Thomas C. Chan Financial Services Blog: Insurance & Retirement Solution Articles

Open vs Closed Mortgage in Canada: Are You Paying a Flexibility Tax?
Walking into a Canadian bank or credit union to sign mortgage papers feels like facing a simple yes-or-no gate: either the deal’s open or it’s

Types of Life Insurance in Canada: Which One is Right for You?
Shopping for life insurance in Canada feels like stepping into a maze of confusing words. Terms like participating whole life, term riders, and cash surrender

Mortgage Insurance vs Life Insurance in Canada: Why the “Easy” Option Could Cost You
Just signed the papers for a new home. The bank manager pushes one more form over: mortgage life insurance. It promises to pay off your

What is a beneficiary in Canada?
A beneficiary is the person, group, or organization picked to get money or assets like life insurance payments, RRSPs, RRIFs, or TFSA balances after death.

Is Life Insurance Taxable in Canada?
Life insurance plays a big role in keeping many Canadian families financially safe. A common question pops up: “Does my family have to pay taxes

Canada Emergency Benefit Account (CEBA) Update – [January 2021]
Here’s the latest scoop on the Canada Emergency Business Account, or CEBA, as of January 2021. The best part is how easy it is to

RESP 101 | Everything You Need to know about the Registered Education Savings Plan in Canada
Ever heard of an investment that promises a 20 percent yearly return, comes with zero risk, and is backed by the Canadian government? That’s the

Tips to Save on Taxes
Retirement Planning Vancouver | Tips to Save on Taxes Taxes have been the biggest money burden on families since the 1960s. In Canada, almost half—45%—of

Is It Better to Take Canadian Pension Plan (CPP) Early?
Wondering when the best time is to start collecting your Canadian Pension Plan (CPP) while living in Canada? You might ask, “What will my CPP

Life Insurance Vancouver | Retirement Plans
Life Insurance Vancouver | Retirement Plans Thomas Chan is your go-to person for handling money stuff, focusing on life insurance in Vancouver. He works hard

Should you consider getting an RRSP loan?
Should you get an RRSP loan? Here’s the bottom line about RRSP loans: avoid them. People get them wrong about 80 percent of the time,

Retirement Planning Vancouver | Sharing Life Plans
Retirement Planning Vancouver | Sharing Life Plans Retirement Planning Vancouver points out that lots of young people, right after finishing college or trade school, are

RRSP 101
The Registered Retirement Savings Plan (RRSP) stands as a key tool for Canadians preparing for life after work. The Canada Revenue Agency (CRA) supports RRSPs

Will & Estate Planning Checklist for Canadians
Think about what happens to your Canadian belongings if you get sick or pass away. Ever wonder how long it takes to settle an estate

How Does Life Insurance Work in Canada?
Life insurance might sound boring at first, but it plays a huge role in keeping your money safe and making sure your family is protected

Is Life Insurance Tax Deductible in Canada?
Can you claim life insurance on your taxes in Canada? The quick answer is no, but there are some twists that make it worth digging

Joint First to Die Life Insurance: A Canadian Guide
Planning ahead keeps your money safe and happy. When dealing with Canadian finances, checking out joint first-to-die life insurance really helps. This smart type of

Life Insurance Underwriting: What You Need to Know
Buying insurance feels like navigating a tricky maze with lots of choices and confusing prices. The word “underwriting” sounds like a secret code, but it

Is Critical Illness Insurance Taxable? What You Need to Know
When a serious illness hits, everything around feels like it’s spinning out of control. Money troubles should not add to the stress. Ever asked, “Do

What is Creditor Protection for Life Insurance?
Want to keep your money safe from anyone trying to take it? Running a business, working in a risky money field, or just wanting to