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Good habits that can help you improve your credit score + MORE Dec 31st
You probably know you should care about your credit score, but do you know why? Simply put, this three-digit number can either help or hurt you in your journey towards financial wellbeing—and it can have far-reaching effects.
Your credit score affects your chances of getting approved for a cre.... More »
The best GIC rates in Canada for 2025 May 12th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
Justin Bieber Might Just Make Tim Hortons Relevant Again Nov 19th
After 57 years in business, Tim Hortons is giving people what they never knew they wanted: Timbiebs. Starting on November 29, coffee lovers across Canada and the U.S. can order three flavours of Justin Bieber-designed Timbits: chocolate white fudge, sour cream chocolate chip and birthday cake waffle.... More »
Why homeownership isn’t guaranteeing financial security for seniors Apr 1st
There’s a common belief that homeownership guarantees financial security, but a new study from the University of Calgary challenges that idea. The March 2025 Social Policy Trends study surveyed 715 Albertan seniors—both homeowners and renters—about their financial situations.
While the stud.... More »
The best RRSPs in Canada for 2024 + MORE Nov 13th
Why should you open a registered retirement savings plan (RRSP)? This account type is often described as “tax-advantaged,” meaning it offers a tax-efficient way for savers and investors to build wealth for the future, usually for retirement. To maximize its potential, it helps to know the differ.... More »
Is life insurance taxable in Canada?
– moneysense.ca
Life insurance is essentially buying peace of mind. You’re helping your loved ones deal with the financial impact of your death and hopefully mitigating some of the accompanying stress and emotional turmoil. But what happens after your loved ones receive their inheritance? Is life insurance taxable in Canada? Is the payout you’re leaving behind subject to income tax? The last thing you want to do is leave your loved ones with more confusion—that’s why you purchased the policy in the first place. Here’s what you need to know about life insurance and the tax implications it could have.
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Is life insurance taxable in Canada?
Most of the money received from a life insurance policy is not subject to income tax. The death benefit paid from a life insurance policy is a tax-free, lump-sum amount for the beneficiary that can be used to finance a number of things. This includes paying off debts, including a mortgage, so your family can remain in the same home and community…
