by Frank Restorick | Sep 8, 2026 | Life Insurance
Naming a beneficiary means telling your insurer, bank, or plan administrator exactly who gets your money when you die, bypassing the estate and probate in most cases. Do this today: pull up every account you hold, from life insurance to your TFSA, and confirm a person...
by Frank Restorick | Sep 8, 2026 | Life Insurance
Canadian RESP withdrawals fall into three categories: PSE payments (your own contributions, tax-free), EAPs (grants and investment growth, taxed to the student), and AIPs (leftover growth withdrawn if school doesn’t happen, taxed heavily to the subscriber). The first...
by Frank Restorick | Sep 6, 2026 | Life Insurance
A policy loan borrows against your cash value while the insurer keeps that cash value invested behind the scenes; a withdrawal pulls cash value out permanently and reduces both your account and your death benefit for good. The rule of thumb that cuts through most of...
by Frank Restorick | Sep 5, 2026 | Life Insurance
In Canada, life insurance death benefits paid to a named beneficiary are usually tax-free, and personal premiums are generally not tax-deductible. The exceptions cluster around a few specific situations: the estate is named as beneficiary, the policy has cash value...
by Frank Restorick | Sep 5, 2026 | Life Insurance
Decreasing term life insurance is a policy where the death benefit shrinks on a set schedule, usually to track a repayment mortgage or another debt that’s paying down over time. It’s built for one job: making sure a specific balance gets cleared if you die before it’s...