Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

A Growing Tax Free Debt Strategy

13 Jan 2024 · 1 min

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Transcript of a short YouTube discussion about using an insurance contract to create a growing tax-free death benefit. Speakers describe an example where an individual takes $50,000 out (with $25,000 paid to government immediately), which produces a tax-free death benefit of slightly less than $600,000 by age 51; ongoing annual premium funding increases that death benefit and is contrasted with a government/RRSP plan described as tax-attracting with a $300,000 figure.

Questions this video answers

$50,000.

$25,000.

Slightly less than $600,000.

$300,000 (described as tax-attracting).

Chapters

There's what's called a growing tax free death benefit.
From doing that.
So he's taken the 50,000 out. 25,000 goes to the government immediately. A tax free death benefit is created, which you can see on his death at 51, it's slightly less than 600,000. And then every continuing year that he funds the premium, that tax free death benefit keeps.
Growing again.
Every time new 25,000 goes into it. There is a future tax free death benefit of money that the insurance company is going to pay.
Him that is.
Growing tax.
Free, which.
Is already more than his current RRSP value. This is one really.
Important point that.
I want to compare the context of numbers to as it relates to an insurable contract that's tax free versus a government plan that is tax attracting of 300,000.