In Canada, the Canadian Dental Care Plan (CDCP) is designed to make dental care more affordable for eligible residents. This includes seniors aged 65 and over, children under 18, and adults with a valid Disability Tax Credit certificate. The plan covers various oral health care services, and applications are now open in phases. For prescription […]
Super Visa Medical Coverage in Canada is a requirement for parents and grandparents visiting their family members. It ensures that visitors have sufficient health insurance coverage, which must be a minimum of $100,000 and valid for at least one year from the date of entry. This insurance helps cover unexpected medical costs, including hospitalization and […]
In Canada, non-medical insurance options are available for those who require coverage beyond the universal healthcare system. For instance, no medical life insurance policies provide a solution for individuals who may not qualify for traditional insurance due to health issues. These policies can be categorized as guaranteed acceptance life insurance, accelerated issue life insurance, or […]
The Tax-Free Savings Account (TFSA) is a flexible investment option available to Canadian residents aged 18 and older with a valid Social Insurance Number. Introduced in 2009, the TFSA allows individuals to set aside money tax-free throughout their lifetime. Contributions to a TFSA are not tax-deductible, but the income earned within the account and withdrawals […]
The Registered Education Savings Plan (RESP) in Canada is a savings vehicle designed to help subscribers save for a beneficiary’s post-secondary education. Contributions made to an RESP are not tax-deductible, but investment growth within the plan is tax-free until withdrawn. When the funds are used for educational purposes, they may be supplemented by government grants […]
The Registered Retirement Savings Plan (RRSP) is a Canadian financial instrument designed for retirement savings. Contributions to an RRSP are tax-deductible, which can reduce an individual’s tax burden for the year they are made. The funds within an RRSP grow tax-free until withdrawal, typically at retirement when the individual may be in a lower tax […]
Mortgage insurance in Canada is designed to protect lenders in the event that a homeowner defaults on their mortgage. It is typically required if you’re buying a home with a down payment of less than 20% of the home’s purchase price. The Canada Mortgage and Housing Corporation (CMHC), along with private insurers are the main […]
Disability insurance is a crucial safety net that provides financial support in case an individual is unable to work due to a disability. It’s designed to replace a portion of one’s income, ensuring stability during challenging times. There are two main types: short-term, which covers temporary disabilities, and long-term, for more permanent situations. The benefits […]
Critical illness insurance is a specialized type of coverage designed to provide financial support in the event of a serious health diagnosis. It typically offers a lump sum payment upon diagnosis of a covered critical illness, which can include conditions like cancer, heart attacks, and strokes. This form of insurance can be particularly beneficial for […]
Financial planning is a crucial step in achieving financial stability and meeting long-term goals. It involves creating a comprehensive plan that outlines your current financial situation, goals, and strategies to reach those goals. This process includes managing cash flow, savings, investments, and debt, while also considering insurance and other elements of one’s financial life. A […]
