Here for what matters most.

Any age can contribute to a Registered Retirement Savings Plan (RRSP), up to the end of the year you reach age 71. These are the other requirements besides age:

• Must have a valid Social Insurance Number (SIN)
• Must have earned income and filed a Canadian tax return with Canada Revenue Agency (CRA)
• Must have available RRSP contribution room

You must close your RRSP by December 31 of the year you turn 71.

These are the options you must choose to exercise upon closing your RRSP account:

• Convert it to a Registered Retirement Income Fund (RRIF)
• Purchase an annuity
• Withdraw the funds as a lump sum (subject to tax)

Yes, you can have multiple RRSP accounts, but your total contributions must not exceed your annual limit.

You can exceed your limit by up to $2000 without penalty. Beyond that, you'll face a 1% monthly penalty on the excess.

Anyone — a parent, grandparent, guardian, or friend — can open an RESP for a child (the beneficiary), as long as the child has a valid Social Insurance Number (SIN).

Funds can be used for qualified educational expenses, including:

• Tuition
• Books
• Living expenses
• Equipment (e.g., laptop)

You have options:

• Keep the plan open for up to 35 years in case they enroll later
• Transfer the RESP to another eligible beneficiary
• Withdraw the contributions tax-free, but return the grants
• Transfer up to $50,000 of investment income to your RRSP (if you have room)

Yes, multiple RESPs can exist for one child, but the combined lifetime contribution limit across all plans is still $50,000.

You’ll pay a 1% penalty per month on the excess amount until it’s withdrawn or covered by future contribution room.

Yes, but you must wait until the next calendar year to recontribute the withdrawn amount — unless you have unused room. Otherwise, you could face overcontribution penalties.

Log in to your CRA My Account or check your latest Notice of Assessment. Be aware: CRA info may not reflect recent contributions or withdrawals right away.

Technically yes, but strongly discouraged. Non-residents are subject to a 1% tax per month on contributions made while non-resident.

You must:

• Be a Canadian resident
• Be 18 years or older

Be a first-time homebuyer (you haven’t owned a home in the year the account is opened or in the previous 4 calendar years)

You can:

• Transfer the funds tax-free to your RRSP or RRIF, without affecting your RRSP contribution room
• Withdraw the funds, but pay tax on the full amount if not used for a home purchase

You can keep an FHSA open for up to 15 years, or until the end of the year when you:

• Turn 71, or
• Make a qualifying withdrawal to buy your first home

There isn’t a spousal version of the FHSA. The only person who can contribute to an FHSA is the owner of the account. You can gift the money to your spouse. They would then contribute it and get the tax deduction. It is the same with your children - you can gift them the money, but they will be owners of the account and claiming the tax deduction.

Yes, many insurance providers offer discounts to help you save. You could lower your premium by bundling your home and auto policies, keeping a clean driving record, increasing your deductible, driving less, or enrolling in safe driving programs. Always review your policy each year to make sure you’re getting all the savings you qualify for.

It can be. Insurance brokers compare quotes from multiple insurers to help you find the best rate for your needs. While savings aren’t guaranteed, brokers often find competitive prices and save you time by doing the shopping for you.

Car insurance in Ontario can range widely, from around $1,500/year in low-risk areas to $3,000+/year in high-traffic zones like the GTA. Your exact cost depends on your driving profile, location, and the type of coverage you choose. While the average hovers around $1,900/year, comparing quotes and adjusting your policy can make a significant difference in what you pay.

No, in Ontario home Insurance is not required by law. Although it is recommended because if natural disasters were to happen like a fire, windstorm, or hail damage, home insurance would be able to repair or replace it.

Some of the types are…

• Homeowners Insurance
• Renters Insurance
• Condo Insurance
• Commercial Property Insurance
• Landlord Insurance

Damage or loss must be sudden and accidental in order for it to be covered by your insurance policy. Damages due to regular wear and tear over time is the responsibility of the homeowner.

Yes, especially when damages could be easily caused to your own apartment. Damages like kitchen grease fire or the overflow of water from your sink. A tenant policy not only protects your own belongings, but also provides protection against damage you might cause to others.

No, Canada does not have a single national health insurance plan. Each province and territory runs its own health insurance plan, such as OHIP in Ontario.

As a general rule, most provinces and territories allow for a 7-month absence within a 12-month period without losing health insurance coverage, such as OHIP in Ontario.

You can supplement your OHIP coverage with private health insurance plans or employer-sponsored benefits. Using these plans can help cover prescription drugs, dental care, vision care, and other services not covered by OHIP.

Health insurance costs vary depending on a range of factors…

• Age
• Where you live
• Want to add your spouse and dependents to your plan

This can affect how much you pay in premiums, as well as some plans may require additional medical tests.

The best time to buy life insurance is when you’re young and healthy, since premiums are typically lower. But it’s never too late, life insurance can offer value at any stage of life, especially if you have dependents, debts, or long-term financial goals.

Paying yearly for life insurance usually costs less overall because it avoids monthly processing fees. But if monthly payments fit better into your budget, they’re a flexible and convenient option.

Life insurance is worth it because it provides financial protection for your loved ones if you pass away. It can help cover funeral costs, pay off debts, and replace lost income so your family can stay financially secure.

Some types of life insurance, like permanent or universal policies, offer living benefits. These can include access to cash value while you're alive, which you can borrow against or withdraw to help cover expenses like emergencies, retirement, or business needs.

Yes. Provincial health plans do not fully cover medical costs outside your province or country, especially international emergency care, hospital stays, air ambulance, or repatriation.

To submit a claim, you’ll need to complete a claim form and provide supporting documents such as receipts, medical records, proof of travel, and any other required information. Claims must be submitted within the insurer’s specified time limit, which is typically between 30 and 90 days after you return from your trip.

If you experience a medical emergency while traveling, contact your insurer’s emergency assistance line immediately. Follow their instructions, as they may help coordinate medical care and arrange direct billing where possible. Be sure to keep all receipts and medical reports for your claim.

No, but some countries require proof of travel insurance. Even when it's optional, it's highly recommended.

Interest rates for term deposits are based on factors like the term length, market conditions, and the type of deposit you choose. The longer you commit to keeping your funds in the deposit, the higher usually is the potential interest rate.

The Financial Services Regulatory Authority of Ontario (FSRA) provides deposit insurance for credit unions through the Deposit Insurance Reserve Fund (DIRF), guaranteeing up to $250 000 for non-registered accounts and unlimited coverage for registered accounts.

Most businesses should plan on keeping three to six months of cash on hand for operating expenses that are easily accessible in bank accounts. However, the amount you decide to set aside may depend on multiple factors:

• Your business is a start up
• Your industry
• Type of business
• Daily Cash flow
• Expansion Plans

• Growth with protection: Segregated funds let corporations move idle cash into growth potential while keeping guarantee features. These yield higher growth than GICs without losing downside safety
• Flexibility and pricing: Many insurers offer specialized pricing for corporate accounts

That depends on the employer. Some group plans are voluntary, while others may be mandatory as part of employment (especially with pension plans).

• Group plans offer automatic payroll contributions
• Often include lower fees due to group pricing
• May include employer contributions
• Investment options are usually curated by the plan provider

You typically have the option to:

• Transfer funds to a personal RRSP, TFSA, or LIRA (if it's locked-in)
• Withdraw the funds (subject to tax if from an RRSP)
• Leave them in the plan (if allowed)

Plans are managed by financial institutions (like Sun Life, Manulife, RBC, etc.), and employees usually select from pre-approved investment options (e.g., mutual funds, GICs, target-date funds).

Yes. You can use:

• RRSP funds (must convert by age 71)
• RRIF funds
• LIRA/LIF (Locked-in retirement funds)

All become registered annuities and are fully taxable as income.

• Irrevocable once purchased (you can’t change your mind)
• No access to lump-sum funds in emergencies
• Inflation risk if not indexed
• Limited flexibility in how money is managed or invested

Many buy annuities at retirement or age 65–75, when income certainty is important. The older you are when you buy, the higher your monthly payment (due to shorter life expectancy).

Yes. Options include:

• Guarantee period (e.g., 10 or 20 years, even if you pass away)
• Indexing to offset inflation
• Joint annuities for spousal income
• Deferred start dates

Yes. Interest earned in a HISA is considered taxable income in Canada, and must be reported on your tax return, even if you don’t withdraw the funds.

Most HISAs are no-fee, but some may:

• Limit the number of withdrawals per month
• Charge for transfers to external banks

Have minimum balance requirements to earn interest

You can usually:

• Transfer funds to a linked chequing account
• Use online or mobile banking
• Some HISAs offer ATM access or debit cards, but this is less common

Yes. You can open as many HISAs as you want across different institutions to take advantage of rates, CDIC coverage, or budgeting goals.

• Grow retained earnings and idle cash
• Generate investment income (interest, dividends, capital gains)
• Diversify away from operational risk
• Accumulate wealth for future purchases, dividends, or succession planning

Yes. Businesses can hold U.S. or international securities, but:

• Foreign income may be subject to withholding taxes
• Currency exchange costs may apply

Your corporation must report foreign property > $100,000 (T1135 form)

Yes. Consider:

• Tax drag (non-registered accounts are fully taxable)
• Exposure to market volatility
• Loss of small business deduction if passive income > $50,000/year
• Possible creditor exposure (unless held in a holding company)

You can invest through:

• Corporate investment account at a brokerage (RBC, TD, Questrade, iA, etc.)
• Corporate GIC or high-interest investment account
• Discretionary managed accounts through portfolio managers
• Private investment platforms (for accredited investors)

Key government-backed programs include:

Canada Small Business Financing Program (CSBFP)

• Up to $1.15 million for equipment, renovations, or commercial property
• Available through participating lenders (banks, credit unions)

BDC (Business Development Bank of Canada)

• Offers term loans, lines of credit, and advisory services

Export Development Canada (EDC)

• Financing and insurance for companies involved in international trade

Ontario Ministry of Economic Development, Job Creation and Trade

• Supports sector-specific financing and regional business programs

You’ll typically need:

• Business registration documents
• Financial statements (e.g., income statement, balance sheet)
• Business plan or cash flow projections
• Tax returns (business and sometimes personal)
• Void cheque or business bank account info
• Personal ID of the owners or directors

• Pre-approved revolving credit up to a set limit
• Interest only on what you use
• Ideal for managing cash flow, payroll, or short-term gaps

Example: LOCs from $10,000 to $250,000 are common for small businesses.

Rates vary based on:

• Loan type and size
• Collateral (secured loans are cheaper)
• Business credit profile
• Bank vs. alternative lender

Commercial auto insurance is designed for business usage and typically includes higher liability limits, more flexible coverage options, and protection for multiple drivers or vehicles.

If your business operates 5 or more vehicles, fleet insurance can simplify your policy management and it may offer better rates based on group risk rather than individual vehicles.

Most vehicles used for business purposes can be covered under a commercial auto policy, this includes cars, vans, pickups, trucks, trailers, and electric vehicles.

Yes, personal auto insurance won’t usually cover ride-sharing. You will need a commercial policy or a ride-sharing endorsement to stay protected.

Yes, you are still responsible for your business contents, equipment, and any tenant improvements.

It is not usually included, but can be added to your policy if needed.

You can insure multiple locations under one Commercial Property Policy.

Yes, it can if added. Business interruption coverage can help replace lost income and cover ongoing costs after a covered event.

Yes, Liability insurance protects your operations and clients even if you lease or share the property.

An umbrella policy increases your liability limits beyond your primary coverage, it is ideal if you face high-risk exposures.

Only if they are named on your policy or you require them to carry their own coverage and provide proof.

Yes, rented auto or equipment coverage will extend protection to them.

It helps cover financial losses if a key person passes away or becomes disabled, and supports succession or buy-sell agreements.

Key Person Insurance protects your business if an owner or top employee becomes critically ill, disabled, or passes away.

The business is typically the policy owner and beneficiary, meaning it receives the tax-free payout.

Any business with key individuals, shared ownership, or long-term financial planning goals can benefit.

Some benefits, like life insurance and long-term disability coverage may be considered taxable. Others, like health and dental, are usually not.

Yes, most plans allow you to add eligible dependents such as a spouse and children for extended coverage.

Yes, most plans have annual or per-visit limits for services like dental or paramedical care.

Coverage usually begins after a short waiting period, often 30 to 90 days after your hiring date.