100. Taxation of Policy Loans In Canada - Infinite Banking Concept

Episode • Feb 1, 2022 • 51m

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EPISODE 100! Today is a milestone for all of us at Wealth Without Bay Street and Ascendant Financial. 100 podcast episodes released of the Wealth Without Bay Street. Thank you to all of our listeners who have journeyed with us and we hope that you have gotten value from our show as you walk on the path of Becoming Your Own Banker.

In this episode, we talk about the taxation of policy loans in Canada. It is important to know your whole life insurance policy and how you can have a guaranteed loan provision through your policy. Learn about the Adjusted Cost Basis of your policies and the Net Cost of Pure Insurance, which can cause problems for you down the road.

IN THIS EPISODE, YOU WILL LEARN:

0:00 Introduction

1:38 Knowing Your Policy

3:07 Adjusted Cost Basis

6:44 What is NCPI

11:41 Relationship Between NCPI and ACB

14:50 Forfeiting the Policy

16:33 Withdrawing the Policy

18:18 Materializing Death Benefits

21:06 Collateral for Loans

25:29 Do Not Do Business With Banks

31:41 Dynamic Capital Adequacy Testing