By Melissa Cassar, VISA Canada
If you’ve got teenagers heading off to University or College in the Fall, I hope you’ve done a good job educating them about the importance of personal financial responsibility and how to build a strong credit history. If not, better do it now.
First year students and young adults entering the workforce encounter many unfamiliar expenses – and temptations – so it’s important to help them avoid early financial missteps that could damage their credit for years to come.
Probably the most fundamental tool for helping students manage their finances is a chequing account with a debit card. A few tips: Read more
Many individuals have realized their charitable aspirations by donating a life insurance policy to the charity of their choice. In situations where that donation is a Universal Life policy, the use of a Shared Ownership strategy could prove to be a viable investment for the donor.
Shared Ownership refers to an arrangement involving cash value life insurance policies such as Universal Life. Universal Life combines life insurance with an investment fund which grows tax deferred until the cash value is withdrawn. If the cash value is paid out at death, the growth is tax free.
Under Shared Ownership, the life insurance and the cash value would have different owners and beneficiaries and would be structured as follows: Read more