BridgeForce News (February 22, 2021)

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BridgeForce Updates

• RRSP Checklist
• Is your email secure?
• BridgeForce Advisors Facebook Group

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Industry Headlines

Say no to life settlements, CLHIA advises Ontario
Industry trade group the Canadian Life and Health Insurance Association (CLHIA) is warning the Ontario government against allowing life settlement companies to set up shop in the province.

Why clients should contribute to RRSPs before the deadline
While many of our clients have certainly embraced the TFSA as a great way to save for retirement, we shouldn’t forget that for most clients, RRSPs are still likely the vehicle of choice for long-term savings. With the RRSP deadline of March 1, 2021 just a week away, here are some RRSP stats, and the reason that RRSPs generally win when compared to non-registered investing, especially for long-term savings.

Marriage won’t revoke a will under proposed Ontario legislation
Ontario’s attorney general has introduced a bill that would significantly reform estate law in the province. Bill 245, which passed first reading on Tuesday, is an omnibus bill that includes proposed changes to the acts governing wills, powers of attorney and intestacy.

Finance committee recommends capital gains exemption for private share donations
The House of Commons finance committee is calling on the government to eliminate the capital gains tax when shares of private corporations or real property are donated to registered charities, and to provide other supports to a Canadian charitable and non-profit sector hit hard by Covid-19.

Sun Life, Manulife see profit gains despite COVID-19 payouts
Canada’s largest life insurers beat expectations as pandemic reduced certain costs and lifted some business lines.

Use an RRSP to reduce tax on government benefits
When it comes to pandemic support payments from the government – don’t be fooled. Things aren’t always as they appear. This “free money” is not actually free. If you’ve received government support, you’ll have to pay tax on these amounts. Let me share an idea to deal with this issue.

Ontario raises small estate limit to $150,000
Small estates in Ontario will soon be defined as those worth up to $150,000, instead of $50,000.

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Compliance

FSRA Requires Insurers to Monitor Agent Conduct
The Financial Services Regulatory Authority of Ontario (FSRA) is reminding Life & Health (L&H) insurance companies about their role in ensuring agents meet high business conduct standards. This includes agents from managing general agencies that insurers contract with to distribute their products. Insurers must take appropriate action if an agent does not meet FSRA’s conduct and suitability requirements.

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Advisor Education

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ANNOUNCING! BridgeForce-University.com is Live!

BridgeForce-University.com is our NEW On-Demand service that is unlike any other on-demand service you have ever seen. No narrated slideshows, and no fake webinars, just video recordings of live events!

Over 100 accredited presentations are available for you to earn all of the CE Credits that you need for your Licenses and Designations. See presentations from your carriers, PLUS access new information from other experts in the industry that are designed to grow and improve your knowledge and your practice.

BridgeForce-University.com also gives you access to our Live Webcasted “Roadshows” through the year!

Get the convenience of On-Demand, get access to our Live BFG Roadshow Webcasts, and earn all of the CE Credits that you need! Anytime, Anywhere, and on Any Device!

Get it all by signing up for the Unlimited CE Plan for only $200!

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Tech Tips

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Supplier Company News

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Blue Cross

Travel insurance sales for cruises suspended
In support of collective efforts to stop the spread of COVID 19 and to ensure the health and safety of our clients, we have decided to temporarily suspend all new travel insurance sales for cruises, starting on February 17, 2021.

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BMO Insurance

An estate planning and wealth transfer idea
As your clients age, their financial objectives may shift. Initially, debt management and wealth creation may be top of mind. However, as they approach retirement (age 60-75), their debt is typically reduced (or eliminated) and they’ve accumulated sizeable investment assets which can provide retirement income. It’s at this stage that retirees start to think about estate preservation and wealth transfer.

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Canada Life

New resources to help with client conversations on Risk-Managed Portfolios
With increasingly uncertain markets, clients focused on accumulating their wealth are investing in low-risk, low-interest savings accounts, impacting their returns. Canada Life’s Risk-Managed Portfolios Growth Portfolio can help make sure your clients’ money is insulated, while still benefiting from market growth.

Getting a head start on CE credits this new year
We know that continuing education (CE) opportunities are important, and we’re committed to delivering easily accessible courses that are relevant to you and your business.

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Canada Protection Plan

Help your clients live a healthier life
Foresters Advantage Plus participating whole life not only offers affordable permanent protection, it can also help encourage your clients to live healthier lifestyles.

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Desjardins Insurance

In the news (Feb 22)

• Canada Revenue Agency – Penalties of up to $5,000 for missing foreign tax identification numbers
• Request illustrations for in-force participating life insurance contracts
• Sending out 2020 tax slips
• 4 updated forms are now available – Please use the new online versions
• COVID-19: Business Continuity Plan

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The EDGE Benefits

Earn multiple FREE CE credits in 2021 through EDGEucation
Earn free CE credits throughout the year by attending our training opportunities.

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Empire Life

Insight (February 18)

• Introducing: Empire Life GIF Growth Commission Bonus program
• NEW CI Protect Plus 100 15 Pay
• Streamline your digital sales by connecting your LDA account to the Fast & Full Life App
• The eBUNDLE BONUS is back for 2021
• Download our 2021 Financial Facts tips sheet
• Recent webinars now available on demand
• Enabling more non face-to-face options for doing business
  

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Fidelity Investments

Weekly Market Pulse (February 19, 2021)

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Foresters Financial

Life and Critical Illness Underwriting Guide
Foresters Financial™ has created a new comprehensive Life and Critical Illness Underwriting Guide that puts all the information you need at your fingertips. It includes best practices and potential underwriting decisions on common impairments.

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iA Financial

A year ago, COVID-19 pushed the market into the fastest bear market in history
This week, already one year ago, COVID-19 ended the longest bull market ever and pushed global markets into the fastest bear market in history!

2021 RRSP or TFSA Campaign | RRSP and CERB
In this exceptional year, more than 8 million Canadians have benefited from the Canadian Emergency Response Benefit (CERB). Unlike an employee’s pay where taxes are deducted directly by the employer, this fixed amount taxable benefit was provided without withholding at source. Some of your clients may have received the CERB for a few weeks or even months. If they have not set aside a portion of the payments they received, they could end up with a large bill to pay. Your clients will be in great need of your sound advice!

The 2021 Tax reference sheet, your planning ally
The 2021 tax reference sheet (F13-645A) is now available in the Document Centre and can be ordered from your provisioning centre.

Availability of your clients’ tax documents
As tax season approaches, your clients’ tax documents (Savings) are gradually becoming available from their My Client Space account, online or through the iA Mobile app!

Economy and vaccines: Canada is losing ground compared to the U.S.
This week, the slower pace of vaccine rollout in Canada compared to the U.S. may taint economic data in the coming months.

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La Capitale

Newsletter – February 2021

• Electronic application – New feature available
• Important dates – RRSP period
• Free coverage in the event of hospitalization due to COVID-19
• COVID-19 FAQ

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Manulife Bank

Final weeks! 2.00%* rate offer on TFSA and RRSP deposits
Today we’re emailing all our current deposit account clients to remind them there’s just a few weeks left to take advantage of this offer from Manulife Bank.

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RBC Insurance

Exciting news for RBC YourTerm
Coming your way next month are two exciting RBC YourTerm™ initiatives for you and your clients, full details below:

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SSQ Insurance

2021 RRSP Season: Dates to Remember and Your RRSP Toolbox
Below are some of the tools at your disposal that will help make your RRSP season a success!

New Term Plus and Critical Illness Electronic Application improvement
In an effort to shorten policy issue times, SSQ Insurance improved its eApp by allowing advisors to immediately complete and submit the declaration of insurability with the client and thus, skip the tele-interview step!

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Sun Life

Sun Life Investment GIF e-App – TFSA now available
We are pleased to announce you can now submit a TFSA (tax-free savings account) application directly through the Sun Life Investment GIF e-App!

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