Family, Protection and Legacy: Planning What Happens Next
Most families can describe what they want for the people they love. Fewer have written it down, funded it and checked that the paperwork agrees with the intention.
Sizing protection
Needs-based analysis typically considers outstanding debts, income replacement for dependants, education costs, final expenses and any tax liability triggered at death, less existing assets and coverage.
Education funding
An RESP attracts federal grant money on eligible contributions, subject to annual and lifetime limits. Starting earlier lengthens the compounding period and spreads contributions across more grant years.
Keeping documents aligned
Registered plan and insurance designations pass outside the will. After a marriage, separation, birth or death, reviewing designations is one of the fastest ways to prevent an unintended outcome.
Frequently asked questions
How much life insurance does a Canadian family need?
It depends on debts, dependants, income replacement period, education plans and existing assets. A needs analysis produces a far more useful figure than a multiple-of-salary rule.
Does a will cover my RRSP and insurance?
Not usually. Assets with a named beneficiary generally pass outside the estate, which is why designations should be reviewed alongside the will.
This page is educational information about Canadian financial concepts. It is not personalized financial, tax, insurance or legal advice, and it does not consider your individual circumstances. Product availability, eligibility, pricing and tax treatment depend on the provider, your situation and current Canadian rules. Speak with a professional licensed in your province before acting.
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