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Warning: In September and October 2016, advisors and insurers will begin to frantically race against time to make sure that insurance buyers are not heavily penalized by the new tax rules that will take effect in January 2017. These changes apply to permanent life insurance policies and annuities. Several sources have told The Insurance and Investment Journal (IIJ) that universal life will be particularly hard hit.
By November, it may be too late to submit an insurance application because most insurers will not be able to analyze the risk, check the medical history or require supplementary exams and price the policy before December 31, 2016.
The federal government announced the new tax measures in 2014. Even so, many insurers and MGAs told IIJ that they were worried that advisors would submit new proposals, or even convert policies, within too short a timeframe for them to issue a contract before December 31, 2016. Past that deadline, clients would have to pay more for insurance and lose important tax benefits linked to savings accumulated in policies. For business insurance, the option of accumulating savings in a policy tax-free will evaporate overnight!!
A recent announcement from one major life insurance company. "We cannot backdate any policy issued in 2017 to have an effective date in 2016."
Other warnings to financial advisors about this issue may well multiply in the coming weeks. One managing general agency told IIJ that he believed insurers' IT systems could well be disrupted or even paralyzed by the expected explosion in urgent applications.
... Don't hesitate any longer to take advantage of this once in a lifetime opportunity.
Courtesy of Dan Lawrie InsuranceThe Ontario General Contractors Association (OGCA) and The League of Champions (LOC), together celebrated its Annual OGCA Award Ceremony on September 30, 2016 at the Verdi Banquet Hall. Together, OGCA Chairman Frank Perricone, Minister of Labour Kevin Flynn, Rob Ellis of MySafeWork and Chief Prevention Officer George Gritziotis, welcomed the league’s newest members and patrons. Elizabeth Witmer of WSIB helped present the Safety Awards for 2015.
Congratulations
to
Alberici Constructors Ltd.
Ledcor Construction Limited
Can Mar
Contracting
Stubbe's Precast Commercial Inc.
Deep Foundations Contractors
Inc.
Aecon Buildings, a Division of Aecon Group Inc.
Engie MultiTech Ltd.
Gillam Group
Harris Rebar
Matheson Constructors Limited
PATRONS
Grand Valley
Construction Association
Infrastructure Ontario
Toronto Construction
Association.
Chairman
Frank Perricone also presented Rob Ellis with a Jersey that represents the
corporate commitment which members and patrons have pledged in being the safest
companies in Ontario.
The League of Champions is an excellent initiative that supports safety awareness and excellence. The Jersey of Courage has become an important symbol of corporate commitment to excellence in health and safety. As the league continues to grow and strengthen, I encourage all leaders to continue advocating this important initiative. Become a member today. Click here for more information.
Rob Ellis from MySafeWork along with fellow
champions, Jason Ball and Suzanne Johnson from Ball Construction, Steve Hanley
from Melloul-Blamey Construction Inc., and Martha George from GVCA attended a
school presentation at Conestoga College. It was very well attended with over
250 students. Many students challenged Rob and our leaders with hard-hitting
questions. The Students at Conestoga College pledge to take a stand when it
comes to safety and making it their number one priority. To read more on this
event, click here
Rob Ellis would like to extend an invitation to all Champions to attend two of his upcoming school presentations. Come out and make a differences in mentoring these young minds who potentially are the future of your workforce, leaders of the construction industry. Please RSVP your attendance to Lyndsy Miceli, at lyndsy@ogca.ca
PARKDALE COLLEGIATE INSTITUTE
ADDRESS | 209 Jameson Ave., Toronto, ON
DATE |
NOVEMBER 21, 2016
TIME: | 10:00 A.M. –11:00 A.M.
Mohawk College, Stoney Creek Campus
ADDRESS |
481 Barton Street, Stoney Creek, ON
DATE |
November 23, 2016
TIMES |
Session 1 – 9:00 a.m. – 10:30 a.m.; Session 2 | 10:45 a.m. – 12:15 p.m.
Don’t forget to Follow and Like The League of Champions on Twitter and Facebook. If you should have any questions and/or feedback, please contact Lyndsy Miceli at lyndsy@ogca.ca or call 905-671-3969
Mark your calendars now for the upcoming 10th Construction Symposium, April 6 – 9, 2017 at the Blue Mountain Resort in Collingwood!
Andrew Younghusband, host of Canada’s Worst Driver and Canada’s Worst Handyman will be hosting the Ontario Builders Awards this year. Be sure to send in your entries by December 15, 2016 in order to be in included in this year's competition. Click the headline for the Entry Form.
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