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Welcome to the Wealth Without Bay Street podcast, a Canadian guide to building dependable wealth. Join Richard Canfield and Jayson Lowe as they unlock the secrets to creating financial peace of mind in an uncertain world. Discover the strategies and mindsets to a financial future you can bank on. Discussing The Infinite Banking Concept and strategy of BecomingYour Own Banker in Canada as only Canucks can!
Episodes
Tuesday Feb 09, 2021
49. Earn Dividends Like An Oak Tree - Infinite Banking Concept Whole Life
Tuesday Feb 09, 2021
Tuesday Feb 09, 2021
Did you know that you can directly impact the dividends you receive each year by a life insurance company when you own Par Whole life? The policy owner has the largest impact on the dividend they are able to receive in a given year and the ripple effect of every future dividend is directly impacted by the premiums the policy owner puts in.
Dividends are one of the most misunderstood areas of a Participating Whole Life Insurance contract. Jayson and Richard breakdown how these unilateral binding contracts produce dividends. How the dividend impact is just like the growing rings of a tree, it adds another layer each year. Each year you can celebrate a “dividend party” on the anniversary date of each policy you own. There is a great deal of misinformation and focus on rates when discussing policy contracts. Specifically, dividend-scale interest rates. These are, simply put, one of the most misunderstood and misleading areas of a whole life product.
Both the insurance companies themselves and often advisors are their own worst enemy by trying to indicate the dividend scale correlates to the growth or earnings of an individual contract. This simply isn't so. Jayson discusses the annual testing requirements for capital adequacy (LICAT) that has to be done each year for each life company in Canada to meet their obligation and how their accumulated profits are spread out over a number of years to create a “smoothing effect”. This smoothing is what creates stable long term dividend payouts to par owners.
Have you ever seen a tree contract in nature? Never, just like a par policy it grows every year advancing forward. The only thing that can end the growth is the natural death of the life insured in which case you have a tax free payout much greater than what you have contributed into the system or the policy owner choosing to cut the tree down (closing the policy).
Did you know that the biggest tax year you will have is most likely in the year you die? Richard walks you through the impact of your hard earned money at death...who gets the money and who loses? By creating long term cash control, accumulating dividends that keep buying whole life paid up additions, you are ensuring the money is there to pay the final tax bill, providing the time needed to grieve properly. Even more importantly is the remaining assets such as the house and cottage at the lake or rental properties are not forced into a “firesale” position where a lifetime of effort you took to build everything up is torn down to raise the money required to pay the tax man. In order to solve this you need life insurance...but if you plan to live a long time then the insurance has to be in force… the only way to make that happen is to have permanent coverage such a Par whole life that increases your tax free payout every year you own it as long as it's setup correctly.
📌 EPISODE LINKS:
Dividend Tree Image From Nelson Nash: https://wealthwithoutbaystreet.com/DividendTree
LICAT - Life Insurance Capital Adequacy Test Canada: https://wealthwithoutbaystreet.com/Licat
Sample Dividend Policy Indicating “The Contribution Principle”: https://wealthwithoutbaystreet.com/Contribution-Principle
🎙️ WEALTH WITHOUT BAY STREET LINKS
Podcast Website: https://wealthwithoutbaystreet.com/
Follow us on Facebook: https://wealthwithoutbaystreet.com/fb
Subscribe to our Youtube Channel: https://wealthwithoutbaystreet.com/yt
Book a 15-minute call: https://wealthwithoutbaystreet.com/15mincall
To Access our COVID 19 Q&A session with special guests please click here: https://wealthwithoutbaystreet.com/covidqanda
🤝 Join Our Community! https://wealthwithoutbaystreet.com/community
💻 Sign up for the MasterClass TODAY! https://wealthwithoutbaystreet.com/masterclass
📚 IBC RECOMMENDED BOOKS
https://wealthwithoutbaystreet.com/books
📽️ WATCH THE DOCUMENTARY
Documentary Film This is Nelson Nash: https://www.ascendantfinancial.ca/nelson-nash-film/
💸 Financial Advisor? Learn about the Infinite Banking Concept here: Nelson Nash Institute Practitioner Program: https://infinitebanking.org/practitioners-program/ref/6/
EVA - Economic Value Add The Real Key To Creating Wealth Article: https://infinitebanking.org/the-real-key-to-creating-wealth/ref/6/
Tuesday Jan 19, 2021
46. Guaranteed Retirement Income using The Infinite Banking Concept Canada
Tuesday Jan 19, 2021
Tuesday Jan 19, 2021
When people think about retirement, usually the first things that come to mind are RRSPs, Tax-Free Savings Accounts, Government funded pensions and/or company pensions. Why not create your own guaranteed retirement income? With Becoming Your Own Banker - The Infinite Banking Concept you can do just that. Now more than ever, we need to take control of our money. The government is spending money at a record pace and it will need to be paid back. How do you think this payback will happen? That’s right - taxes! It’s time to start the IBC process to shield yourself from this.
🎙️ WEALTH WITHOUT BAY STREET LINKS
Podcast Website: https://wealthwithoutbaystreet.com/
Follow us on Facebook: https://wealthwithoutbaystreet.com/fb
Subscribe to our Youtube Channel: https://wealthwithoutbaystreet.com/yt
Book a 15-minute call: https://wealthwithoutbaystreet.com/15mincall
To Access our COVID 19 Q&A session with special guests please click here: https://wealthwithoutbaystreet.com/covidqanda
🤝 Join Our Community! https://wealthwithoutbaystreet.com/community
💻 Sign up for the MasterClass TODAY! https://wealthwithoutbaystreet.com/masterclass
📚 IBC RECOMMENDED BOOKS
https://wealthwithoutbaystreet.com/books
📽️ WATCH THE DOCUMENTARY
Documentary Film This is Nelson Nash: https://www.ascendantfinancial.ca/nelson-nash-film/
💸 Financial Advisor? Learn about the Infinite Banking Concept here: Nelson Nash Institute Practitioner Program: https://infinitebanking.org/practitioners-program/ref/6/
EVA - Economic Value Add The Real Key To Creating Wealth Article: https://infinitebanking.org/the-real-key-to-creating-wealth/ref/6/
Tuesday Jan 05, 2021
Tuesday Jan 05, 2021
Joining Richard and Jayson today is the power couple, Cherry Chan and Erwin Szeto.
Cherry is an entrepreneur, a best-selling author on Amazon, a blogger, a mom of two young kids and a Chartered Professional Accountant helping real estate agents and real estate investors. Cherry is also in high demand as a public speaker for her tax knowledge.
Erwin is the founder of the iWIN (Infinity Wealth Investment Network) and the iWIN Real Estate. He has a Top 100 Investment Podcast (per iTunes) and is President of the Hamilton Basket Brigade.
Together, these two help many people become the best versions of themselves while knowing the right way to invest in real estate.
Listen as Cherry and Erwin share their journeys, their Infinite Banking knowledge and how they continuously help people with their charities.
IN THIS EPISODE, YOU WILL LEARN:
- [00:07:41] Advantages Of Communities
- [00:11:12] Erwin’s Real Estate Investing Journey
- [00:16:02] What Compelled Cherry To Embrace IBC?
- [00:31:06] Benefits Of Being An Entrepreneur
- [00:42:16] How Cherry Views IBC
📌 EPISODE LINKS:
Follow Cherry Chan
On LinkedIn: https://www.linkedin.com/in/cherry-chan-your-real-estate-accountant-9ab00514/
Check out Cherry’s website: https://realestatetaxtips.ca/
Get your copy of Cherry’s book Complete Taxation Guide to Canadian Real Estate Investing
Follow Erwin Szeto
On LinkedIn: https://www.linkedin.com/in/erwinszeto/
Subscribe & Listen to The Truth About Real Estate Investing... for Canadians podcast: https://podcasts.apple.com/ca/podcast/the-truth-about-real-estate-investing-for-canadians/id1100488294
Check out Erwin’s website: https://erwinszeto.com/
🎙️ WEALTH WITHOUT BAY STREET LINKS
Podcast Website: https://wealthwithoutbaystreet.com/
Follow us on Facebook: https://wealthwithoutbaystreet.com/fb
Subscribe to our Youtube Channel: https://wealthwithoutbaystreet.com/yt
Book a 15-minute call: https://wealthwithoutbaystreet.com/15mincall
To Access our COVID 19 Q&A session with special guests please click here: https://wealthwithoutbaystreet.com/covidqanda
🤝 Join Our Community! https://wealthwithoutbaystreet.com/community
💻 Sign up for the MasterClass TODAY! https://wealthwithoutbaystreet.com/masterclass
📚 IBC RECOMMENDED BOOKS
https://wealthwithoutbaystreet.com/books
📽️ WATCH THE DOCUMENTARY
Documentary Film This is Nelson Nash: https://www.ascendantfinancial.ca/nelson-nash-film/
💸 Financial Advisor? Learn about the Infinite Banking Concept here: Nelson Nash Institute Practitioner Program: https://infinitebanking.org/practitioners-program/ref/6/
EVA - Economic Value Add The Real Key To Creating Wealth Article: https://infinitebanking.org/the-real-key-to-creating-wealth/ref/6/