2010 | 6,367 | 0 | 0 | 0 | 1,000,000 |
| 2011 | 6,367 | 0 | 0 | 0 | 1,000,000 |
| 2012 | 6,367 | 0 | 0 | 0 | 1,000,000 |
| 2013 | 6,367 | 0 | 0 | 0 | 1,000,000 |
| 2014 | 106,367 | 0 | 0 | 0 | 2,772,745 |
| 2015 | 106,367 | 35,154 | 68,340 | 1,880,911 | 2,983,021 |
| 2016 | 106,367 | 71,580 | 105,832 | 1,985,779 | 3,087,720 |
| 2017 | 156,367 | 110,776 | 112,279 | 3,091,067 | 3,859,004 |
| 2018 | 156,367 | 170,681 | 172,462 | 4,002,674 | 4,007,524 |
| 2019 | 156,367 | 234,784 | 235,958 | 4,152,072 | 4,154,981 |
| 2020 | 300,000 | 303,746 | 200,999 | 4,445,178 | 2,035,423 |
| 2021 | 224,080 | 625,214 | 210,834 | 4,665,634 | 1,210,834 |
| 2022 | 150,000 | 520,717 | 0 | 3,608,186 | 0 |
| 2023 | 150,000 | 639,786 | 0 | 3,763,093 | 0 |
| 2024 | 150,000 | 783,623 | 0 | 3,773,418 | 0 |
| Age | Projected Cash Value | Projected Estate Benefit |
|---|---|---|
| 75 | 1,027,287 | 4,907,796 |
| 80 | 1,409,705 | 4,559,303 |
| 85 | 2,243,493 | 4,529,612 |
| 90 | 2,780,076 | 4,884,611 |
| 95 | 3,315,768 | 5,290,664 |
Please Note
In the above summarized chart reflecting the year 2020, the Actual Cash & Estate Values are low due to the fact that your GWL Insurance Summary for $100,000 has yet to be accounted for.
Once this has been processed, you will then see the amount reflected within the year 2020.
Individual Policy Summaries
Below is each Insurance Policy broken down, including copies of yearly statements and copies of cheque deposits we had received.
Policy Summary
Funding Summary
| Year | Deposit | Transaction | Projected Cash Value | Actual Cash Value | Projected Estate Benefit | Actual Estate Benefit | Annual Policy Statements |
|---|---|---|---|---|---|---|---|
| 2014 | 100,000 | Cheque | 1,772,745 | Illustration | |||
| 2015 | 100,000 | Cheque | 35,154 | 68,340 | 1,880,911 | 1,983,021 | 2015 |
| 2016 | 100,000 | Cheque | 71,580 | 105,832 | 1,985,779 | 2,087,720 | 2016 |
| 2017 | 100,000 | Cheque | 110,776 | 112,279 | 2,091,067 | 2,095,387 | 2017 |
| 2018 | 100,000 | Cheque | 152,781 | 154,337 | 2,197,136 | 2,201,459 | 2018 |
| 2019 | 100,000 | Cheque | 197,645 | 198,223 | 2,304,048 | 2,305,601 | 2019 |
| 2020 | 100,000 | 246,053 | 2,411,844 | ||||
| 2021 | 100,000 | 334,789 | 2,520,387 | ||||
| 2022 | 100,000 | 417,830 | 2,629,773 | ||||
| 2023 | 100,000 | 512,163 | 2,740,079 | ||||
| 2024 | 100,000 | 616,337 | 2,705,153 |
Policy Summary
Funding Summary
| Year | Deposit | Transaction | Projected Cash Value | Actual Cash Value | Projected Estate Benefit | Actual Estate Benefit | Annual Policy Statements |
|---|---|---|---|---|---|---|---|
| 2017 | 50,000 | Cheque | 763,617 | Illustration | |||
| 2018 | 50,000 | Cheque | 17,900 | 18,125 | 805,538 | 806,065 | 2018 |
| 2019 | 50,000 | Cheque | 37,139 | 37,736 | 848,024 | 849,380 | 2019 |
| 2020 | 50,000 | Cheque | 57,693 | 58,639 | 890,974 | 893,063 | 2020 |
| 2021 | 50,000 | 79,591 | 934,413 | ||||
| 2022 | 50,000 | 102,887 | 978,413 | ||||
| 2023 | 50,000 | 127,623 | 1,023,014 | ||||
| 2024 | 50,000 | 167,286 | 1,068,265 | ||||
| 2025 | 50,000 | 204,699 | 1,114,125 | ||||
| 2026 | 50,000 | 245,627 | 1,160,588 | ||||
| 2027 | 50,000 | 294,775 | 1,157,449 |
Policy Summary
Funding Summary
| Year | Deposit | Transaction | Estate Benefit | Annual Policy Statement |
|---|---|---|---|---|
| 2006 | 6,367.35 | Cheque | Illustration | |
| 2007 | 6,367.35 | Cheque | 1,000,000 | 2007 |
| 2008 | 6,367.35 | Cheque | 1,000,000 | 2008 |
| 2009 | 6,367.35 | Cheque | 1,000,000 | 2009 |
| 2010 | 6,367.35 | Cheque | 1,000,000 | 2010 |
| 2011 | 6,367.35 | Cheque | 1,000,000 | 2011 |
| 2012 | 6,367.35 | Cheque | 1,000,000 | 2012 |
| 2013 | 6,367.35 | Cheque | 1,000,000 | 2013 |
| 2014 | 6,367.35 | Cheque | 1,000,000 | 2014 |
| 2015 | 6,367.35 | Cheque | 1,000,000 | 2015 |
| 2016 | 6,367.35 | Cheque | 1,000,000 | 2016 |
| 2017 | 6,367.35 | Cheque | 1,000,000 | 2017 |
| 2018 | 6,367.35 | Cheque | 1,000,000 | 2018 |
| 2019 | 6,367.35 | Cheque | 1,000,000 | 2019 |
| 2020 | 6,367.35 | |||
| 2021 | 6,367.35 | |||
| 2022 | 6,367.35 | |||
| 2023 | 6,367.35 |