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So you fell short of your financial goals in 2025—here’s how to do better Dec 27th
Did you fall behind on your financial goals for 2025? If so, you’re not alone. According to a survey by online estate planning platform Willful, 58% of Canadians reported postponing financial tasks they’d earmarked for the year, such as paying down debt, contributing to registered savings and in.... More »
Money and the price of indecision Jul 23rd
When we moved to Canada and bought our first car, insurance was simply another item on a very long checklist. I knew nothing about the Canadian insurance market, so I did what many newcomers do: lean on someone trustworthy. My father-in-law recommended the brokerage firm he had been using for years,.... More »
Canadian Dental Care Plan news: Coverage expanding on May 1 Apr 26th
How to apply for the Canadian Dental Care Plan
Starting on May 1, the Canadian Dental Care Plan (CDCP)—a federal program designed to make dental care more affordable for those Canadians without access to dental insurance—will be open to more age groups.
Here’s when you can apply fo.... More »
CPP payment dates in 2026, and more to know about the Canada Pension Plan Jan 4th
In Canada, most retirement plans include the Canada Pension Plan (CPP). Whether retirement is just around the corner or still years away, CPP is likely to form part of your retirement income. How much you receive depends on factors such as your earnings history, contributions, and when you start col.... More »
Commission warns N.B. residents against using Toronto insurance-related company - CBC Mar 21st
Commission warns N.B. residents against using Toronto insurance-related company CBC.... More »
How does a reverse mortgage work in Canada?
– moneysense.ca
More than ever, Canadians are relying on reverse mortgages—a “don’t-pay-till-you-die” option to borrow up to 55% of the appraised value of your home—and the trend is turning conventional wisdom about debt and retirement on its head. While past generations fought hard to avoid debt in their golden years, data from the Office of the Superintendent of Financial Institutions (OSFI)—the federal government agency that supervises and regulates banks, insurance companies, and trust and loan companies—confirms that reverse mortgages are on the rise in Canada, with over $8.2 billion in reverse mortgage debt outstanding at the end of June 2024 (the most recent data available at press time). That’s 18.3% higher than the same month last year, and 39.3% higher than two years ago.
If you’re considering a reverse mortgage as a way to fund or boost your retirement income, there’s a lot to consider. This explainer will take you through the ins and outs of reverse mortgages.
How does a reverse mortgage work?
While a conventional mortgage advances you funds in order to buy a house, a reverse mortgage is just the opposite: It advances you funds from the house you already own…
