by Frank Restorick | Oct 15, 2026 | Life Insurance
An in-trust-for (ITF) account is an informal trust where an adult invests on behalf of a minor, and the trustee controls the money until the child reaches the age of majority. The tax picture is the part families miss: the Canada Revenue Agency (CRA) can tax the...
by Frank Restorick | Oct 14, 2026 | Life Insurance
A life annuity pays a fixed, insurer-guaranteed income for as long as you live, while a variable-payment life annuity (VPLA) pays lifetime income that moves up or down with pooled investment returns. The simple rule: pick a guaranteed life annuity to cover essential...
by Frank Restorick | Oct 13, 2026 | Life Insurance
A term certain annuity converts a lump sum into fixed, guaranteed payments for a set number of years, not for the rest of your life. If you die before the term ends, the remaining payments go to your named beneficiary or estate, which makes this option well suited to...
by Frank Restorick | Oct 12, 2026 | Life Insurance
You must convert your RRSP into a RRIF (or another eligible retirement income option) no later than December 31 of the year you turn 71, and your first minimum withdrawal is due the following year. That minimum equals the RRIF’s fair market value at the start of the...
by Frank Restorick | Oct 11, 2026 | Life Insurance
You can elect to split up to 50% of your eligible pension income with your spouse or common-law partner, provided you both meet residency and living-together rules. CPP and OAS payments do not qualify for this election. Done correctly, the strategy shifts taxable...