by Frank Restorick | Sep 23, 2026 | Life Insurance
Whether an annuity payment is fully taxable or only partly taxable in Canada depends on how it was funded and how the contract is classified. Registered-plan annuities, built with RRSP, RRIF, or pension money, are generally fully taxable when received. Non-registered...
by Frank Restorick | Sep 22, 2026 | Life Insurance
The CRA charges a 1% monthly tax on the highest excess amount sitting in your TFSA, starting from the very first dollar over your limit. There’s no grace threshold. If you’ve gone over, withdraw the excess now, then file a TFSA Return (Form RC243) and pay any tax owed...
by Frank Restorick | Sep 21, 2026 | Life Insurance
Critical illness insurance pays a fixed lump sum when you receive a covered diagnosis. Disability insurance replaces a slice of your paycheck every month for as long as you’re unable to work. Neither one is a substitute for the other because they cover different...
by Frank Restorick | Sep 20, 2026 | Life Insurance
Probate fees swing wildly depending on where you live. Manitoba charges nothing, Quebec often exempts notarial wills entirely, while Nova Scotia can take a bite exceeding 1.6% of an estate’s value once it clears a modest threshold. On a $1,000,000 estate, that gap...
by Frank Restorick | Sep 19, 2026 | Life Insurance
Yes, you can access funds in a locked-in RRSP in Canada, but only under specific, jurisdiction-dependent rules. Financial hardship, small-balance provisions, age-55 one-time unlocking, shortened life expectancy, and non-residency are the main doors in. Which ones...