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...
by Frank Restorick | Oct 25, 2026 | Life Insurance
Paid-up additions (PUAs) and a term rider both add death benefit to a life insurance policy, but they do opposite jobs. PUAs buy small blocks of permanent, fully paid coverage that build cash value over time. A term rider buys extra coverage for a set number of years...
by Frank Restorick | Oct 24, 2026 | Life Insurance
If you want an annuity whose payments keep up with rising prices in Canada, you can get part of that protection, not all of it. Insurers let you add a fixed yearly increase or a capped indexing feature, and in exchange your first payment is smaller. The rest of your...
by Frank Restorick | Oct 23, 2026 | Life Insurance
A wellness spending account (WSA) is an employer-funded allowance that employees spend on health and lifestyle items such as gym memberships, fitness gear or courses, and then claim back. In Canada, it is generally a taxable benefit for the employee. That is the...