by Frank Restorick | Oct 30, 2026 | Life Insurance
A cash refund annuity is a life annuity with a safety net. It pays you income for life, and if you die before those payments add up to what you paid in, your beneficiary receives the difference as one lump sum. The price of that promise is a lower monthly payment than...
by Frank Restorick | Oct 29, 2026 | Life Insurance
An RESP saves for a student’s education after high school. An RDSP saves for the long-term financial security of a person who qualifies for the disability tax credit (DTC). Both are registered plans that get government money on top of your contributions. They have...
by Frank Restorick | Oct 28, 2026 | Life Insurance
If you put more into your RRSP than your deduction limit allows, the Canada Revenue Agency (CRA) charges a tax of 1% per month, but only on the part of the excess that is more than $2,000 over your limit. The tax keeps running every month until you withdraw the extra...
by Frank Restorick | Oct 27, 2026 | Life Insurance
They are not alternatives. Health insurance pays for care and services you use, such as prescriptions, dental and vision. Critical illness insurance pays you a one-time, tax-free-in-most-cases lump sum if you are diagnosed with a covered condition, and you spend it on...
by Frank Restorick | Oct 26, 2026 | Life Insurance
Fully underwritten life insurance is a policy where the insurer reviews your health, history and finances in detail before it agrees to cover you and sets your price. You answer a full questionnaire, you usually complete a medical exam or provide records, and an...