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Life Insurance Awareness Month 2020

Life Insurance Awareness Month 2020

It is Life Insurance Awareness Month! Life Insurance is a tax-free lump-sum paid to a designated beneficiary after a person dies. This much, most people know. There are two main types of Life Insurance: *Depends on the type of Whole Life Insurance. Life Insurance is...

CERB 2020 Taxation

CERB 2020 Taxation

Many Canadians are concerned about the tax implications of taking CERB. Here is some information on what you can expect so you can prepare early for the 2020 income tax year. Determine your total potential income for 2020, including the CERB amount. Equation: Total $...

Creditor vs. Personal Insurance

Creditor vs. Personal Insurance

Insurance is a great way to foster peace-of-mind, but not all insurance products are equal. Creditor Insurance: Creditor insurance often requires little information up-front. While this may seem like an advantage at first, it increases the chances of a lender...

New RRIF Measure

New RRIF Measure

Due to the financial strains caused by COVID-19, the Canadian government has implemented a new measure for RRIFs. As of March 25, 2020, the government reduced the required minimum payment a person must withdraw from a RRIF by 25%. Learn more about the new RRIF measure...

Annuity Settlement Option

Annuity Settlement Option

Scenario: Let us say you are the parent of three children. One is reasonable with finances, the second is not exactly financially responsible, and the third has no clue about finances. Now, let us say you have a life insurance policy, and you pass away. Would you want...

The Probate Process

The Probate Process

Probate is the process by which a court authenticates the will of a deceased person. The process involves determining the value of the deceased’s estate, which comprises of their assets. Afterwards, the executor pays the final bills and taxes and distributes the...