by Frank Restorick | Sep 25, 2026 | Life Insurance
Whether your disability benefits get taxed comes down to one question: who paid the premiums? Let your employer cover the premium, and the Canada Revenue Agency usually treats the payout as taxable income. Layer on the Disability Tax Credit, CPP disability rules, and...
by Frank Restorick | Sep 24, 2026 | Life Insurance
Regulatory disclosure rules already require advisors to spell out charges, and new Total Cost Reporting requirements coming in 2027 will make comparing total costs far easier. TL;DR: Total Cost Reporting starting in 2027 will allow investors to see embedded fund...
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...