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...
by Frank Restorick | Sep 18, 2026 | Life Insurance
Start with the Canadian Retirement Income Calculator, pull your CPP and OAS estimates, and add in your RRSP, TFSA, and workplace pension balances. Aim for roughly 60–80% of your pre-retirement income as your target, then run at least two or three scenarios that test...
by Frank Restorick | Sep 17, 2026 | Life Insurance
Simplified issue life insurance is generally the better deal if you can pass a short health questionnaire, since it typically comes with higher coverage limits and lower premiums. Guaranteed issue exists for the opposite case: no health questions, no possibility of a...