How to Save on Life Insurance + MORE Feb 20th

How to go about securing the best policy for your insurance in Canada.

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Updating Your Life Insurance Policy Jan 19th

A life insurance policy is instrumental when it comes to protecting your family and providing for them financially in the event that one or both parents pass away. How much coverage is required depends on many different factors. Simply put, when a person dies , that person’s estate (consisting o.... More »

Divorce and life insurance: How to make sure your family stays protected Feb 9th

Jay and Susan (not their real names) spent 15 years building a life together. They bought a house, adopted a dog and started a family—their two kids are the light of their lives. But due to a variety of reasons, they decided that they’d be better people, and better parents, separately rather tha.... More »

How to calculate the taxable amount for a cashed-in whole life insurance policy + MORE Apr 18th

Ask MoneySense I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whate.... More »

Do I Really Need A Health & Dental Insurance Broker? + MORE Oct 2nd

We are receiving an overwhelming amount of inquiries about supplementary health care insurance to compliment provincial plans. In particular, most people are interested in continuing coverage during a career transition. If you are exiting an employer sponsored benefit plan be sure to contact y.... More »

Do I need flood insurance? Jun 4th

Flood insurance is still pretty new to Canada—it was only introduced in 2015. And while only 19% of Canadians live in flood-prone areas, like along the coasts or in the Maritimes, the Government of Canada reports that floods are the most common natural hazard here, causing over $1 billion in damag.... More »

Frequently Asked Questions About RRSPs

– ratesupermarket.ca

A Registered Retirement Savings Plan (RRSP) is a useful financial tool to help Canadians save for their future. Many Canadians will open an account through their bank, a credit union, trust, insurance company, or may contribute to an RRSP through their employer and their chosen financial institution. Yet, there is still a lot of confusion around RRSPs and how they work. Some may even confuse their RRSP with a TFSA. Without a proper understanding of the financial products, account holders may lose out on the benefits they offer.
To clear things up, we’ve listed answers to fundamental RRSP questions so you can get the most out of your investment.
RRSP Questions

When can you start contributing to an RRSP?
Is there more than one type of RRSP?
What is an RRSP deduction limit?
What is the RRSP contribution room for 2020?
What if you over contribute to your RRSP?
Can you transfer your RRSP?
How do you make an RRSP withdrawal?

When Can You Start Contributing to an RRSP?
Canadians can start contributing to an RRSP as soon as they generate some contribution room…

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How to Save on Life Insurance

– life-insurance-quotes.ca

The brokers here at Baker & Baker Benefits have been helping Canadians get life insurance for several years now, and we enjoy passing on our knowledge and experience to the Canadian public.
In keeping with this spirit, here are some insightful tips on how to save money when buying a Canadian life insurance plan.

Tip #1: Consider Annual Premiums vs Monthly Premiums
When buying a life insurance policy there are two payment options available: annual and monthly premiums.
Annual premiums are paid once a year. This payment option does not appeal to everyone and depends on the financial situation of the applicant. However, paying an annual premium can save you a substantial amount of money, and in fact can save you almost one month’s premium. Of course, the lower the premiums the less money will be saved using an annual payment method.
Tip #2: Get a Term Life Plan with the Right Term Length
The most popular type of life insurance is term life since it is much cheaper than permanent life insurance plans such as whole life or universal life…

Continue Reading On life-insurance-quotes.ca »

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