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.
It might seem odd to talk to your kids about investing, but by introducing the topic early, you prepare them for financial decisions they’ll need to make as adults....
To diversify and balance your portfolio, you may want to consider dividend investing. This strategy can help reduce volatility in your portfolio....
Helping your child understand the difference between needs and wants will help them as they learn to manage their own money....
Learning how to budget is a core financial skill that will set your child up for future success. It’s never too early to start....
Using the SMART goal framework to set financial goals can help your kids set and achieve their goals...
For the month ended October 31, 2023...
Working at a job as a teenager has many benefits, including developing social and professional skills, saving money for school or wherever life might take them and sharpening money and time management skills....
Giving an allowance to your kids can be a great way to teach them about managing their own money. This can help make budgeting a practical, and even fun activity...
The natural cycle of markets is to rise and fall. Long-term trends show that stock prices are continually rising....
Risk tolerance measures your willingness and ability to handle a loss in the value of your investments. Understanding your risk tolerance can help you prepare for market changes and save you a lot of stress...