Smart Money Guidance forFamiliesNewcomersBusiness OwnersRetireesFirst-Time HomebuyersYoung Professionals

An RRSP is a registered retirement savings plan. Eligible contributions can reduce taxable income, and investment earnings generally grow tax-deferred while held in the plan. Withdrawals are usually taxable.

Your new room is generally a percentage of your prior-year earned income, up to an annual dollar limit set by government and adjusted for pension-related factors. Unused room may carry forward. Your CRA Notice of Assessment is the best starting point for your personal limit. Exact amounts, dates and limits are set by government and change over time, so please contact your financial professional or Ash for current details.

RRSP contributions may reduce your current taxes, but withdrawals are generally taxable. TFSA contributions are not deductible, but qualifying earnings and withdrawals are tax-free.

Yes, but ordinary withdrawals are generally taxable, and the financial institution usually withholds tax. Special programs such as the Home Buyers' Plan have different rules.

An FHSA helps eligible first-time homebuyers save for a qualifying home in Canada. Contributions are generally tax-deductible, and qualifying withdrawals, including investment growth, are tax-free.

There is an annual limit and a lifetime contribution limit, and unused annual room can carry forward under specific rules. Exact amounts, dates and limits are set by government and change over time, so please contact your financial professional or Ash for current details.

Generally, you must be a Canadian resident, be an adult, and meet the first-time homebuyer requirements. An age-related upper limit also applies. Exact amounts, dates and limits are set by government and change over time, so please contact your financial professional or Ash for current details.

Yes. Eligible homebuyers can use both programs for the same qualifying home purchase if they meet each program's requirements.

You may generally transfer eligible FHSA assets directly to your RRSP or RRIF without immediate tax consequences, provided the applicable rules are met.

An RESP is a registered savings plan designed to help pay for post-secondary education. Contributions are not tax-deductible, but investment earnings grow tax-deferred, and eligible government grants can increase education savings.

The basic Canada Education Savings Grant (CESG) matches a percentage of eligible contributions, up to a yearly maximum per child. Additional grants may be available based on family income, and there is a lifetime grant maximum per beneficiary. Exact amounts, dates and limits are set by government and change over time, so please contact your financial professional or Ash for current details.

The amount that earns the full basic yearly grant depends on the current grant rules and on whether the child has current-year grant eligibility. Catch-up rules may allow higher grants. Exact amounts, dates and limits are set by government and change over time, so please contact your financial professional or Ash for current details.

There is a lifetime contribution limit per beneficiary across all RESPs. There is generally no annual contribution limit, although grant limits apply. Exact amounts, dates and limits are set by government and change over time, so please contact your financial professional or Ash for current details.

Life insurance provides a death benefit to designated beneficiaries when the insured person dies while coverage is in force. It can help replace income, pay debts, support dependants, or cover final expenses.

Term insurance provides coverage for a specified period of years. Whole life insurance is a type of permanent coverage that can last for life and may build cash value, provided policy conditions are met.

Consider outstanding debts, mortgage balance, family living expenses, children's education, final expenses, and existing savings or coverage. A needs-based calculation is more useful than a single income multiplier.

Death benefits paid to named beneficiaries are generally received tax-free. Special circumstances, policy ownership arrangements, and estate taxation should be reviewed separately.

Possibly. Eligibility, premiums, exclusions, and underwriting depend on the insurer, medical history, treatment, and type of policy. Guaranteed-issue products may be available but often have restrictions.

Coverage may lapse after any applicable grace period. Some permanent policies have cash values or non-forfeiture options that may affect the outcome.

Yes. Multiple policies are possible, provided you meet underwriting and any insurability requirements that apply.

Not always. Employer coverage may be limited and may end or change when employment ends. Review the amount, portability, conversion options, and exclusions.

Critical illness insurance generally pays a lump sum if you are diagnosed with a covered serious illness and meet the policy's definitions, waiting periods, and survival requirements.

Commonly covered conditions may include certain cancers, heart attacks, and strokes. Some policies cover additional conditions. The exact medical definitions and exclusions vary by insurer.

Life insurance generally pays a death benefit following the insured person's death. Critical illness insurance generally pays a benefit while the insured person is alive after a qualifying diagnosis.

Super visa insurance is qualifying private medical insurance required for eligible parents and grandparents applying for a Canadian super visa. It helps cover medical emergencies during their stay.

The policy must meet minimum emergency coverage amounts and other IRCC requirements, including health care, hospitalization, and repatriation coverage. Exact amounts, dates and limits are set by government and change over time, so please contact your financial professional or Ash for current details.

The insurance must be valid for a minimum period from the date of entry into Canada, and coverage must also meet the requirements for each entry. Exact amounts, dates and limits are set by government and change over time, so please contact your financial professional or Ash for current details.

Yes, but only if the foreign insurer meets IRCC's eligibility requirements, including applicable approval conditions. Not every overseas travel insurance policy qualifies.

Mortgage insurance can refer to two different products: mortgage default insurance, which protects the lender if a borrower defaults, and optional mortgage life, disability, or critical illness insurance, which may cover a mortgage under specified circumstances.

Mortgage default insurance is generally required for eligible mortgages with a smaller down payment, based on thresholds set by government and lenders. Optional mortgage life or disability insurance is generally not mandatory. Exact amounts, dates and limits are set by government and change over time, so please contact your financial professional or Ash for current details.

CPP retirement benefits can generally start within an age window set by the program, with a standard starting age. Starting earlier reduces monthly benefits, while delaying increases them. Exact amounts, dates and limits are set by government and change over time, so please contact your financial professional or Ash for current details.

Your amount depends on your contribution history, earnings, and starting age. You can obtain a personalized estimate through My Service Canada Account.