Term life insurance helps you meet short-term protection needs over a set period of time. It’s ideal if you’re looking for a cost-efficient way to cover large debt for a specific term – for example, a mortgage.
Permanent life insurance provides guaranteed, lifelong coverage that protects the people you care about. It offers cash values that can grow over time to either increase the value of your death benefit or help pay for future goals like an education fund, starting a new business or supplementing your retirement income. There are two types of permanent life insurance: participating life insurance and universal life insurance.
As Canadians, we’re fortunate to have public healthcare coverage – but that doesn’t mean your provincial healthcare plan provides all the coverage you need. Health and dental insurance can help pay for prescription drugs, dental, hospital, vision, paramedical and ambulance services. Coverage is similar to a group benefits plan that an employer may offer and is a great option if you’re retiring, self-employed or not eligible for group benefits.
Disability insurance works when you can’t. It can give you tax-free monthly income to help pay expenses if an illness or accident stops you from working. Not all disabilities are so easily recognized. Chronic pain or a mental health issue can also qualify as a disability.
Registered education savings plans (RESPs) offer an effective, tax-free way to maximize the money available to your children or grandchildren when they enrol in a full-time post-secondary program. Parents, grandparents, other family members and friends can open an RESP for a child. As the cost of post-secondary education continues to rise, it’s becoming even more important to start saving early for their future education.
Critical illness insurance allows you to focus on your recovery knowing you have the money to help with your expenses if you're diagnosed with a serious illness. You’ll get a one-time, tax-free payment you can use for whatever you need. Through your coverage, you can also connect with healthcare specialists.
Segregated funds invest in a variety of stocks and bonds. They’re different than mutual funds. They offer unique protection features that are only available through insurance companies. They’re a great way to save for your retirement and investment goals.
Mutual funds allow you to invest in a portfolio of assets that are managed by professionals. They let you diversify your portfolio more widely than you may be able to do when investing in individual stocks and bonds on your own, and together we can select a fund that gives you the right balance of risk and reward for your financial plan.
Registered retirement savings plans (RRSPs) are still one of the most popular ways to save for your retirement. Contributions are tax deductible and taxes are deferred until you withdraw your money.
With a tax-free savings account (TFSA), you don’t pay tax on any money earned or withdrawn. You can contribute to a TFSA at any time, and your unused contribution room is carried forward each year. Use these savings for education, a down payment on a home or other large expenses.
Choosing a beneficiary is an important part of your financial plan...
Mutual funds and segregated funds are both investment options, but they have some key differences...
For the month ended August 31, 2023...
Your child may be more interested in entering the workforce right away or spending time traveling...
If your child is getting ready to attend post-secondary school, now’s the time to start thinking about withdrawing money from your Registered Education Savings Plan (RESP)...
One of the main benefits of an RESP is that it’s a tax-deferred savings plan; however, when it’s time to take the money out, there are some things to consider...
Divorce or separation can be a challenging time for families. It's important to consider the impact on your child's future, including their education savings...
For the month ending July 31, 2023...
For the month ending June 30, 2023 ...
Let’s face it. It can be difficult to stay on top of your personal finances. Here are four free apps to consider to help you set and reach your financial goals...