Quick And Easy Ways To Transfer Money Between Banks

Quick And Easy Ways To Transfer Money Between Banks

Quick And Easy Ways To Transfer Money Between Banks
Canadian LIC

By Harpreet Puri

CEO & Founder

SUMMARY

Canadian LIC shares trusted insights on quick and easy ways to transfer money between banks in Canada. From Interac e-Transfers to wire transfers and EFTs, it outlines smart, secure, and fast methods tailored for everyday needs, backed by 14+ years of client experience. It also explains how to reduce fees, avoid delays, and simplify domestic and international transfers using expert strategies trusted by Canadian families and businesses.

Introduction

Transferring money between banks doesn’t have to feel like a frustrating chore, yet we see clients walk into our Canadian LIC office every week, stressed about delays, hidden charges, and confusing steps. After helping thousands of families and individuals streamline their finances over the past 14+ years, I can say this with certainty: even something as seemingly simple as a bank transfer can snowball into unnecessary stress when you don’t know the right way to do it.

Let’s fix that.

From working professionals trying to manage multiple bank accounts to seniors transferring savings to their grandkids’ RESP, our clients at Canadian LIC face these everyday struggles. And every time, we offer simple, tailored, and secure solutions that work quickly and reliably.

Below, you’ll find the methods we recommend to our clients, along with the same guidance we give during our consultations. Every strategy mentioned here is backed by real experiences, with names changed for privacy.

Interac e-Transfer: The Everyday Hero

When Poonam came to us needing to send emergency tuition fees to her niece studying in Vancouver, we walked her through Interac e-Transfer. Within minutes, the money was transferred directly from her TD Bank account to her niece’s RBC account.

Why We Recommend It at Canadian LIC:

  • Most transfers happen in seconds.
  • It’s embedded into most Canadian online banking systems.
  • There’s no need for a person’s account numbers—just an email or phone number.
  • Secure encryption and easy mobile access.
InteraceTransfer Features

It’s ideal for clients looking to move money fast with zero learning curve.

Electronic Funds Transfer (EFT): Reliable for Scheduled Transfers

Harjeet, a small business owner we’ve worked with for over a decade, was manually paying herself and her vendors each month from different accounts. After reviewing her setup, we suggested EFTs through her business bank portal.

Why Canadian LIC clients prefer EFTs:

  • Perfect for predictable, recurring transactions.
  • Works well for both personal and business banking.
  • No physical paperwork or manual follow-ups.
  • Completely digital, with low or no fees from Canadian banks.

Online Bank-to-Bank Account Transfers: Simplicity Meets Security

Many of our clients, like Nav, a 45-year-old investor with four bank accounts, didn’t realize how easy it was to link external accounts through online banking. We walked him through linking his BMO and Scotiabank accounts.

How We Simplify the Process at Canadian LIC:

  • Help clients verify micro-deposits to connect accounts.
  • Set up recurring transfers to automate savings.
  • Walk clients through fee disclosures.
Client-Centric Banking Services Cycle

This method eliminates the need for third-party tools and keeps everything under the same financial umbrella.

Third-Party Apps (Wise, PayPal, Remitly): When You're Going Global

Our international clients—like Manoj, who frequently sends money to his family in India—ask about low-cost global transfer options. Our advice? Use Wise (formerly TransferWise) for transparent fees and mid-market exchange rates.

How Canadian LIC Supports International Transfers:

  • Compare fee structures across services.
  • Highlight processing times and exchange rate accuracy.
  • Offer client-friendly onboarding to the platforms.

Apps like Wise, Remitly, and PayPal are invaluable for cross-border transfers.

Wire Transfers: Big Transfers, Done Safely

When our client, Sukhbir, needed to send a large down payment for a home, we arranged a bank-certified wire transfer. It reached the lawyer’s trust account within hours.

When We Recommend Wire Transfers:

  • For real estate closings
  • For international business payments
  • For any transaction above $10,000

They cost more than other methods, but they’re fast, secure, and traceable.

Pre-Authorized Debits (PADs): Set It and Forget It

One of our retired clients, Baljit, was struggling to keep track of all her monthly deductions—utility bills, charity donations, and credit card payments. We helped her automate everything with PADs.

Our PAD Setup Process at Canadian LIC:

  • We guide clients through vendor forms.
  • Ensure deduction dates align with pension deposit dates.
  • Help them monitor and adjust recurring PADs as needed.

PADs free up your mind and reduce financial stress.

Canadian LIC's Smart Transfer Tips for 2025

We often advise our clients to take the following steps before and after every transfer:

  1. Double-Check Details: A wrong digit in an account number can cause long delays.
  2. Enable Alerts: Get instant text or email confirmations.
  3. Schedule Your Transfers: Avoid weekend or holiday delays by setting up transactions on business days.
  4. Understand the Fees: Always ask us or your bank about hidden charges.
  5. Save Receipts: For large or international transfers, always keep screenshots or confirmation numbers.

More Ways Canadian LIC Clients Are Simplifying Transfers

Linking Accounts for Seamless Movement

Many families now manage both personal and corporate finances. We often solve the issue of helping them link personal checking accounts with corporate accounts, which gives our clients faster control over cash flow. We also advise on how to maintain CRA compliance when shifting funds between business and personal use.

Helping Seniors Navigate Transfers

Older clients often feel overwhelmed by online banking. At Canadian LIC, we set aside time to show them how to access their accounts safely, avoid scams, and transfer funds without needing to visit a branch. We recently helped a senior couple switch to mobile banking for the first time, and now they manage their entire monthly budget using their iPad.

International Students Sending and Receiving Funds

Whether it’s tuition, rent, or living expenses, we’ve helped hundreds of international students set up a secure money pipeline between Canada and their home countries. We make sure their accounts are CRA-compliant and that they’re using the most cost-effective platforms for cross-border transactions.

Fee Breakdown: Know What You're Paying For

Too many people come to us unaware of the fees they’ve been charged. That’s why part of our consultation includes walking you through:

  • Interac e-Transfer daily/monthly limits
  • Bank-to-bank transfer fees and delays
  • Currency conversion markups with third-party apps
  • Flat charges on wire transfers (usually $15–$40)
  • PAD penalties if a debit fails

We also help our clients dispute charges when necessary. Our financial advocates speak directly to banks or providers to resolve unjustified fees.

Why We Emphasize Personalized Guidance

Each person’s banking situation is different. That’s why Canadian LIC never provides one-size-fits-all suggestions. Every strategy is customized based on your:

  • Bank’s technology access (some rural branches still have limitations)
  • Transfer Frequency
  • Preferred access (mobile vs. desktop)
  • Security requirements
  • Tax implications (especially for business owners or joint accounts)

We often go as far as drafting a monthly transfer calendar for our clients, down to the exact days, amounts, and platforms.

Final Word

At Canadian LIC, we believe no one should feel anxious about moving their own money. Our mission has always been to educate and empower—because when you’re financially informed, you’re financially free.

If you’re still relying on outdated methods, paying unnecessary fees, or worrying about delays, now is the time to change that. Let us help you move your money safely, swiftly, and without stress.

Give us a call, book a consultation, or walk into our office—we’re ready to show you how easy transfers can be in 2025.

Get The Best Insurance Quote From Canadian L.I.C
Call +1 416-543-9000 to speak to our advisors.
Get Quote Now

FAQs – Canadian LIC's Expert Answers on Bank Transfers

We’ve had clients panic when transfers don’t show up right away, especially if rent or tuition is due. Delays can happen due to bank holidays, transfer limits, or mismatched details. At Canadian LIC, we advise clients to immediately contact both sending and receiving banks, keep all transfer confirmations, and escalate through proper channels. For recurring issues, we help switch to faster, more reliable platforms.

Yes, but be careful. Many clients unknowingly lose money due to poor exchange rates or hidden fees. That’s why we help set up USD-denominated accounts within Canadian banks or guide clients through currency exchange tools with lower markups. We also teach our clients how to lock in favourable exchange rates when planning large transfers.

It can be if it is set up correctly. Our team helps clients activate multi-factor authentication, disable biometric login on shared devices, and use virtual private networks (VPNs) when accessing banking apps on public Wi-Fi. We also show seniors and newcomers how to check if an app is legitimate before using it for sensitive transfers.

We’ve seen spouses and business partners struggle with this. Joint account transfers aren’t always “tax-neutral.” If the accounts belong to different entities or involve income-producing assets, you could trigger a reportable event. We offer personal guidance on how to structure transfers between spouses, parents and children or business accounts to stay compliant.

This comes up frequently when clients want access to savings. Unlike regular transfers, withdrawals from TFSAs or RRSPs can have tax consequences. At Canadian LIC, we guide our clients on the timing, paperwork, and withholding tax implications before initiating the transfer. We often recommend strategic withdrawals to reduce tax exposure or avoid contribution limit issues.

Banks have internal fraud detection systems that can flag unusual activity. If you suddenly move $50,000 when you usually send $500, your transaction could be paused. To prevent this, we help clients notify their banks in advance and document the purpose of the transfer, especially for purchases, investments, or down payments. This small step can save a lot of headaches.

We’ve helped clients stuck with low daily limits, especially when paying contractors, tuition, or hospital bills. Options include splitting the amount over multiple days, using certified cheques, or initiating a wire transfer instead. We also help clients request a temporary limit increase by submitting the right documents to their bank.

Absolutely. We often create tiered strategies for self-employed clients using variable-income models. This might include setting up flexible transfers triggered by income thresholds or transferring a percentage instead of a fixed amount. With the right planning, your savings can grow consistently, even with unpredictable income.

That depends on the type of transfer. Some methods, like Interac e-Transfers (if not yet accepted), can be cancelled. Others, like wire transfers, are nearly impossible to reverse. That’s why we educate our clients to always use the transfer confirmation checklist we provide. In cases where a mistake occurs, we intervene with the bank directly to explore recovery options.

We prepare a custom emergency transfer checklist for each client. This includes linking backup accounts, setting preferred contact methods with banks, and knowing exactly which platforms work best when time is limited. Whether it’s sending money to a child abroad or paying for a medical emergency, being prepared can make all the difference.

Key Takeaways

    1. Transferring money between Canadian banks can be fast, simple, and secure—when the right method is chosen based on your needs.

    2. Interac e-Transfer is ideal for instant, everyday transactions, offering speed, accessibility, and strong encryption.

    3. Electronic Funds Transfers (EFTs) are perfect for recurring payments and scheduled transactions, especially for personal and small business use.

    4. Online bank-to-bank transfers work well for managing multiple accounts securely, especially when linked through verified setups.

    5. Third-party apps like Wise and PayPal offer cost-effective options for international money transfers, especially for clients with family or business abroad.

    6. Wire transfers are the safest option for large or time-sensitive payments, such as real estate transactions or major business dealings.

    7. Pre-Authorized Debits (PADs) help clients automate regular payments, reducing missed bills and budgeting stress.

    8. Canadian LIC provides customized, real-world support, including transfer checklists, fraud protection tips, and fee analysis.

    9. Clients with joint accounts, business structures, or variable incomes benefit from tailored strategies to stay compliant and financially efficient.

    10. Transfer limits, timing, and platform choice can make or break a successful transaction, which is why professional guidance is crucial.

Sources and Further Reading

Below are authoritative sources and further reading on transferring money between banks in Canada. These resources cover the main methods, security, fees, and tips for seamless transfers. 

  • Government of Canada: Transferring Your Products or Services to Another Financial Institution
    Comprehensive guidance on how to transfer chequing and savings accounts, including steps for identifying automated transactions, opening new accounts, and moving your funds.
    Read on, Canada.ca1
  • Wise (formerly TransferWise): International Money Transfers
    Transparent fee structure and real-time exchange rates for sending money internationally, often at lower costs than traditional banks.
    Read on Wise
  • Remitly: Send Money Internationally
    Fast and secure options for sending money abroad, with a focus on speed, transparency, and customer support.
    Read on Remitly
  • PayPal: How to Send Money
    Overview of sending money domestically and internationally using PayPal, including fees, security, and recipient options.
    Read on PayPal Canada

These resources will help you understand your options, avoid unnecessary fees, and ensure your money transfers are safe and efficient.

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    – The Canadian LIC Team

    How Much Does a Funeral Cost in Canada? (2025)

    The topic of funeral costs may not be one that many people want to discuss, but it is an essential conversation to have. In Canada, as in many other parts of the world, the cost of a funeral can be a significant financial burden on families already dealing with the emotional stress of losing a loved one. To shed light on this important issue, we will explore the factors that influence funeral costs in Canada in 2023, from basic services to additional expenses like burial, cremation, and memorial services.

    How Much Does a Funeral Cost in Canada? (2025)

    By Harpreet Puri, June 18th 2025, 13 Mins

    How Much Does a Funeral Cost in Canada 2025

    A funeral isn’t just a ceremony — it’s a financial decision at a time when emotions run high and clarity is clouded by grief. For countless Canadian families, planning a farewell often comes with a startling realization: saying goodbye isn’t cheap.

    At Canadian LIC, we’ve sat across from grieving families who were blindsided by funeral costs they never anticipated. Harpreet Puri, with over 14 years of experience, often says, “The grief is heavy, but financial stress doesn’t have to be.” It’s this belief that drives us to educate Canadians on what they can truly expect — and how to prepare for it.

    So, how much does a funeral really cost in Canada in 2025? Let’s break it down — not with guesswork or generic averages, but with insight, real numbers, and solutions you can actually use.

    The Reality: What Canadians Are Paying in 2025

    We’ve seen firsthand the shock on people’s faces when they realize how much a basic funeral can add up to. Even the simplest arrangements can cost more than most people have set aside.

    Here’s what you’re likely to pay in 2025 for a standard funeral in Canada:

    Basic burial service: $7,000 – $12,000

    Cremation service: $4,000 – $8,000

    Memorial service (venue, food, flowers, etc.): $2,000 – $5,000

    Funeral home fees: $1,500 – $3,500

    Casket: $2,000 – $10,000 (depending on material)

    Urn (for cremation): $200 – $1,000

    Grave plot: $1,500 – $5,000 (varies by city and cemetery)

    Headstone/marker: $1,000 – $3,000

    Transportation (hearse, limo, etc.): $300 – $1,200

    Total average cost in 2025: $8,000 to $15,000+, depending on choices, region, and traditions.

    This doesn’t include probate fees, last-minute travel costs for family, or outstanding medical bills. And yes — we’ve helped families who’ve had to use credit cards and loans just to afford it.

    Hidden and Unexpected Costs Families Don’t Plan For

    Average Cost of a funeral in Canada

    While most people think about the casket or urn, they forget the emotional and logistical costs that inflate the bill:

    Obituary notices in newspapers and online platforms

    Clergy or officiant honorariums

    Embalming (often required for open casket)

    Death certificate copies (needed for insurance and estate processing)

    Flowers and printing of service cards

    Reception or wake arrangements

    These seemingly “small” expenses can quietly add $1,000–$3,000 more. Many of our clients share how unprepared they felt until we walked them through the process and helped them set up pre-need insurance.

    Funeral Costs by Province: Not All Regions Are Equal

    We’ve noticed in our consultations that the cost of funerals varies greatly depending on where you live in Canada. A burial in downtown Toronto costs far more than one in rural Saskatchewan. Here’s what we’re seeing across provinces:

    We helped a couple in Mississauga plan for a future funeral by explaining not only costs but how to navigate cultural traditions affordably — from Sikh and Hindu cremations to Catholic and Muslim burials.

    Get The Best Insurance Quote From Canadian L.I.C

    Call 1 416-543-9000 to speak to our advisors.

    Why Families Struggle: No Plan, No Preparation

    The biggest mistake we see is waiting. Families assume they’ll “deal with it when the time comes.” But grief clouds judgment, and costs feel heavier when no financial plan is in place.

    We recently met the Dhaliwal family, who were forced to pause funeral plans for their father due to financial constraints. With a simple funeral insurance plan or a small monthly premium, they could’ve moved forward without hesitation. Harpreet often reminds clients: “Funeral costs aren’t about death — they’re about dignity.”

    How Funeral Insurance Eases the Burden

    The best time to prepare for funeral costs is before you need to. That’s why we help families choose affordable final expense insurance or add funeral coverage to an existing life insurance policy.

    Here’s how it helps:

    Your loved ones receive a tax-free payout within days

    It covers all major costs, including burial, cremation, and service arrangements

    You can lock in low premiums while you’re still healthy

    Funds can also support travel and medical expenses left unpaid

    Benefits of Final Expense Insurance

    We worked with Amrit from Brampton who was able to plan her mother’s cremation in advance using her policy — without touching family savings.

    The Role of Life Insurance in Covering Funeral Costs

    Many clients ask: “Is life insurance enough?” The truth is, it depends. Some term life insurance policies may expire before death. Whole life policies, however, guarantee a payout.

    At Canadian LIC, we help families:

    Review their existing life policies to see if funeral coverage is sufficient

    Add riders or supplemental policies to cover shortfalls

    Convert term policies to whole life for lifetime protection

    Planning ahead also means beneficiaries know exactly what the funds are for. No confusion. No delays. Just financial clarity in the hardest moments.

    Comparing Options: Funeral Insurance vs Life Insurance

    FeatureFuneral InsuranceLife Insurance
    PurposeSpecifically for funeral costsBroader financial protection
    Payout SpeedTypically, within a few daysMay take weeks depending on the claim
    Coverage Amount$5,000 – $25,000$50,000 – $1,000,000+
    Policy LengthWhole life (guaranteed)Term or whole life
    UnderwritingOften, no medical examMay require full underwriting
    Monthly PremiumsLower due to smaller coverageHigher, especially for larger plans

    We guide clients through both options — often recommending a combination that balances coverage, cost, and convenience.

    How Canadian LIC Supports Funeral Planning

    We don’t just sell insurance — we help you plan for life’s hardest moments. Our team offers:

    When Raj from Vancouver lost his father, our team ensured that all documentation was handled, and the payout was delivered within 48 hours. No confusion. No hassle.

    Final Thoughts: Preparing Now Brings Peace Later

    Thinking about death isn’t easy. But not thinking about it comes at a much higher cost — financially and emotionally.

    Planning now means your family can focus on what matters: honouring your life, not stressing over invoices.

    At Canadian LIC, we’re here to make sure every Canadian family has access to affordable, respectful funeral planning options.

    Speak with us today. Your future self — and your loved ones — will thank you.

    Get The Best Insurance Quote From Canadian L.I.C

    Call 1 416-543-9000 to speak to our advisors.

    Best Insurance Plans Helpline From Canadian L.I.C

    FAQs

    This is a concern we often hear from families who’ve been offered prepaid plans by funeral homes. The truth is, prepaid plans can be helpful if structured well, but they come with limitations. The funds are typically locked in with a specific provider, which reduces flexibility. If the funeral home closes or your family moves, transferring the plan can be complicated. That’s why many of our clients prefer funeral insurance — the payout goes directly to your loved ones, giving them full control over how and where the service is arranged.

    Yes, and some Canadians choose to do so using TFSAs or high-interest savings accounts. But we always ask: will the money still be there when your family needs it? We’ve worked with clients whose savings were unintentionally used for other emergencies. Unlike savings, a dedicated funeral insurance plan is protected and reserved for its purpose — which gives both you and your family peace of mind that the funds won’t be redirected.

    We’ve supported many families across cultural backgrounds — Sikh, Hindu, Muslim, Christian, Buddhist, and more — and one thing stands out: traditions add cost layers that most people underestimate. For example, extended prayer gatherings, ceremonial items, live streaming for relatives abroad, or international transportation of remains can significantly raise total expenses. We often recommend that families factor in these cultural expectations early in their planning, especially when building their insurance coverage amount.

    Absolutely — and this is something many seniors ask during their planning. Even without children or a spouse, someone will still be responsible for your arrangements: a friend, sibling, distant relative, or executor. Without coverage, they might struggle to handle your final expenses. We’ve helped independent seniors set up low-cost plans that ensure their legacy is handled with respect and no financial strain is placed on others.

    This is a very real concern, especially among older adults. While traditional life insurance may require full underwriting, many final expense and funeral insurance plans are available without medical exams. At Canadian LIC, we work with providers who accept applicants into their 70s and even 80s — and we help match clients with plans that suit their health status and age. You don’t need to be perfectly healthy to protect your family.

    This is a critical decision. While naming a funeral home may seem simple, it can limit how the funds are used. If you name a trusted family member or executor instead, they’ll have the flexibility to allocate the money where it’s most needed — whether that’s for the funeral itself or related travel, medical, or legal costs. We always advise clients to think about flexibility and trust when choosing a beneficiary.

    It’s a common misconception that all insurance payouts must be used solely for funeral expenses. If the actual cost is lower than the policy amount, your beneficiary retains the remaining balance — tax-free. This extra amount can be used to cover time off work, legal expenses, or even be saved for future family needs. We’ve seen families use leftover funds to sponsor community prayer services or make donations in memory of their loved one.

    Owning a cemetery plot is a great step, but it’s only part of the total expense. The service itself, transportation, funeral director fees, casket, paperwork, and more still need to be paid. We often meet clients who mistakenly believe their plot covers everything. That’s why we help calculate the full picture — so they’re not leaving gaps in coverage their family would later have to fill.

    Yes, and this is something many clients ask about — especially those looking to leave a lasting impact. Some policies can be set up to designate a portion of the death benefit to a registered charity, while the remainder goes to cover funeral costs or support your loved ones. This hybrid approach is a thoughtful way to plan ahead while also giving back to a cause you believe in.

    If you’re asking, you’re probably right on time. Starting in your 40s is actually ideal. You’ll qualify for lower premiums, have more plan options, and it allows you to align funeral insurance with your broader financial goals. Many of our most well-prepared clients began early, adjusted their plan as life changed, and never had to stress about it again. Planning early is not morbid — it’s smart and incredibly kind to your future family.

    The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

    Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

    What Is The Average Income Of Insurance Agents In Canada?

    What Is The Average Income Of Insurance Agents In Canada?

    What Is The Average Income Of Insurance Agents In Canada
    Canadian LIC

    By Harpreet Puri

    CEO & Founder

    SUMMARY

    What is the average income of insurance agents in Canada? The content explains how earnings vary based on experience, product type, province, and support system. It highlights how life insurance policies and term life insurance plans impact commissions, what new agents can expect, and what top earners at Canadian LIC are doing differently. Includes real numbers, first-year expectations, career growth, and how structure affects success.

    Introduction

    "Can I really make a living as an Insurance Agent?"

    It’s one of the first questions we hear when someone sits down across the desk at Canadian LIC, thinking about a career in financial services. Whether they’re recent grads, immigrants with sales experience, or professionals pivoting after burnout, the question is always the same: Is this sustainable?

    The short answer?

    Yes — but your income depends on what kind of insurance agent you want to be, where you work, how hard you’re willing to hustle, and what support system you have behind you.

    At Canadian LIC, we’ve mentored agents who struggled at first but now earn six figures annually — and others who quit before they made their first $10,000. The difference wasn’t luck. It was clarity, training, and structure.

    This in-depth article will explore:

    • Real numbers: What insurance agents in Canada are earning in 2025
    • Income ranges by role: captive vs. independent, salaried vs. commission-based
    • The impact of product type (life, health, investments)
    • What top-performing agents are doing differently
    • What Canadian LIC offers new agents to scale sustainably
    • What to expect in the first 12 months — and beyond

    First, Let's Break Down the Numbers

    What Is the Average Income for Insurance Agents in Canada?

    According to recent industry data (Q1 2025):

    • Overall national average: $62,000–$68,000 per year
    • Entry-level agents (Year 1–2): $35,000–$48,000
    • Mid-career (Year 3–5): $65,000–$85,000
    • Top-tier agents (5+ years): $120,000–$250,000+

    These numbers vary significantly based on:

    • Province
    • Licensing level (LLQP only vs. MFDA/IIROC licensed)
    • Commission structure
    • Support and marketing budget
    • Client base (retail vs. corporate)

    Income by Product Type

    Product TypeTypical CommissionRecurring Revenue?Client Frequency
    Term Life Insurance40–80% first-yearNoOnce every 10–20 years
    Whole Life/Permanent50–90% first-yearYes (renewal trials)Low
    Critical Illness40–70% first-yearNoModerate
    Disability Insurance40–60% first-yearSome renewalModerate
    Investment (Seg Funds)3–6% upfront + 0.5–1% annual trailerYesHigh
    Group Benefits10–15% of premiumYesHigh

    The key takeaway? Income isn’t just about what you sell. It’s about what you build.

    Agents who focus on building a base of renewable income products create consistency. Those who sell mainly term insurance face feast-or-famine cycles — unless they scale fast.

    What Influences an Agent's Income in Canada?

    1. Agency Structure: Captive vs. Independent

    Captive Agents (e.g., working for one company):

    • Lower-income ceiling
    • Less control over product choice
    • Higher training and stability upfront
    • Some base salaries or leads

    Independent Agents (like at Canadian LIC):

    • Full control over products and schedule
    • No ceiling on commissions
    • Need to self-generate leads
    • Much higher upside (and pressure)

    At Canadian LIC, our agents are independent but supported, meaning they have access to 30+ insurance carriers, full product flexibility, and in-house mentorship but still operate with entrepreneurial freedom.

    2. Province & Licensing

    Agent incomes are generally higher in:

    • Ontario
    • British Columbia
    • Alberta

    Where there’s:

    • More wealth concentration
    • Higher cost of living (larger policies)
    • More immigrant populations need education-based sales

    Also, those licensed to offer segregated funds or other investment-linked products consistently out-earn those restricted to life-only licenses.

    3. Marketing and Lead Generation

    We’ve seen new agents at Canadian LIC outperform veterans because they:

    • Worked referral networks
    • Used digital marketing (email, Instagram, LinkedIn)
    • Partnered with real estate agents, mortgage brokers, or immigration consultants
    • Hosted webinars and local community talks

    Your income is directly tied to how visible and active you are, not just how “experienced” you are.

    Canadian LIC's Perspective: What Income Really Looks Like Year by Year

    We mentor new agents from Day 1, and we’ve seen consistent earning patterns based on dedication, not background.

    Year 1: Learning and Hustling

    • Focus: Licensing, product knowledge, and generating leads
    • Common Income Range: $30,000–$50,000
    • Traits: High rejection, slow start, wins from family/friends, lots of free training sessions
    • Canadian LIC Advantage: Weekly 1-on-1 coaching, joint appointments with top agents, done-for-you marketing materials

    Year 2–3: Confidence and Scaling

    • Focus: Referrals, cross-selling, developing retention strategies
    • Common Income Range: $55,000–$85,000
    • Traits: Steady monthly sales, first referrals start coming in, growth from repeat clients
    • Canadian LIC Edge: CRM access, automation tools, product-matching engine, internal client referral pool

    Year 4+: Strategic Growth and Specialization

    • Focus: Niching down (e.g., Super Visa, business insurance, retirement planning)
    • Common Income: $100,000–$250,000+
    • Traits: Team building, managing assistants, automating follow-ups, and revenue from trials
    • Canadian LIC Bonus: Eligibility for performance bonuses, travel incentives, exclusive top-tier carrier contracts
    Insurance Agent Growth Pyramid

    What Top-Earning Agents at Canadian LIC Do Differently

    We work closely with advisors earning over $200K per year — and here’s what sets them apart:

    1. They follow a calendar-based sales system (not random outreach)
    2. They teach, not sell — by helping people understand what they didn’t know
    3. They upsell protection and investment together (e.g., life + CI + RRSP)
    4. They ask for referrals early
    5. They reinvest in their brand — websites, lead funnels, and content

    Our top performers are not always the flashiest, but they are consistent, coachable, and connected.

    Questions We Get from Aspiring Agents

    Not at Canadian LIC. However, we do offer commission advances, joint case closings, and lead-sharing pools.

    As independent advisors, you can enroll in discounted advisor benefit plans through our partners.

    You need to be great at helping people understand financial risk — the rest is teachable.

    Yes — but part-time input leads to part-time output. Many of our full-time agents started part-time, and we have a growth track just for them.

    What New Agents Often Get Wrong

    1. Thinking one product will make them rich
    2. Relying only on family/friends
    3. Fearing rejection instead of building confidence
    4. Wasting hours on paperwork without automation
    5. Quitting before momentum kicks in

    Success in insurance is not about hype. It’s about systems, mentorship, and follow-through.

    What Canadian LIC Provides to Help You Grow

    1. Full access to 30+ insurance providers (life, health, investments, group)
    2. Dedicated onboarding coach and 90-day action plan
    3. One-click CRM system for tracking leads and clients
    4. Weekly live training (sales, product, compliance)
    5. Custom client proposals with illustrations and comparisons
    6. Co-branded marketing materials
    7. Lead support for qualifying agents
    8. Incentive trips, contests, and MDRT-track programs

    Our mission isn’t to hire the most people — it’s to help the most people succeed.

    Final Thoughts: Is Insurance a Good Career in 2025?

    If you’re asking this question, you’re probably looking for more than just a paycheque.

    You’re looking for:

    • Autonomy
    • Purpose
    • Income you control
    • The ability to make a real impact

    The average income of insurance agents in Canada may be $62K — but the real potential is far greater for those with the right guidance and commitment.

    At Canadian LIC, we believe that financial advice should be built on trust, and careers should be built on transparency. That’s why we don’t sugarcoat the hard parts — and we don’t let you face them alone.

    If you’re ready to see how this path could work for you, let’s talk.

    Get The Best Insurance Quote From Canadian L.I.C
    Call +1 416-543-9000 to speak to our advisors.
    Get Quote Now

    Frequently Asked Questions — Average Income of Insurance Agents in Canada

    Yes — but not overnight. At Canadian LIC, we’ve seen agents hit six figures within 3–5 years by building client relationships, offering full protection solutions (life + critical illness + investments), and consistently following up. It takes structure, not luck.

    Most first-year agents we coach earn between $30,000 and $50,000. Some earn more by going full-time right away and leveraging joint cases with our senior advisors. Others work part-time to get their feet wet, then scale. Either way, your income is tied to how many conversations you start, not just how many policies you sell.

    At Canadian LIC, we work on a commission-based model, but with support, coaching, and lead access. Some banks or direct carriers may offer a small salary or base stipend, but your earning ceiling is limited. Our agents grow their income as their client base and skills grow, without caps.

    Products with recurring revenue, like whole life insurance, segregated funds, and disability insurance, often create stronger long-term income. Critical illness and mortgage coverage offer good upfront payouts. The key is to offer full protection, not just one product.

    We hear this question often. Captive agents (tied to one company) get basic tools and fewer choices. At Canadian LIC, you’re independent with full backing, which means more product options, better commissions, and unbiased advice for your clients. It’s more work upfront, but more growth long term.

    No. What you need is empathy, discipline, and a willingness to learn. Some of our top performers were teachers, nurses, tech workers, and even newcomers to Canada. We teach you how to have real conversations, not push products.

    No one likes starting there, but it happens. We help you go beyond your warm circle with online marketing tools, community strategies, and scripts that actually work. The goal is to build a referral-based practice that doesn’t depend on chasing friends forever.

    That’s what sets Canadian LIC apart. We don’t leave you on your own with a login and a product binder. You get:

    • 1-on-1 coaching
    • Weekly team calls
    • Joint client meetings
    • Access to our quoting tools and CRM
    • Fast support when you need it

    You’re in business for yourself, but never by yourself.

    Most new agents complete their LLQP license within 4–8 weeks. From there, you can write your first policy within a month. We help you set up fast, from contracts to quoting software to compliance.

    That’s the beauty of this industry. Your license is portable, your clients are yours, and the renewal income you earn stays with you. Many agents turn this into a second-income stream, semi-retirement plan, or full-blown business — whatever fits your life.

    Key Takeaways

    • The average income of insurance agents in Canada ranges from $62,000 to $68,000, with top performers earning $120,000 to $250,000+ based on experience, product mix, and effort.

    • First-year agents typically earn between $30,000–$50,000, especially when supported by mentorship and access to diverse product options like at Canadian LIC.

    • Selling life insurance policies, term life insurance plans, and disability or investment-linked products creates opportunities for both upfront income and long-term residuals.

    • Agents offering renewable products like whole life, critical illness, and segregated funds build stable income faster than those focused only on one-time sales like term life.

    • Working independently with full support (like Canadian LIC’s model) allows for higher commissions and broader product choice compared to captive agency roles.

    • Geographic location and licensing level (LLQP vs. MFDA) significantly impact earning potential, with Ontario, BC, and Alberta offering stronger opportunities.

    • Top earners at Canadian LIC follow systems, invest in marketing, build referral pipelines, and focus on client education, not sales scripts.

    • Canadian LIC provides tools like weekly coaching, CRM access, custom marketing, and lead programs to help agents grow sustainably.

    • The industry offers real long-term career potential, but income is directly tied to hustle, relationship-building, and consistency, not shortcuts.

    Sources and Further Reading

    To support the data and insights in your blog “What is the Average Income of Insurance Agents in Canada?”, here are authoritative sources and further reading links:

    Salary Data & Industry Averages

    Mentorship, Training, and Career Growth

    These resources provide comprehensive information on earnings, career progression, mentorship, and the factors that influence insurance agent income in Canada.

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      What Is The New Immigration Policy In Canada In 2025?

      What is the new immigration policy in Canada in 2025?

      SUMMARY

      Canada’s 2025 immigration policy introduces major reforms, including reduced permanent resident targets (395,000), a 5% cap on temporary residents, removal of job offer points in Express Entry, crackdowns on fraud, limited border permit applications, and tech-driven processing. It boosts Francophone and rural immigration, reforms second-generation citizenship laws, and pauses new parent/grandparent sponsorships. These changes aim for integrity, balance, and strategic growth.

      You will get to know the most important updates pertaining to Canada’s 2024 immigration policy. The various updates include the caps applied on international student admissions into the country, stricter rules on financial requirements, changing work permits for spouses as well as students, and further details as to the updates in the Citizenship Act that allow individuals adversely affected by the first generation of the cut-off rule to receive citizenship. The blog addresses improved rules for the Start-up Visa Program, the suspended Self-Employed Persons Program, and a new PR-on-arrival program for caregivers. It also covers innovative work permits for tech professionals, humanitarian policies for conflict zones, and the reopening of the Quebec Immigrant Investor Program. Improved pathways for Francophone immigration, as well as new travel requirements for Mexican nationals, are mentioned. These changes bring both opportunities and challenges and careful planning and informed decision-making will be required to navigate the changing landscape of immigration in Canada in 2024.

      Canadian LIC

      By Pushpinder Puri

      CEO & Founder

      Introduction

      As we enter 2025, CANADA is retooling its immigration architecture, keeping sustainability, integrity, demographics and labour market in mind. The announcements by Immigration Refugees and Citizenship Canada (IRCC) are big news and a game changer for the way in which Canada provides immigrants access to its borders and how it deals with permanent and temporary populations. In this article, we dive deeper into the new immigration policy that Canada has in store for 2025 and what you, as potential immigrants, employers, and international students, must know about.

      1. Lower Immigration Targets for Permanent Residents

      For the first time ever, Canada has reduced the number of its permanent resident (PR) admissions. A target of 395,000 new PRs in 2025 is established in the Immigration Levels Plan for 2025-2027, lower than previous estimates. This 105,000 reduction in admissions is consistent with Canada’s overall aim of keeping the immigration pace in line with its infrastructure.

      Key highlights include:

      • 62 percent of PRs will be admitted through economic channels, where the focus will be on health and skilled trades.
      • 40%+ of new PRs will be temporary permit holders already in Canada.
      • Family reunification accounts for a consistent 22% of admissions.
      • Refugee and humanitarian admissions are currently occurring at approximately 17.5% collectively.

      This plan demonstrates Canada’s commitment to help meet the needs of high-need sectors while also reuniting families and honouring the work of refugees).

      Distribution of Permanent Resident Admissions

      2. New Cap on Temporary Residents

      A major shift in 2025 is the reduction of temporary resident intake to 5% of the total Canadian population. This includes international students and foreign workers.

      Target numbers for new temporary residents:

      • 2025: 673,650
      • 2026: 516,600
      • 2027: 543,600

      Canada’s goal is to rebalance the ratio of temporary vs. permanent residents. This move includes stricter rules such as:

      • New intake caps for study permits
      • Higher cost-of-living requirements
      • Tighter eligibility for work permits for spouses and PGWP holders

      These steps aim to curb systemic pressures in housing and public services caused by the recent surge in temporary residents.

      3. No More Job Offer Points in Express Entry

      In a bold move to combat fraud, IRCC has announced that job offer points will be removed from the Express Entry Comprehensive Ranking System (CRS) in spring 2025. This measure will:

      • Deter the misuse and fraudulent sale of Labour Market Impact Assessments (LMIAs)
      • Create a more equitable playing field for all applicants
      • Focus selection more on individual merit (education, language, experience)

      This will impact many currently working in Canada under LMIA-based permits, but will not affect those already invited or with applications in process.

      4. Immigration Fraud Crackdown

      Canada is also proposing changes to the Immigration and Refugee Protection Act, giving IRCC more authority to:

      • Cancel or suspend fraudulent immigration documents
      • Reject or halt applications during mass fraud investigations
      • Penalize bad actors, including consultants or employers exploiting immigrants

      This crackdown is aimed at preserving the integrity of the immigration system and protecting vulnerable applicants.

      5. Stricter Rules Against Flagpoling

      Flagpoling — exiting and re-entering Canada to process permits at the border — will be significantly limited in 2025. Under the new rules:

      • Most work and study permits must be applied for online.
      • Only a few select situations will be eligible for border processing.

      This is expected to reduce pressure on border services and ensure consistent processing through official online channels.

      6. Boosting Francophone Immigration

      Canada is doubling down on its efforts to boost Francophone immigration outside Quebec:

      • 2025 Target: 8.5% of total PR admissions
      • 2026: 9.5%
      • 2027: 10%

      Initiatives include:

      • Francophone Community Immigration Pilot launching in 2025
      • Expansion of the Francophone Mobility Program
      • Express Entry draws focused on French language proficiency

      This reflects Canada’s commitment to linguistic diversity and demographic balance across provinces.

      7. New Caregivers and Rural Immigration Pilots

      Two major pilot programs are being introduced:

      Enhanced Caregiver Pilots:

      • Replacing the 2024-closed Home Child Care and Home Support Worker Pilots
      • Will offer permanent residence on arrival to eligible home care workers
      • Eligibility expanded to include workers providing part-time care

      Rural Community Immigration Pilot:

      • The follow-up to the successful Rural and Northern Immigration Pilot
      • Designed to attract workers to small towns facing labour shortages

      Other provincial pilots, such as Manitoba’s West-Central Immigration Initiative, will also support regional employer needs.

      8. Changes to Second-Generation Citizenship Laws

      In 2025, significant changes are to be made to the Citizenship Act. The highly criticized “second-generation cut-off” for citizenship by descent would be abolished under Bill C-71.

      What this means:

      • Canadian children born overseas to non-first-generation parents will now have a right to citizenship.
      • A big, new “connection” test will apply, meaning Canadian parents must have spent a minimum of 1,095 days in Canada before the birth or adoption of the child.

      The change will expand citizenship and still maintain meaningful connections to Canada.

      9. Continued Pause in New Parent and Grandparent Sponsorships

      New interest in sponsoring forms for the Parents and Grandparents Sponsorship Program (PGP) in 2025 will not be accepted.

      Key updates:

      • Applications only from 2024 are being accepted (15,000 Cap)
      • Any new interest to sponsor forms will not be accepted unless additional directions are provided

      Furthermore, the backlog from COVID-19 and lack of resources have prolonged wait times for processing.

      10. Tech-Driven Immigration System

      Canada will expand its use of technology and AI to increase transparency and efficiency in 2025. New initiatives include:

      • A single online portal offering case status, officer notes, and decision reasons
      • Wider use of AI tools like the CBSA’s ReportIn mobile app

      This AI-driven app:

      • Uses facial recognition and geolocation
      • Allows immigrants under supervision to report without visiting a CBSA office

      Such innovations will streamline compliance monitoring and reduce case processing delays.

      11. Federal Court Pilot Projects for Judicial Review

      To deal with increasing refusals, the Federal Court of Canada will extend pilot projects that fast-track judicial reviews of failed applications.

      This action lines up with the 2024 introduction of the Study Permit Judicial Review Pilot that brought review times down from 14-18 months to 5 months.

      Here, too, are the other programs we could see in 2025 for:

      • Refusals of application for temporary resident visa
      • Work permit refusals
      • Applications for Permanent Residence (without the right of appeal to the IRB)

      This accommodates a quicker route to justice for applicants confronting unjustified refusals.

      Conclusion: What the 2025 Policy Means for You

      The Canadian 2025 immigration news is all about walking the line: not hurting the economy, but at the same time alleviating systemic pressures, risk for fraud, and demographic deficits. With lower immigration goals, stricter temporary resident rules, new pilot programs, and AI-based processing, the year 2025 looks tough yet promising for newcomers.

      Whether you are an experienced worker, caregiver, international student, or family member wanting to reunite with a loved one, it is important to be aware of these changes. Credit: Shutterstock Canada remains committed to immigration as a key driver of its future — but the ways in which we’ll get there, increasingly, are becoming more strategic, selective, and digitally managed.

      Stay tuned and consult a professional immigration adviser to see which path aligns with your own aspirations under Canada’s shifting model.

      Get The Best Insurance Quote From Canadian L.I.C
      Call +1 844-542-4678 to speak to our advisors.
      Get Quote Now

      FAQs

      The main change is a reduction in both permanent and temporary resident targets. Canada aims to admit 395,000 permanent residents and significantly lower the number of temporary residents to 5% of the national population over the next three years.

      Canada is adjusting immigration levels to balance economic needs with housing, infrastructure, and public services. The government is also addressing fraud concerns and managing the growing temporary resident population.

      No. Starting in spring 2025, Express Entry candidates will no longer receive extra points for job offers. This change aims to reduce fraud related to fake LMIA job offers and refocus the system on qualifications and merit.

      Canada has capped new temporary resident arrivals to 673,650 in 2025. This includes international students and temporary foreign workers, excluding tourists and short-term visitors.

      Yes. Canada is launching enhanced caregiver pilot programs offering permanent residence on arrival and a new Rural Community Immigration Pilot to attract workers to small towns facing labour shortages.

      Canada is targeting 8.5% of all PRs outside Quebec to be French-speaking in 2025. New programs include the Francophone Community Immigration Pilot and targeted Express Entry draws for French speakers.

      Bill C-71 removes the rule that limited citizenship to the first generation born abroad. A “substantial connection test” will now apply, requiring parents to have lived in Canada for 1,095 days before passing citizenship to children born outside Canada.

      Not fully. In 2025, Canada will only process applications received in 2024 (up to 15,000). No new expressions of interest are being accepted unless further ministerial instructions are announced.

      Canada is rolling out a centralized online portal for transparency and launching tools like the ReportIn app, using AI and geolocation to manage individuals awaiting immigration decisions or deportation enforcement.

      Only in limited, specific cases. The government has restricted “flagpole” to reduce border volumes. Most applicants must now apply for permits online rather than at a port of entry.

      These FAQs address the most significant questions relating to the new immigration policy that will come into play in Canada by 2024. For even more detailed questions or simply for clarification, feel free to explore all of your options as part of this year’s changes.

      Sources and Further Reading

      Below are direct links to authoritative sources and further reading referenced in the blog about Canada’s 2025 immigration policy:

      Official Government and Policy Documents

      News and Analysis

      • ICEF Monitor: Canada’s new government strikes a more conservative note on immigration

      These links provide in-depth coverage, official updates, and expert analysis for anyone seeking to understand or follow the latest developments in Canadian immigration policy for 2025.

      Key Takeaways

      • Canada’s 2025 Immigration Levels Plan reduces permanent resident admissions to 395,000, focusing on economic streams like health care and skilled trades.

      • A new cap limits temporary residents to 5% of the population, with stricter rules for international students and foreign workers.

      • Express Entry job offer points will be removed in spring 2025 to address fraud and ensure fairer selection based on merit.

      • IRCC gains new powers to cancel fraudulent applications and penalize those who exploit the immigration system.

      • Flagpoling for work and study permits is now restricted; most permits must be applied for online.

      • Francophone immigration targets increase, supported by new pilot programs and category-based Express Entry draws for French speakers.

      • New pilot programs include enhanced caregiver pathways offering PR on arrival and a Rural Community Immigration Pilot.

      • Second-generation citizenship rules are changing through Bill C-71, ending the first-generation cut-off with a new substantial connection test.

      • The Parents and Grandparents Program remains limited to 2024 applications, with no new intake announced for 2025.

      • AI and tech tools like the ReportIn app and a centralized applicant portal are being expanded for faster, more transparent processing.

      • The Federal Court is streamlining judicial reviews with faster timelines for refused visa and permit applications.

      Your Feedback Is Very Important To Us

      We’d love to hear from you! Your responses will help us understand the challenges people face when searching for accurate information about Canada’s new immigration policy for 2025. Please take a moment to fill out this short questionnaire.

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        The Ultimate Guide To Closing A Bank Account In Canada

        The Ultimate Guide To Closing A Bank Account In Canada

        Ultimate Guide To Closing A Bank Account In Canada
        Canadian LIC

        By Harpreet Puri

        CEO & Founder

        SUMMARY

        Closing a bank account in Canada involves more than just withdrawing funds. Steps include cancelling auto-payments, updating CRA, and securing insurance-linked payments. The content also explains how loan protection insurance plans, loan protection insurance coverage, and loan protection insurance costs can be affected during the account closure process, especially for those managing financial transitions or facing hardship.

        Introduction

        "I thought it'd be simple — but they made me jump through hoops."

        That’s what a client recently shared with Mia, one of our trusted advisors at Canadian LIC. All she wanted to do was close her bank account after switching to a new institution — yet what should’ve been a straightforward process quickly turned into long phone holds, lost paperwork, and surprise charges.

        If you’re reading this, you’ve probably been in a similar situation, or you’re planning to close your Canadian bank account soon and want to do it properly.

        Whether you’re:

        • An immigrant heading back home after their stay in Canada
        • A permanent resident switching banks
        • A business owner shutting down an old business account
        • Or someone simplifying your financial life after a big life change (marriage, separation, retirement)

        …this ultimate guide will walk you through exactly how to close a bank account in Canada — safely, securely, and without leaving money (or problems) behind.

        Why People Close Bank Accounts in Canada

        At Canadian LIC, we see people closing accounts for all kinds of reasons. Here are the most common:

        • Moving to another province or country
        • Changing banks for better rates or customer service
        • Merging accounts after marriage
        • Separating finances after divorce
        • Downsizing the number of accounts for estate planning
        • Ending business operations
        • Switching to digital banks or credit unions
        • Avoiding monthly fees
        Reasons for Closing Bank Accounts

        No matter the reason, what matters is doing it right, because if you don’t, you could end up with:

        • Missed direct deposit or bill payments
        • NSF fees
        • Credit score impacts
        • Unclaimed balances
        • Tax reporting issues (especially for non-residents or expats)

        Step-by-Step: How to Close a Canadian Bank Account

        Before anything, log in or call your bank and review your account’s closure policy.

        Watch for:

        • Required notice period (some accounts need 30 days)
        • Minimum balance to avoid closure fees
        • Outstanding charges or negative balances
        • Account types with investment or registered status (like RRSP savings accounts)

        Pro tip from Mia at Canadian LIC:

        “Don’t rush to close without reviewing your final monthly statement. Some clients forget annual fees or pending auto-renewals.”

        Once you’ve cleared the account:

        • Transfer the full balance to your new account
        • Avoid transferring the full amount if fees are pending — leave a $10–$20 buffer
        • If closing in person, request a bank draft or certified cheque

        Be sure to update your employer, government agencies (CRA, CPP, GST/HST, etc.), and anyone else depositing money into that account.

        This is where many Canadians run into trouble.

        Before closing your account:

        • List every subscription, bill, auto-payment, and deposit connected to the account
        • Update your new account info with each one (utilities, insurance, streaming services, etc.)
        • Allow at least one full billing cycle to confirm all changes went through

        We advise our clients to use a 60-day buffer:

        Keep both accounts open during that time to catch missed payments or income sources.

        Yes, many banks allow online closures, but closing in person or over the phone is safer.

        When you close:

        • Request written confirmation of account closure
        • Confirm that the account is fully inactive and won’t trigger maintenance fees
        • Ask about tax slips (T5S, RRSP contributions, etc.) that may still be issued

        If you’re abroad or unable to visit in person:

        • Contact your bank’s customer service or international desk

        Some institutions require signed forms, scanned ID, or notarized letters

        Closing the account doesn’t mean it’s gone forever.

        We’ve seen cases where:

        • Dormant accounts get reactivated by surprise e-transfers
        • Government cheques arrive months after account closure
        • An unprocessed auto-debit triggers NSF fees or overdraft

        Set a calendar reminder to follow up with your bank 30 days after closure. Also:

        • Ensure your final account statement shows a $0 balance

        Watch for mail or email notifications related to account activity

        Special Situations: What If…

        You’re Closing an Account for Someone Deceased?

        This requires additional documentation:

        • Original or certified copy of death certificate
        • Executor ID and proof of authority (e.g., will, probate)
        • Bank-specific estate closure forms

        At Canadian LIC, we help families coordinate with banks and insurance companies, especially if the account was tied to a life insurance or investment payout.

        You’re a Newcomer Returning Home?

        International students or temporary workers often leave Canada without closing accounts properly. This leads to:

        • Dormant accounts
        • Unused balances
        • CRA notices or tax confusion

        Before leaving Canada:

        • Close or convert your bank account to a non-resident format
        • Provide your overseas address
        • Cancel any insurance or investment products you no longer need
        • Review your international student insurance coverage, RESP or TFSA status, and whether you need to file a tax return

        Canadian LIC has helped many international clients navigate this, especially those with linked insurance or registered account balances.

        You’re Closing a Business Account?

        For sole proprietors or corporations:

        • Ensure all cheques have cleared
        • Pay off any merchant fees or GST/HST owing
        • Download a full year of statements for CRA audit purposes
        • Notify your accountant or bookkeeper of the closure

        Also, confirm that your business loan, line of credit, or credit card accounts are closed separately.

        Canadian LIC's Perspective: Why This Matters More Than You Think

        Too often, we see clients rushing through financial transitions.

        They close accounts fast, but overlook:

        • Direct deposit updates
        • Tied insurance policies
        • Investment-linked savings accounts
        • Identity fraud risk if the paperwork is left incomplete

        At Canadian LIC, we don’t just handle insurance. We help clients structure their entire financial picture — and that includes making sure no account closure leaves them vulnerable.

        “One of my clients lost a $1,300 CRA refund because she didn’t update her account with them after closing her TD account,” Mia shared.

        “It took her six months to track it down.”

        That’s why we walk our clients through a custom closure checklist — especially when they’re also updating their life insurance, disability coverage, or retirement plans.

        Pro Tips from Canadian LIC's Advisors

        Check if your insurance premiums are auto-debited. If so, update the bank info with your insurer to avoid lapses in coverage.

        Watch for TFSA or RRSP account closures. Registered accounts have special rules and may cause tax issues if closed improperly.

        Freeze the account before full closure if fraud is suspected. This prevents unexpected withdrawals during the closure window.

        The Right Way to Close a Bank Account in Canada — Without Regret

        Here’s a recap of what to do:

        Your 8-Step Account Closure Checklist

        1. Review account terms and closure requirements
        2. Transfer remaining funds, leaving room for fees
        3. Cancel all direct deposits and auto-payments
        4. Confirm CRA, Service Canada, and the employer have new info
        5. Request closure confirmation in writing
        6. Save final statements and tax slips
        7. Follow up 30–60 days later
        8. Update linked insurance, investments, or benefits

        How Canadian LIC Can Support You

        As a full-service financial brokerage, Canadian LIC doesn’t just offer life insurance and investment products — we provide guidance for the financial moments that matter, like:

        • Merging or separating finances
        • Preparing to retire
        • Leaving Canada permanently
        • Winding down a business
        • Settling an estate

        And if your bank account is linked to loan protection insurance, income replacement plans, or savings strategies, we make sure nothing falls through the cracks when you close it.

        Final Word: It's Just a Bank Account — But It's Also a Gateway

        It’s tempting to treat account closure as a formality. But it’s more than that.

        It’s a step that, when handled carelessly, leads to:

        • Lost money
        • Missed payments
        • Lapsed insurance
        • Delayed tax refunds
        • Even legal complications

        Handled properly, though, it becomes a powerful reset — a sign that your finances are getting stronger, clearer, and more intentional.

        At Canadian LIC, we’re ready to help you close it right, structure what’s next, and protect what matters most.

        Get The Best Insurance Quote From Canadian L.I.C
        Call +1 416-543-9000 to speak to our advisors.
        Get Quote Now

        Frequently Asked Questions — Closing a Bank Account in Canada

        In many cases, you can close it online, especially with newer digital banks. But at Canadian LIC, we always recommend closing in person or over the phone if possible. Why? We’ve seen cases where clients thought the account was closed, but a forgotten auto-payment reactivated it, and suddenly, they were hit with fees. Always ask for written confirmation, no matter which method you use.

        Yes — leave a small buffer, especially if you’re not 100% sure all charges have cleared. Mia often tells clients to keep $10–$25 in the account until the very end. If there’s a hidden annual fee, inactive account charge, or delayed payment, that buffer could save you from a surprise NSF penalty.

        If you miss this step, you could:

        • Miss a paycheck
        • Trigger NSF fees
        • Damage your credit
        • Have insurance premiums go unpaid and policies lapse

        At Canadian LIC, we help clients track and update every link to their account before closing it. We even include this in our financial transition checklist when clients are adjusting coverage or switching banks.

        Some banks charge fees if:

        • You closed the account too soon after opening
        • You have pending charges
        • You don’t follow the proper closure process

        Check your bank’s terms or call them first. We’ve seen clients charged $25 just for closing too early — and they didn’t even know the fee existed.

        Yes, you can still close your account, but the process depends on the bank. Some may:

        • Ask for a signed form and scanned ID
        • Require you to call their international service line
        • Send you documents via email to complete and return

        Our advisors at Canadian LIC help international students and returning expats handle this smoothly, especially if the account is tied to other products like RESP or insurance.

        Not directly. But if the closed account was linked to:

        • GST/HST refunds
        • Child benefit payments
        • Tax refunds
        • RRSP or TFSA contributions

        … you’ll need to update your banking info with CRA through My Account. If you don’t, cheques or direct deposits could bounce, and you’ll be left chasing funds. We always remind clients of this when they update financial records through Canadian LIC.

        You’ll need:

        • The death certificate
        • Legal proof that you’re the executor or estate representative
        • Possibly a copy of the will or probate documents

        We often support families through this process, especially when there are life insurance benefits, RESP/TFSA transfers, or estate taxes involved. Closing accounts is just one part — and it needs to be handled with care and proper documentation.

        Not always. Some banks fully deactivate the account number and wipe transaction history once it’s closed. If you want to bank with them again, start from scratch. That’s why we advise clients to wait at least 60 days after transferring all services before fully closing the account.

        Before closing:

        • Contact your insurance provider (or us at Canadian LIC)
        • Update your banking info
        • Confirm the next premium date so nothing is missed

        We’ve seen clients lose critical illness or disability coverage simply because the bank account changed and the payment failed. That’s why insurance-linked account closures require extra attention — and why we walk clients through it step-by-step.

        Key Takeaways

        • Closing a bank account isn’t instant — review account terms, leave a fee buffer, and confirm cancellation of all linked services before proceeding.

        • Transfer all direct deposits and auto-payments to your new account before closure to avoid missed income, NSF fees, or insurance policy lapses.

        • Request written confirmation from your bank once the account is closed — and follow up within 30–60 days to ensure no activity has occurred post-closure.

        • Clients with loan protection insurance plans must update their premium payment details to prevent unintentional cancellation of critical coverage.

        • If you’re an international student, immigrant, or non-resident, close or convert the account properly to avoid tax slips, dormant balances, or government cheque issues.

        • Estate accounts and deceased individuals’ banking details require legal documentation; Canadian LIC helps families through every financial step during this transition.

        • Accounts tied to loan protection insurance coverage, registered plans (RRSP, TFSA), or RESP savings need extra attention to avoid penalties or future tax complications.

        • Canadian LIC assists clients with structured account closure checklists, helping them avoid overlooked payments, CRA problems, or insurance gaps during financial change.

        Sources and Further Reading

        These sources provide official guidance, practical tips, and institution-specific instructions to help with closing a bank account in Canada.

        Feedback Questionnaire:

        We’d love to hear about your experience. Your answers will help us improve how we guide Canadians through financial transitions, especially those that seem “simple” but turn out complicated.

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          Thank you for sharing your experience. One of our trusted advisors may reach out if you’ve asked for help. We’re here to make financial transitions smoother, one step at a time.

          How Can An Emergency Fund Save You From Financial Crisis?

          How Can An Emergency Fund Save You From Financial Crisis?

          How Can An Emergency Fund Save You From Financial Crisis
          Canadian LIC

          By Harpreet Puri

          CEO & Founder

          SUMMARY

          An emergency fund offers crucial financial protection during unexpected events like job loss, medical emergencies, or urgent repairs. The content explains how much to save, where to keep it, and why it’s essential for long-term stability. It also covers how an emergency fund works with insurance plans, how to start even on a tight budget, and common mistakes to avoid. Real-life Canadian examples illustrate the impact of having—or not having—a financial safety net.

          Introduction

          “One unexpected bill. That’s all it took.”

          That’s how Raj, a self-employed Uber driver in Brampton, described the worst month of his life. He was managing just fine — until a late-night accident left his car out of commission. No car meant no work. No work meant no income. His rent was due in six days. The only savings he had were what was left in his gas tank.

          His voice cracked as he told us, “I thought I had everything under control. But I didn’t have a cushion.”

          If that sounds familiar, you’re not alone.

          Across Canada, millions of working individuals and families are one emergency away from financial crisis. Not because they’re irresponsible, but because life is unpredictable, and no one taught them how to prepare for a curveball.

          The solution? An emergency fund.

          Let’s explore what it is, why it matters more in 2025 than ever before, and how it can be the one thing standing between you and financial freefall.

          What Is an Emergency Fund?

          An emergency fund is money set aside for unplanned expenses or financial surprises. We’re talking about:

          • Job loss
          • Medical emergencies
          • Urgent home or car repairs
          • Unexpected travel due to family emergencies
          • Legal issues or debt collection

          It’s not for vacations. Not for your dream kitchen reno. And definitely not for a Boxing Day TV.

          This is your financial “Plan B” when life goes sideways.

          Emergency Scenarios

          The Canadian Financial Landscape in 2025: Why Emergency Funds Matter More Now

          Let’s face it: 2025 is not an easy year for the average Canadian household.

          According to recent national data:

          • 45% of Canadians say they couldn’t handle an unexpected $500 expense without going into debt.
          • Interest rates remain high, and household debt is at a record $2.9 trillion.
          • Job security is shaky, especially in tech, gig work, and small business sectors.
          • The average rent in urban areas is above $2,000/month.
          • And groceries? We all know what that bill looks like.

          Now add in a car repair, or a medical bill not covered by your insurance, or your job suddenly disappearing.

          Without an emergency fund, you’re not just dealing with the emergency — you’re dealing with the financial wreckage that comes after it.

          Real-Life Scenarios We See Every Month

          At our brokerage, we’ve helped countless clients navigate financial storms. The patterns are predictable and avoidable if there’s an emergency fund in place.

          Single Mom with a Sick Child

          Amanda was juggling two part-time jobs and raising her daughter. When her daughter needed urgent surgery and a week of recovery, Amanda had to stay home. She lost her week’s income and had no backup.

          Small Business Owner Facing Equipment Failure

          Jason runs a plumbing business in Kitchener. His work van broke down, and the repair bill was $3,100. He couldn’t accept the job for five days, meaning lost income and unexpected costs.

          Elderly Couple With Furnace Trouble in January

          The furnace died in the middle of a snowstorm. With no emergency savings, they put the repair on their credit card at 19.99% interest.

          What Happens Without an Emergency Fund?

          When there’s no financial buffer, emergencies quickly spiral into full-blown crises. Here’s what we typically see:

          • Credit card debt skyrockets
          • Lines of credit get maxed out
          • Mortgage or rent payments are missed
          • Vital insurance policies get cancelled
          • Borrowing from payday lenders or unregulated sources

          And worse, you become stuck in a cycle. The debt from one emergency can take months (or years) to recover from, which means you’re even less prepared for the next one.

          It’s like running on a treadmill that speeds up every time you fall off.

          Debt Cycle

          How Big Should Your Emergency Fund Be?

          Here’s a basic rule of thumb:

          Aim for 3 to 6 months’ worth of essential expenses.

          That includes:

          • Rent or mortgage
          • Groceries
          • Utilities
          • Insurance premiums
          • Minimum debt payments
          • Childcare, transportation, or medical needs

          If your monthly core expenses are $3,000, you should aim for $9,000 to $18,000 eventually.

          📌 But if you’re just starting? Even $1,000 can be a game-changer.

          Where Should You Keep It?

          It’s not just about saving the money — it’s about keeping it accessible but untouchable.

          Ideal places:

          • High-interest savings accounts
          • TFSA (Tax-Free Savings Account) with immediate withdrawal access
          • Separate no-fee savings accounts — not linked to your debit card

          Avoid:

          The key is liquidity and protection. You need that money available within hours, not weeks.

          What’s the Difference Between an Emergency Fund and Other Savings?

          We get this question often.

          GoalUsed ForRisk LevelAccess
          Emergency FundUnplanned life disruptionsNo riskImmediate
          Retirement SavingsLong-term financial independenceSome riskLong-term only
          Investment AccountsWealth growth over timeHigher riskMid-to-long
          Vacation/EducationPlanned future expensesModerate riskPlanned access

          What If You’re in Debt? Should You Still Build an Emergency Fund?

          Yes. Absolutely.

          It might feel counterintuitive — “Shouldn’t I pay off debt first?” — but without a buffer, every minor surprise sends you back into more debt.

          We recommend:

          • Save $1,000–$2,000 emergency fund first
          • Then tackle high-interest debt aggressively
          • Keep adding to your fund once debts are manageable

          It’s not either/or. It’s about building a stability layer by layer.

          What Does an Emergency Fund Actually Do?

          If you lose your job or get injured, you have breathing room before panic sets in.

          You’re not missing loan or bill payments just because of bad timing.

          You’re not rushing into a bad job, a high-interest loan, or cancelling your insurance just to stay afloat.

          A flat tire or dental bill doesn’t become a financial emergency when there’s cash ready to handle it.

          How to Start — Even If You Think You Can’t

          Many clients tell us, “There’s nothing left to save.” And we understand that. But often, the solution is in small, consistent changes.

          Here’s a simple approach:

          1. Open a separate account — label it “Emergency Only”
          2. Set up automated transfers every payday — even $20 helps
          3. Use tax refunds, birthday cash, or side hustle income to boost it
          4. Sell unused items and add the proceeds to the fund
          5. Treat it like a bill — it’s a non-negotiable part of your financial health

          Consistency beats perfection.

          Tools That Can Help Build Your Emergency Fund

          • Mint
          • YNAB (You Need A Budget)
          • KOHO
          • Hardbacon (Canadian-focused)
          • Round-up features (every transaction rounds up and saves the extra)
          • No-fee high-interest savings accounts
          • Ask your HR if they offer automatic savings plans
          • Some employers even match contributions up to a certain limit

          How Emergency Funds Connect to Insurance and Long-Term Stability

          An emergency fund works hand-in-hand with other protective tools, especially insurance.

          • Lost your job? Your emergency fund keeps you afloat until EI kicks in or you find work.
          • Sudden illness? Your health insurance + emergency savings cover what the plan doesn’t.
          • Need to take unpaid leave? You’ve got the funds to buy time.

          It also ensures you don’t need to cancel vital insurance coverage (like life, disability, or critical illness) during tough times, which could leave you vulnerable.

          Final Thought: It’s Not Just Money — It’s Peace of Mind

          At the end of the day, your emergency fund isn’t just about financial logic — it’s about mental health, dignity, and control.

          It’s the power to say:

          • “I can handle this.”
          • “We’ll be okay.”
          • “I don’t need to panic.”

          And that feeling? It’s worth every dollar you put into the fund.

          Get The Best Insurance Quote From Canadian L.I.C
          Call +1 416-543-9000 to speak to our advisors.
          Get Quote Now

          Frequently Asked Questions: Emergency Funds & Financial Crisis

          You’re not alone — many Canadians feel this way. But here’s the thing: building an emergency fund isn’t about big chunks. It’s about small, automatic habits. Even $10 a week adds up over time.

          Start with what you can. The goal isn’t perfection — it’s momentum.

          Our clients often start with $1,000 as a basic cushion. That’s enough to cover a car repair, a surprise vet bill, or a last-minute flight home.

          Eventually, aim for 3 to 6 months of core expenses, but don’t let that bigger number discourage you from starting small.

          No — keep it separate. We’ve seen too many people accidentally dip into their emergency savings when it’s sitting next to their grocery money.

          Open a no-fee savings account or a TFSA at a different institution. It keeps your emergency money accessible but out of reach.

          Yes — absolutely. Without a buffer, every small surprise becomes new debt.

          Build a starter emergency fund of $1,000, then focus on high-interest debt. You’ll be more stable and less stressed when life throws a curveball.

          You can — but that’s not the same as having an emergency fund.

          Credit cards = debt with interest.

          Emergency fund = your money, stress-free.

          Credit should be a last resort, not your first line of defence.

          No — your emergency fund is about safety, not growth.

          You want it liquid, low-risk, and available within hours. High-interest savings accounts or a TFSA (used like a savings account) are perfect.

          Leave the stock market for your long-term plans.

          We always tell clients: if it affects your ability to live, work, or stay secure, it’s an emergency.

          ✅ Job loss

          ✅ Sudden medical expense

          ✅ Urgent home or car repair

          ✅ Emergency travel

          ❌ A concert ticket is going on sale

          ❌ A “can’t-miss” sale on furniture

          The test: Would you be okay putting it on a credit card and paying interest on it? If not, it’s probably a real emergency.

          There’s no deadline — just direction.

          For many families, it takes 12 to 24 months to build up 3–6 months of expenses.

          Focus on consistent progress, not speed. Every deposit, no matter how small, is a win.

          It’s better than nothing, but not ideal.

          RRSPs come with tax penalties if you withdraw early.

          Lines of credit are debt, and lenders can freeze them without warning if your income drops.

          An emergency fund should be your money, no strings attached.

          That’s normal. Even with a safety net, financial anxiety doesn’t always disappear.

          But here’s the good news: every dollar you add to your emergency fund is a vote for your future security.

          Pair it with disability insurance, life coverage, and a solid budget, and you’ll feel more in control over time.

          Key Takeaways

          • Emergency funds are essential, not optional — even $1,000 can protect you from debt during unexpected situations.

          • Aim to save 3–6 months of essential expenses, but start small and build gradually through consistent habits.

          • Keep emergency savings in accessible, low-risk accounts like a high-interest savings account or a TFSA, not RRSPs or investment portfolios.

          • Emergency funds prevent minor financial surprises from becoming major setbacks, especially when combined with proper insurance coverage.

          • Even while carrying debt, it’s smart to build a small emergency fund first to avoid relying on high-interest credit.

          • Real-world examples show that not having an emergency fund can lead to credit damage, missed payments, and increased anxiety.

          • Use automation, windfalls, and no-spend challenges to accelerate your fund without feeling overwhelmed.

          • Emergency funds work best when paired with tools like life, health, and disability insurance, creating a full-circle financial safety net.

          • Avoid common mistakes like treating credit cards as emergency funds or tapping into your RRSP for quick access.

          • Peace of mind doesn’t come from avoiding problems — it comes from being prepared when they happen.

          Sources and Further Reading

          For deeper exploration and practical resources, click the topic links below:

          Recommended Tools and Further Reading:

          • Mint — Budgeting app for tracking spending and savings.
          • YNAB (You Need A Budget) — Popular tool for building emergency funds.
          • KOHO — Canadian-focused budgeting and savings app.
          • Hardbacon — Canadian financial planning and budgeting platform.

          Related Topics:

          For official guidance and calculators, visit the Financial Consumer Agency of Canada and search for “emergency fund” or “financial planning.”

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            Will The Banks Open Today?

            What if you drive to your bank to find out it is closed? Disappointing right? Of course, you would like to be well aware of your bank’s opening hours and holidays beforehand, especially when you have to do tasks like closing your account or making a wire transfer that requires your presence in the bank. 

            Even though online banking has made people’s life way easier, certain banking transactions may still require you to visit a bank branch.

            So here you will get all the information on the Canadian banks working hours and which banks are open on which holidays so that you can plan your bank trips with ease.

            Will the Banks Open Today?

            By Canadian LIC, May 20, 2025,  7 Minutes

            Will the Banks Open Today

            What if you drive to your bank to find out it is closed? Disappointing right? Of course, you would like to be well aware of your bank’s opening hours and holidays beforehand, especially when you have to do tasks like closing your account or making a wire transfer that requires your presence in the bank. 

            Even though online banking has made people’s lives way easier, certain banking transactions may still require you to visit a bank branch.

            So here you will get all the information on the Canadian banks’ working hours and which banks are open on which holiday, so that you can plan your bank trips with ease.

            Canadian Banks Working Hours

            Usually, Canadian banks are open all throughout the week, that is, all 6 days from Monday to Saturday. But there are also certain exceptions, like CIBC and TD Bank branches, that remain open on Sundays and offer drive-thrus as well. 

            You can have access to all ATM services for the entire 24 hours of the day, the entire 7 days of the week, along with drive-through services at certain sites. If the customers want, they can still make use of tellers; however, any ATM in the country or the banking website can provide access to their funds.

            The normal bank working hours in Canada are the same as the standard business hours of a normal working day, which is mostly between 9 AM and 4 PM or 10 AM and 5 PM. The exact timings vary from location to location and bank to bank. Nonetheless, most Canadian banks on any business day close between 4:00 PM to 7:00 PM.

            S.NoBankDayWorking Hours
            1.)TD bankMonday-Friday8:00 AM to 6:30 PM
              Saturday9:00 AM to 2:00 PM
              Sunday11:00 AM to 3:00 PM
                
            2.)ScotiabankMonday to Thursday9:30 AM to 4:00 PM
              Friday9:30 AM to 6:00 PM
              Saturday10 AM- 2 PM
                
            3.)Canadian Imperial Bank of Commerce (CIBC)Monday to Friday8:30 AM to 7:30 PM
              Saturday9:00 AM – 5:00PM
              Sunday9:00 AM – 5:00PM
                
            4.)National Bank of CanadaMonday to Friday9:00 AM to 6:00 PM
              Saturday9 AM – 3 PM
                
            5.)Tangerine BankMonday to Friday9:00 AM to 6:00 PM
              Saturday11:00 AM to 6:00 PM
              Sunday(Some Branches Open)12:00 PM to 5:00 PM
            6.)Bank of MontrealMondays to Saturday8 AM to $ PM

            Bank Holidays in Canada in 2025

            Canadian banks close on specific dates each year, primarily on federal holidays and, in some provinces, on additional regional holidays. If you ever wonder, “Are banks open today?” this guide will help you plan your banking needs in 2025.

            Below is a comprehensive list of federal and major provincial bank holidays in Canada for 2025.

            List of Federal Holidays in 2025

            DateHoliday Name
            January 1, 2025New Year's Day
            April 18, 2025Good Friday
            May 19, 2025Victoria Day
            July 1, 2025Canada Day
            September 1, 2025Labour Day
            October 13, 2025Thanksgiving Day
            December 25, 2025Christmas Day
            December 26, 2025Boxing Day

            Note: Remembrance Day (November 11, 2025) is a statutory holiday in some provinces and territories, but not all banks across Canada close for this day. Check with your local branch.

            List of Major Provincial Bank Holidays in 2025

            Important Notes

            Can you do banking on the day of a bank holiday?

            The answer to this is a big yes; even if it is a federal holiday, you can also very easily do your banking activities. If you cannot take out time to do your banking during the bank’s opening hours, then you only have to make sure to contact the bank’s phone number and use an automated system whenever you are free at your convenience. You will also easily find an Internet banking platform as well as ATMs everywhere around the country. Tellers are also available for all those customers who find in-person transactions more convenient. Hence, it is very important to ensure that your local bank is open on that day, especially if you plan to withdraw a large amount.

            Get The Best Insurance Quote From Canadian L.I.C

            Call 1 844-542-4678 to speak to our advisors.

            Best Insurance Plans Helpline From Canadian L.I.C

            Online Banking

            You only require a good internet connection, a laptop, a desktop, or a mobile device in the case of online banking. Tasks such as viewing your bank statements, checking your balance, paying your bills, setting up or cancelling deposits, and depositing cheques can be easily done through online banking within minutes from anywhere.

            ATM machines

            You will get 24*7 access to all ATM from almost all Canadian banks. ATM also offers the same services as in the case of online banking, as discussed above, like paying your bills, viewing your bank statements, checking your balances, etc. Easily print bank account statements, keep a check on your account balance, or withdraw or deposit your money whenever needed through your bank’s ATM network.

            Wrapping It All Up

            So at this point, you would have received a very clear answer to your query, “Are banks open today or what?. Isn’t it? The fastest and easiest way to determine whether your bank is open is by consulting the website of your bank. In Canada, most banks are open on weekdays and many are open Saturdays while closing on some National and provincial holidays. Most banks are not open on Sundays, or if there is a National Holida,y and at your bank branch location, a Provincial Holiday. If you have any questions regarding your blossoming relationship with banking, don’t hesitate to call us directly at 416 543 9000 or 1 844-542-4678.

            We’d like to hear from you and give you a better solution where necessary.

            You are free to consult our blog section on our website if you are looking for examples of insurance or any other knowledge.

            Get The Best Insurance Quote From Canadian L.I.C

            Call 1 844-542-4678 to speak to our advisors.

            Faq's

            The most commonly asked questions related to ‘Are the banks open today” are as follows:

            Most banks and credit unions remain open just like the usual days in Canada, but you will find federal entities like Canada Post remain closed on Easter Mondays.

            Many banks and financial institutions stay open like a usual working day in Canada, as the day before Christmas is not a public holiday. But certain financial institutions like the TD Canada Trust remain closed both on Christmas Eve and Christmas Day.

            Mostly on Saturdays, the banks remain open for fewer hours than on weekdays, and they remain closed on Sundays. But there are a few banks that work on Sundays as well, but just for a few hours, like the CIBC and the TD Bank. It is best to check if your bank is open or not on weekdays before you step out of your house to visit it.

            On public holidays, banks in Canada remain closed. Many banks also remain closed on provincial holidays.

            The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

            Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

            How Canadians Can Prepare For A Recession: A Step-By-Step Guide

            How Canadians Can Prepare For A Recession: A Step-By-Step Guide

            How Canadians Can Prepare For A Recession
            Canadian LIC

            By Pushpinder Puri

            CEO & Founder

            SUMMARY

            Know how Canadians can prepare for a possible recession with practical, human-first steps. It covers building an emergency fund, tackling high-interest debt, adjusting discretionary spending, reviewing insurance coverage, and strengthening a professional network. It also explains how to manage rising interest rates, protect cash flow, and stay grounded during economic downturns, market volatility, and uncertain times in the Canadian economy.

            Introduction

            We don’t need to play pretend: We’re not talking about some hypothetical future headline — things feel tight already. Prices are up. Mortgage renewals sting. There may be some of your friends side-eyeing their job security. And if you’ve wondered, “Do I need to start cutting back … just in case?” —you’re not overreacting.

            At Canadian LIC, we’ve sat opposite clients in the last few months who said precisely that. Everyone is nervous, but there’s no panic. And honestly? It’s a good place to start — concerned enough to act but not paralyzed in fear.

            So, this is not the cookie-cutter finance guide. It’s the human version — direct, put-yourself-in-my-shoes stories from the front lines by guys who have helped hundreds of Canadians dodge tough economic times and keep their feet on the ground.

            We’re going to talk money. But also mindset. Strategy. Emotion. Mistakes (ours too). When it comes to preparing for a recession, it’s not all about the numbers — it’s about staying grounded when the ground starts shaking.

            Step 1: Look Around Before You Look at the Headlines

            One of our clients, a restaurant manager in Sudbury, said something that stayed with us:

            “I knew we were in for something when we went from two servers per shift to one. And no one said anything. That silence was more resounding than a press release.

            You don’t need the nightly news to inform you that things are slowing down. Look at your shifts. Your freelance invoices. Your inbox.

            Do project starts get pushed out? Cancelling subscriptions? Do your colleagues whisper about “tightening budgets”?

            If it doesn’t feel like the case in your little pocket of the world, trust that. That’s your cue — not the national graph of inflation.

            Step 2: Emergency Funds Aren't Just for Planners

            Emergency funds sound like something responsible people do. And they are. But they’re also for people who’ve been burned before and don’t want to go through that again.

            We met with a guy last month who used to work in tech. Got laid off in 2020. Took six months to find anything stable. He told us, “Back then, I had no backup—just panic.”

            This time around? He’s putting aside $100 every paycheque. Same income, different mindset.

            And before you roll your eyes—yes, we know saving isn’t easy. You don’t need $10,000 by next week. But could you start with $10 or $25 a week? Could you transfer it before you see it?

            We had a nurse in Mississauga automate $50 into a ‘Rainy Day’ account every payday. It felt invisible. Until her car broke down. Then it felt like a miracle.

            Step 3: Kill the High-Interest Debt Before It Kills Your Budget

            Okay, maybe that’s dramatic. But here’s the rub — credit card interest doesn’t give a hoot about recessions. It is, in fact, a time it thrives in.

            We spoke to a single mom in Brampton who was managing three cards. She was paying the minimum on time, everything on time, but the balance never seemed to shrink.

            What helped? We put her in touch with a local credit union that provided her with a line of credit at 8 percent. Not perfect, but it’s a heck of a lot better than 22.99%. She cleared two cards and zeroed in on the third. After six months, she said her anxiety stopped showing up with her bank app notifications.

            Moral of the story? Attack the worst debt first. Negotiate where you can. Consolidate, if it makes sense. And if you’re not sure what you can make sense of? Ask.

            Step 4: Recession Budget ≠ No Fun Budget

            We dislike the term “budget” as much as the next guy. But it’s not about restriction — it’s about choosing where you want your money to go rather than asking where it went.

            We had a Halifax couple who were afraid of the concept of budgeting because they thought it meant giving up all the things they loved. It seems they just wanted clarity.

            They didn’t give up Friday pizza night , but they did put a hold on that second streaming service that they barely used. They didn’t cancel vacations — just traded in an all-inclusive for a weekend in a cabin.

            Start with three categories:

            • Basics (rent, food , and transportation)
            • Obligations (debt, child care, insurance)
            • Optional (eating out or shopping, for example)

            Then inquire: “What would hurt the least to put on pause for 90 days?” Not forever. Long enough, that is, to establish a buffer.

            Step 5: Your Investment App Is Not a Mood Tracker

            Stop checking your investment account every morning. Seriously.

            We had a call from someone who was panicking because his RRSP was down 8% for the week. He was ready to sell and “just keep it in cash for a while.’ We inquired: “Are you retiring tomorrow?” He laughed. “No, in about 18 years.”

            Exactly.

            If the condition of your investment portfolio makes you feel a little ill, it’s not a signal to sell — it’s actually a signal that it’s time to rebalance. Perhaps it’s time to pivot toward short-term bonds, dividend stocks, or just dial down your exposure to tech.

            Panic selling in a dip is akin to cancelling your travel insurance because your flight was delayed. It solves nothing.

            Step 6: Insurance You Understand > Insurance You Bought Ten Years Ago

            Pull out your policies. Yes, the dusty folder or password-protected PDF from 2015.

            One of our clients, a contractor in Barrie, thought he had decent disability coverage. Turns out it only kicked in after 90 days. He fractured his foot and was out of work for six weeks. Zero payout.

            Check your:

            • Life insurance: Is the coverage amount still relevant?
            • Disability: How long is the waiting period?
            • Health/dental: Are there gaps?

            If you don’t understand what you’re paying for, that’s not your fault. It’s your insurer’s. And it’s fixable.

            Step 7: Rebuild Your Network Before You Need It

            Nobody likes to network — until they need to.

            But what we’ve seen again and again is that people who do OK after layoffs almost invariably had someone looking out for them.

            Comment on that coworker’s post. Send a check-in email. Respond to the recruiter who poked you 12 months ago.

            You’re not asking for a job. You’re just reminding people that you exist. And it’s more important than you might imagine.

            Step 8: Delay Big Purchases (Unless They Save You Money)

            We had a woman client who was planning to lease a new vehicle, just as gas prices went up and her hours were cut. We ran the math. She kept her old car, switched to liability-only insurance, and saved $370 a month.

            That’s not a small deal. That’s groceries. Or half an emergency fund.

            So yes, delay the reno. Postpone the new TV. But also invest in things that save you money in the long term: energy-efficient upgrades or paying off high-interest balances.

            Step 9: Build "What If" Scenarios Into Your Budget

            This part’s uncomfortable. But also empowering.

            We walked through this with a family of four:

            • What if one of us gets laid off?
            • What if rent goes up by $200?
            • What if we need to cover a $1,500 car repair?

            They built a spreadsheet (okay, we helped), and suddenly those “what ifs” turned into “here’s how.”

            It’s not about fear—it’s about practicing your bounce-back.

            Step 10: Give Yourself a Break. Seriously.

            One mother we spoke to was in tears. Not that she wasn’t failing, but because she believed she should be doing more. More savings. More side income. More of everything.

            But she was already doing the work —paying her bills, avoiding bad debt, and raising two kids on her own.

            We said to her what we say to ourselves now and then: It is enough to survive. Planning a little? That’s a bonus.

            Recession prep is not about achieving perfection before trouble arrives. It’s about creating a little bit of calm in the chaos. That may look like $50 a month into savings. It could be spending just 60 minutes during the weekend to unsubscribe (at least until the new year) from the 12 marketing emails that induce you to make impulse purchases.

            Small steps are enough. You’re enough.

            Cycle of Recession Preparedness

            Final Thoughts: Canadian LIC's Real Talk

            We’re not here to scare you. We are here to be in the still “messy middle” with you, in the “I think I’m OK but I’m not sure” phase.

            We have helped people through worse. Those who were laid off and still had a home. Who were penniless but built something stone on stone.

            You don’t need to do this alone. And you don’t have to get it right.

            If you’d like a professional to help you make sense of your numbers — no judgments, no excuses — we’d love to help out. Book a call. Send an email. Or you could just bookmark this page.

            You’ve got this. Let your money not also be one.

            Get The Best Insurance Quote From Canadian L.I.C
            Call +1 416-543-9000 to speak to our advisors.
            Get Quote Now

            Frequently Asked Questions

            There’s no one-size answer. If you’ve got 3–6 months of basic bills saved, great. But even $500 in a separate account can help you dodge a crisis. The key? Start small and build from there.

            Not automatically. We’ve seen people pull out their money at the worst time, then miss the rebound. Instead of reacting, talk to someone about adjusting your mix. Sometimes it’s not “get out”—it’s “shift gears.”

            The ones hurting you most. Usually, that’s credit card debt—anything with sky-high interest. Even paying a little more than the minimum can save you a ton over time.

            You don’t need a big paycheck to build habits. Cut one subscription. Save $10 a week. Review your spending. It’s about small, steady wins, not big, flashy moves.

            Honestly? Be careful. We’ve seen people drop disability or life insurance, then regret it fast. Before you cancel anything, look at what you’d lose—and whether it’s really worth the risk.

            Depends on your situation. If your job feels secure and you’ve got savings, maybe not. But if you’re holding your breath between paydays? Press pause. That kitchen reno can wait.

            Start reconnecting. Reach out to past coworkers. Update your LinkedIn. Don’t wait until you’re unemployed to start networking—it’s way easier to build those bridges now.

            Start with one thing. Check your bank balance. Cancel one subscription. Text a friend about side gigs. You don’t need a master plan tonight—you just need one good step.

            Key Takeaways

            • Trust your own economy first. Early signs like fewer work hours or delayed payments often show up before official recession news hits.

               

            • Start an emergency fund—even if it’s small. A few dollars a week can provide critical breathing room when unexpected costs hit.

               

            • High-interest debt is a silent budget killer. Consolidate or pay down credit card debt aggressively to protect cash flow.

               

            • Recession budgeting isn’t about misery. Small adjustments to discretionary spending can build a safety net without giving up your lifestyle.

               

            • Don’t let fear dictate investment decisions. Rebalancing your portfolio beats panic-selling when markets dip.

               

            • Review your insurance coverage. Make sure policies like disability or health insurance still match your real-world risks and needs.

               

            • Reconnect with your professional network. Relationships matter more than resumes when job markets get tight.

               

            • Delay large purchases unless they save money long term. Cash flexibility matters more than upgrades during downturns.

               

            • Build “what-if” plans. Running through realistic scenarios helps reduce stress and sharpen decision-making.

               

            • Perfection is not the goal. Small, consistent financial choices matter more than waiting for ideal conditions to act.

            Sources and Further Reading

            Here are direct links to reputable resources for each main topic and subtopic covered in your blog “How Canadians Can Prepare for a Recession: A Step-by-Step Guide.” These sources offer further reading and practical guidance for Canadians looking to strengthen their finances and mindset during uncertain economic times.

            Understanding Recession Risks and Mindset

            Building and Managing an Emergency Fund

            Tackling High-Interest Debt

            Budgeting and Spending Adjustments

            Investments and Portfolio Diversification

            Reviewing Insurance Coverage

            Networking and Career Resilience

            Delaying Major Purchases

            Scenario Planning and Stress Testing Your Budget

            These links provide actionable advice and deeper insights on each topic discussed.

            Feedback Questionnaire:

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              Self-Employed Insurance Guide: Key Coverage For Entrepreneurs

              Self-Employed Insurance Guide: Key Coverage For Entrepreneurs

              Self-Employed Insurance Guide - Key Coverage For Entrepreneurs
              Canadian LIC

              By Harpeet Puri

              CEO & Founder

              SUMMARY

              This blog helps Canadian entrepreneurs understand essential insurance coverage for self-employed freelancers. It discusses affordable insurance plans for self-employed individuals, highlights critical coverage like health, disability, life, liability, and business overhead insurance, and provides practical tips to select the best insurance policies for self-employed entrepreneurs without overspending.

              Introduction

              Self-employment in Canada must sound like freedom, right? But the truth is often otherwise. You run your business, chase clients, pay your taxes, and somehow, you still forget to protect your most important asset—yourself. Entrepreneurs have visited our office feeling exhausted, uncertain, and buried in “what if” situations they’ve never prepared for. And almost without fail, the question is, “What type of insurance do I really need — and what can I actually afford?”

              This guide is for you. The freelancer is trying to keep the business afloat through flu season. The small business owner who went years without a dental checkup. The consultant knows their work is solid but fears getting sued over one misinterpretation. Today, we’re going to address the stuff that truly matters when it comes to insurance for self-employed freelancers and entrepreneurs, without the jargon or sales-driven fluff.

              Why Insurance Matters When You're On Your Own

              When you’re employed, your company backs you up with benefits. But when you’re on your own, everything rides on your ability to keep showing up. And if something stops you—illness, injury, burnout—then what?

              Here’s what we often hear in our conversations with self-employed clients:

              • “If I miss even a week of work, I’m in trouble.”
              • “I thought public healthcare covered most things, but it doesn’t.”
              • “I don’t have a team to take over if I’m out.”
              Self Employment Pros and Cons

              You don’t need every insurance product on the market. You just need the right ones, structured to fit your lifestyle and income rhythm.

              1. Health and Dental Insurance You Actually Use

              A web designer from Mississauga once told us, “I haven’t been to a dentist in three years. I’m too scared of the bill.” And she’s not alone.

              Provincial health care doesn’t cover dental, vision, or many prescription medications. For self-employed professionals, Health Insurance isn’t a perk- it’s damage control.

              Smart options:

              • Individual Health & Dental Plans – Basic coverage that handles everyday needs
              • Health Spending Accounts (HSAS) – Great for incorporated professionals looking for tax efficiency

              We helped that designer pick a plan where her cleanings, fillings, and even glasses were 80% reimbursed. Cost? Less than $100/month. Outcome? Peace of mind.

              📎 Suggested Link: [Health Coverage in Canada Canada.ca]

              2. Disability Insurance- Because You Are the Paycheque

              You can be careful and cautious and still get blindsided. That’s what happened to a solo mortgage broker we worked with in Brampton. One fall on the ice, one fractured hip, and two months with no income. Without Disability Insurance, her savings evaporated.

              What you need to know:

              • Short-term disability helps for a few weeks to months
              • Long-term disability can protect you for years

              This isn’t just another policy. It’s income continuity. Think of it as paying yourself, even when you can’t work.

              📎 Reference: [Canadian Life and Health Insurance Association – CLHIA]

              3. Life Insurance That Isn’t Complicated

              You don’t have to be married with kids to think about life insurance. We’ve helped self-employed coaches, realtors, and startup founders who just wanted to ensure their debts didn’t become someone else’s burden.

              Simple breakdown:

              A fitness trainer from Toronto chose a $500,000 term policy for under $35/month. She wanted to cover her mortgage, support her partner, and not think about it again. That’s smart planning.

              4. Critical Illness Insurance That Pays Out Fast

              We had a videographer client, a healthy guy in his 30s diagnosed with lymphoma. The lump-sum payout from his Critical Illness Insurance Coverage helped him stop working, focus on treatment, and pay his rent without going into debt.

              This type of plan gives you:

              • A tax-free lump sum on diagnosis of a major illness
              • Flexibility to use the money as you need (not just medical bills)
              Critical Illness Insurance Benefits

              This isn’t just about survival. It’s about staying afloat when life turns upside down.

              📎 Reference: [Canadian Cancer Society]

              5. Business Overhead Insurance- Not Just for Big Firms

              You may be small-scale, but your expenses aren’t. Business Overhead Expense insurance covers recurring business costs if you’re unable to work.

              Think about it:

              • Lease or co-working space rent
              • Internet, utilities, and accounting software
              • Virtual assistants or contractors

              If you’re the only one bringing in revenue, this type of insurance keeps the lights on.

              6. Liability Insurance- Because One Email Can Cost You Thousands

              A freelance marketing consultant faced a $10,000 lawsuit when a client accused her of misrepresenting campaign results. The claim wasn’t even valid, but legal fees alone hurt.

              What professional liability (E&O) insurance covers:

              • Legal defence fees
              • Settlements
              • Client claims of negligence or breach of contract

              It’s one of the most overlooked types of coverage and one of the most crucial if you give advice, offer services, or handle data.

              7. Don’t Forget Home-Based Business Insurance

              Many self-employed Canadians work from home. However, standard homeowners’ insurance often excludes business assets or client-related incidents.

              What you need:

              • A home office rider
              • Or a separate small business insurance policy

              You don’t want to find out your laptop or camera gear isn’t covered after a break-in.

              What Do Affordable Insurance Plans for Self-Employed Professionals Look Like?

              It’s not about buying every type of insurance. It’s about buying what fits the affordable insurance plans for self-employed.

              Ways to keep your premiums low:

              • Bundle policies with one provider
              • Increase deductibles where feasible
              • Start with essentials (health, disability, term life)

              At Canadian LIC, we review dozens of plans from top insurers. A photographer client we helped had been quoted over $220/month by another broker. We brought that down to $139 with better dental, vision, and drug coverage.

              Get a Personalized Insurance Quote

              Your Personalized Path: How to Pick the Best Insurance Policies for Self-Employed Entrepreneurs

              Do this before you buy anything:

              1. Write down your monthly income and expenses
              2. List who depends on you—kids? Spouse? Business?
              3. Rank your risks: illness, injury, lawsuits, downtime
              4. Book a one-on-one conversation with a trusted broker

              We don’t push products. We ask better questions. Because when coverage reflects your priorities, you’re not just insured—you’re protected.

              What Our Clients Value Most

              Self-employed people are some of the most resourceful people we meet. But they also take on too much. Having a proper insurance plan means you get to breathe, focus, and stop worrying about the ‘what ifs.

              What you get when you work with us:

              • Personalized recommendations, not one-size-fits-all products
              • Transparent breakdowns of cost vs. coverage
              • Support with claims and renewals
              • Access to top Canadian insurers

              A Few Final Words

              If you are self-employed in Canada, insurance is not a luxury—it is your plan B. Whether you are a freelancer, a brand builder, or running a consultancy, if you feel it’s time to scale, there’s a process to organize low-cost and high-impact coverage.

              The ideal insurance policies for self-employed entrepreneurs don’t make you work around them; they work around your reality. Let’s create something that protects you, your income, and those who depend on you.

              Start with one conversation. We’ll take it from there.

              Get The Best Insurance Quote From Canadian L.I.C
              Call +1 416-543-9000 to speak to our advisors.
              Get Quote Now

              FAQs For Self-Employed Canadians Looking at Insurance

              That’s one of the first things we hear, and the answer is, yes, you can indeed, in many cases. If the insurance helps for your work as a self-employed professional, such as liability or business overhead coverage, it generally counts as a deductible business expense. Even health plans can count at times, particularly if you have a Health Spending Account. Make sure you go over it with a tax advisor before filing, but yes, there is typically a way to get your insurance to work for you at tax time.

              If you’re on the move — whether it’s between provinces or beyond Canada — you’ll want to think bigger than basic health plans. The last thing you want to be worried about is unexpected medical bills if something goes wrong on the road. And if you’re hauling gear like cameras or tools, consider insuring that as well. We’ve assisted in crafting ”plans for the road,” and clients are covered whether they are in Toronto, Vancouver, or on location in Portugal.

              Yes — just because you’re part-time doesn’t mean the risks disappear. If you depend on that income, a health issue covering only a short period could cause you disruption. The good news? You can size coverage to your condition. We have created insurance plans for self-employed clients who work weekends or after 5 pm. It’s not about how many hours — it’s about how much risk you are carrying completely unsupported.

              You’ve got options. If you move to full-time employment with benefits, you can often end or suspend the private coverage. Just be certain that the employer plan will cover all you need. Some people even retain a piece of their private insurance, such as critical illness or life coverage, or both, that is not very good on the employer plan. We have guided many clients through such a transition smoothly, without having to pay twice or without losing coverage.

              Indeed, very few people are aware of this. If you are a member of a professional association, union, co-op, or the like, those organizations might provide group rates that lower costs for you. And if we don’t, we are sometimes able to assist clients in joining a group-style plan through our networks. It’s a question worth asking — group coverage is no longer only for large employers.

              That depends on the type of insurance, but usually, yes, you still have some choices. Some plans include medical questions, and others don’t. It may factor into your Health Insurance premiums or produce exclusions, but I can tell you we’ve had several clients who thought for sure they would never qualify, and they did. The key is to have that out front so that we can make sure that we’re matching you with the right provider and that we’re not wasting your time.

              Not necessarily. Some plans allow scaling down or putting payments on hold temporarily rather than cancelling outright. If you cancel altogether, you might miss out on a good rate or need to reapply with fresh health questions in the future. We typically suggest hanging on to some kind of basic coverage — health, life, whatever — so you’re not starting completely from scratch the next time you’re at it. Every situation is different, but let’s talk it through first.

              Yes, it can. A graphic designer and a roofer will not pay the same premiums. Insurance companies consider the risk level of what you do, how often you do it, and where you do it. But that doesn’t mean your job is “uninsurable.” We have a few to choose from, so we can always find one who understands what you do and won’t gouge you on the price.

              Key Takeaways

              • Health Insurance fills gaps not covered by public healthcare, like dental and vision.

              • Disability Insurance protects your income if you’re unable to work.

              • Life Insurance safeguards dependents and covers debts affordably.

              • Critical Illness Insurance provides immediate support upon serious illness diagnosis.

              • Business Overhead Expense Insurance ensures your business stays afloat during downtime.

              • Professional Liability Insurance protects you from costly client lawsuits.

              • Home-Based Business Insurance covers business assets your standard home policy doesn’t.

              • You can keep insurance affordable by bundling, raising deductibles, and prioritizing essential coverage first.

              • Reviewing your insurance annually ensures your coverage aligns with your changing needs.

              Sources and Further Reading

              1. Health and Dental Insurance You Actually Use
              1. Disability Insurance-Because You Are the Paycheque
              1. Life Insurance That Isn’t Complicated
              1. Critical Illness Insurance That Pays Out Fast
              1. Business Overhead Insurance- Not Just for Big Firms
              1. Liability Insurance- Because One Email Can Cost You Thousands
              1. Don’t Forget Home-Based Business Insurance

              Additional Resources on Choosing and Managing Insurance

              These links provide authoritative, detailed information on each insurance topic we have covered to deepen your understanding and make informed decisions.

              Feedback Questionnaire:

              We’d love to understand your struggles in finding suitable insurance coverage as a self-employed entrepreneur. Your feedback helps us provide better, more tailored support.

                Full Name:










                A Comprehensive Guide To Employee Benefits In Canada (2025)

                A Comprehensive Guide To Employee Benefits In Canada (2025)

                A Comprehensive Guide To Employee Benefits In Canada
                Canadian LIC

                By Pushpinder Puri

                CEO & Founder

                SUMMARY

                This blog offers a detailed 2025 guide to employee benefits programs in Canada, covering mandatory and optional benefits, provincial differences, and compliance requirements. It explains how businesses can create a flexible employee benefits plan for Canadian workers, balance costs, support employee well-being, and boost retention. The guide also shares insights from Canadian LICS’ experience, helping employers build tailored benefits that truly meet diverse employee needs.

                Introduction

                The Struggles Canadians Face with Employee Benefits

                These days, it is not unusual to hear someone say, “I wish my company had better health coverage,” or “I don’t even know what I’m eligible for.” Throughout Canada, workers at all levels — from newcomers to experienced hands — frequently wrestle with what they are entitled to from their employers. Employers, too, can become the overwhelmed party when trying to ensure compliance in the face of federal and provincial requirements, tactics borrowed from litigation, and competitive considerations.

                Canadian LIC: Put the right employee benefits programs in Canada together. Many of the phone calls the team at Canadian LIC (The Best Insurance Brokerage) receives on a daily basis are from businesses that are concerned about drawing up the most appropriate employee benefit schemes in Canada. They have an interest in taking care of their people, but are not always sure what’s legally necessary or what would make a genuine difference for their team. The workforce, meanwhile, is looking for a flexible employee benefits program for Canadian businesses that meets their health, family, and financial objectives.

                This guide dives deep into everything you need to know: the mandatory benefits, optional perks, and common mistakes employers make, as well as the best ways to put together a benefits package that will truly serve your team.

                What Are Employee Benefits?

                Employee benefits are benefits provided to employees in addition to their wages. They can be things that span the spectrum from the basics, such as employment insurance and Canada Pension Plan (CPP) contributions, to value-added elements, like group health coverage, critical illness protection, and wellness programs.

                Canadian LIC is asked the question,… When Canadian LIC is engaged in building employee benefits programs in Canada, companies often ask, “Is it enough to give only the basics?” The fact is that while the minimum legal requirement is mandatory, the most successful organizations will take it further by providing a range of flexible employee benefits plans which cater to the needs and lifestyle of all Canadian employees.

                Why Are Employee Benefits Important?

                Businesses that invest in comprehensive benefits packages see higher employee satisfaction and retention, which leads to improved productivity. Here’s why they matter:

                • Applying and keeping talent: Job applicants are looking for a company that provides the best in benefits.
                • A Stable Financial Future: Your workers are secure in the knowledge that they won’t have to mortgage their lives when sickness, injury or retirement comes.
                • Encouraging Work-Life Balance: Paid time off, health plans, and wellness benefits help employees take better care of themselves and stay satisfied with their jobs.

                Maintaining Legal Compliance: Avoid fines and lawsuits by meeting the required standards. Many of those employers Canadian LIC supports tell our team that their consideration for benefits has not only aided in their retention of top talent but has increased their profile in their industry.

                Who Is Entitled to Employee Benefits in Canada?

                There are certain provisions and rights which are mandatory for all full-time employees in Canada. Depending on provincial guidelines and employment agreements, Part-time and contract workers may also be eligible. Smaller businesses, for example, are also expected to offer government-mandated benefits, but many operate on narrower margins.

                As a Canadian LIC, we  often coach small business owners who think that they are too “small” to provide anything. We demonstrate to them that even the smallest of packages can be significant and satisfy the legal requirements.

                Mandatory Employee Benefits in Canada (2025)

                Employers must provide several mandatory employee benefits to comply with federal and provincial laws:

                1. Employment Insurance (EI)

                Provides temporary benefits for workers who lose their jobs, are sick or are quarantined, parents and caregivers, workers who must stay home without pay to care for sick family members, and survivors of a deceased worker.

                • Workers can collect up to 55 percent of their average weekly earnings, up to $668 a week in 2025.
                • There will be eligibility requirements to accumulate enough insurable hours over the previous year.

                At Canadian LIC, we’ve experienced firsthand how crucial EI is when a client’s employee becomes seriously ill. Their early access to EI support spared them from bankruptcy while they recovered.

                2. Canada Pension Plan (CPP) and Quebec Pension Plan (QPP)

                • CPP is a mandatory retirement plan applicable across Canada, except Quebec, which follows QPP.
                • Both require contributions from employers and employees.
                • In 2025, the contribution rate stands at 5.95% for CPP and 5.4% for QPP, up to an annual maximum of $3,867.
                • Employees can start drawing from the plan at age 60.

                Every day, Canadian LIC assists companies in setting up these deductions properly so they can meet legal standards without administrative confusion.

                3. Workers’ Compensation Insurance

                • Provides financial support for workers injured on the job.
                • Mandatory across all provinces, though exemptions exist (e.g., self-employed workers in Alberta).
                • Managed by provincial Workers’ Compensation Boards.

                One Ontario business client of ours shared how grateful they were to have proper coverage when one of their technicians was injured on-site. The coverage saved them from heavy financial penalties and supported their worker through recovery.

                4. Vacation Benefits

                Vacation entitlements vary by province but generally include:

                ProvinceYears of ServiceMinimum Vacation
                Alberta, Ontario, British Columbia, ManitobaUp to 5 years2 weeks
                After 5 years3 weeks
                SaskatchewanUp to 10 years3 weeks
                After 10 years4 weeks

                Employees have the right to paid vacation based on their years of service. Companies working with Canadian LIC often ask us how to balance operational needs with providing generous vacation leave—we help them draft smart policies that meet both needs.

                5. Sick Leave

                ProvinceEligibilitySick Leaves Per Year
                British ColumbiaAfter 90 days5 paid, 3 unpaid
                OntarioAfter 2 weeks3 unpaid
                QuébecAfter 3 months2 paid

                For example, a client in British Columbia expanded their sick leave to above the provincial minimum after realizing it significantly improved employee loyalty and reduced turnover.

                Optional Employee Benefits in Canada (2025)

                Mandatory benefits provide a minimum level of protection, but optional employee benefits allow your business to emerge and provide real support to your employees. At Canadian LIC, we regularly speak with business owners who have no idea how much providing a few supplemental benefits can change the culture of the company.

                Here are the important optional benefits that contribute to strong employee benefits programs in Canada:

                1. Group Health Benefits

                Though Canadians have access to public healthcare, it does not cover everything. Services like prescription drugs, dental work, eyeglasses, and paramedical services (like physiotherapy) often fall outside government coverage.

                Group health benefits typically include:

                • Prescription drug coverage
                • Dental care
                • Vision care
                • Chiropractic and massage therapy
                • Medical equipment (like wheelchairs)
                • Travel medical insurance

                One client of Canadian LIC, a fast-growing tech startup, saw employee engagement improve by over 30% after introducing a group health plan. Their workers felt valued, and the cost was far less than the cost of recruiting new staff.

                2. Disability Insurance (DI)

                • Short-term disability covers temporary injuries or illnesses lasting a few weeks to months.
                • Long-term disability provides financial security if an employee becomes unable to work for extended periods.

                Employees often worry, “What happens if I can’t work for six months?” Offering disability insurance removes this fear and shows genuine care for their long-term well-being.

                3. Critical Illness Insurance

                Critical Illness Insurance provides an employee with a cash payment following a diagnosis of a major illness such as cancer, stroke, or heart disease.

                After Canadian LIC helped one manufacturing company incorporate critical illness coverage into their plan, a cancer diagnosis revealed that the financial support helped one seriously ill employee create the space to concentrate on recovery rather than be preoccupied with paying the bills.

                4. Life Insurance

                Group life insurance ensures families are financially protected if something tragic happens to a worker.

                Employers can choose to fully pay for this or offer it as a shared-cost benefit. Either way, it adds tremendous value to any flexible employee benefits plan for Canadian employees.

                Additional Optional Benefits That Matter

                More companies today also offer:

                • Healthcare Spending Accounts (HSAS): Allow employees to spend set amounts on various health services.
                • Group RRSP’s: Help employees save for retirement beyond mandatory pension plans, offering immediate tax deductions.
                • Transportation Allowances: Helps employees manage commuting costs.
                • Wellness Programs: Mental health support, gym memberships, and nutritional coaching.
                • Additional Paid Days Off: Beyond statutory holidays, offering mental health days or birthday leaves.
                • Employee Assistance Programs (EAPS): Confidential support for mental health, legal, and financial challenges.

                Each of these can be customized to fit your workforce’s specific needs.

                Building a Flexible Employee Benefits Plan for Canadian Workplaces

                Not every workforce is the same. That’s why a cookie-cutter approach doesn’t work anymore.

                Canadian LIC always asks employers these guiding questions:

                • What are the biggest pain points your employees face today?
                • What benefits would offer the most immediate value to them?
                • How can you balance affordability with maximum impact?
                • Are there flexible options employees can tailor based on their stage of life?

                That might mean a younger worker can elect to receive additional tuition reimbursement while a more experienced worker can opt for more generous retirement savings contributions.

                A successful flexible employee benefits plan for Canadian teams provides the core coverage (mandatory benefits) as well as a menu of optional add-ons that employees can customize, choosing what best suits their lifestyle.

                Understanding Provincial Differences

                Canadian labour laws are mainly provincial, which means that the standards in Ontario might differ from those in Alberta or Quebec. Employers must stay aware of:

                • Statutory Holidays: Varies by province.
                • Parental Leave: Quebec offers special parental insurance programs.
                • Sick Leave Policies: Different requirements apply in each province.
                • Retirement Savings: Quebec has QPP instead of CPP.

                This is one example of how this Canadian LIC often calls on companies expanding to new provinces to ensure they update their benefits programs.

                For instance, a company based in Ontario that recently expanded into Quebec found out the hard way that failure to modify its RRSP matching program to the province’s needs could have resulted in compliance issues. Canadian LIC assisted them in reconfiguring the program in a seamless, legal way.

                Sample Structure of an Employee Benefits Plan

                Here’s how a small business plan might look, modelled after real examples from Canadian LIC clients:

                BenefitEmployee ClassCoverageEmployer Cost
                Life InsuranceAll Staff$500,000Fully covered
                AD&DAll Staff$500,000Fully covered
                Extended Health CareOwners & Employees$50,000/yearShared 50/50
                Dental CareOwners & Employees80% coverageFully covered
                Critical IllnessAll Staff$50,000Optional buy-in
                Group RRSPAll Staff5% matchingEmployer matched

                This structure allows flexibility, fairness, and employee satisfaction while staying within budget.

                Cost of Offering Employee Benefits

                The cost to employers typically breaks down as follows:

                • Basic Plan: $130–$250 per employee per month
                • Enhanced Plan: $180–$225 per employee per month
                • Comprehensive Plan: $250–$300+ per employee per month

                At Canadian LIC, we always stress that benefits are an investment, not an expense. Companies that offer strong packages see reduced turnover, lower recruitment costs, and higher productivity.

                Addressing Diverse Needs

                No two employees are identical. Some might be concerned about their kids’ dental bills; others might be worried about future retirement income or mental health support.

                When building employee benefits programs in Canada, employers must keep diversity at the core of their planning. A flexible system ensures:

                • Young professionals can focus on paying off student debt.
                • Parents can prioritize family health care.
                • Older workers can enhance their retirement savings.

                Companies that adapt see loyalty and performance skyrocket.

                Legal Compliance Matters

                Canadian employers must meet legal minimums for:

                • Employment Insurance
                • Pension Contributions (CPP/QPP)
                • Workers’ Compensation
                • Sick Leave and Vacation Entitlements

                Failure to comply can result in fines, lawsuits, and reputational damage. At Canadian LIC, we often meet companies who first come to us after a scary government audit—but it’s far easier (and cheaper) to set things up right the first time.

                Employee Assistance Programs (EAPS) - A Critical Must-Have

                EAPS offer confidential support services covering:

                • Mental health counselling
                • Financial advice
                • Legal support
                • Addiction services

                EAPS lowers absenteeism, increases morale, and safeguards employee mental health. They are a fundamental component of a relevant, flexible employee benefits plan for Canadian employers.

                A retail chain and one of Canada’s LIC clients revealed that after implementing an EAP, its sick days were noticeably reduced, and employee satisfaction scores increased by 15%.

                A Comprehensive Approach to Employee Benefits in Canada (2025)

                Employee benefits in Canada are now much more than just satisfying the minimum legislative obligations. They are a reflection of how much a company cares about its employees.

                When businesses take the time to design employee benefits programs in Canada deliberately, it pays off in more ways than mere ROI on paper: better teams, happier employees and a workplace culture that stands out in a crowded marketplace for hiring.

                We believe that at Canadian LIC, every employer, irrespective of his/her size, can create a flexible employee benefits plan for Canadian employees that supports, secures, and enables their employees.

                If you need help deciding how to go about creating a plan that really works — one that is affordable, compliant, and in the best interest of the patient — sometimes the best thing to do is to be smart and ask for help from experts. Whether it’s mandatory add-ons or just nice-to-have bonuses, you need to start building a better day for your employees well before tomorrow.

                Get The Best Insurance Quote From Canadian L.I.C
                Call +1 416-543-9000 to speak to our advisors.
                Get Quote Now

                Frequently Asked Questions (FAQS)

                What are employee benefits? Employee benefits packages in Canada are a combination of the services and benefits employers provide to employees in addition to their wages. These benefits can commonly comprise health insurance, dental coverage, retirement savings plans, disability protection, and paid time off. Employers in Canada implement employee benefits programs to comply with the law, make employees happy, and attract top talent in a competitive market. forIndexPath.

                Providing a customized benefits plan for employees in Canada will enable companies to offer their workforce exactly what they want. Rather than a one-size-fits-all approach, flexible plans enable employees to select what benefits fit their stage in life, family obligations and financial ambitions. Higher wages barely scratch the surface. At Canadian LIC, we often suggest companies cultivate flexibility in order to make sure their employees feel valued.

                Indeed, there are some employee benefit programs in Canada that are governed by law. These include CPP/QPP contributions, EI, WCB, and mandated vacation and sick pay, among other benefits. However, supplementary offerings, such as extended health care, dental plans, and Group RRSP’s, are optional but highly recommended if you want to attract and retain talent.

                Small businesses can begin by providing essential required benefits and then layer in cost-effective options such as group health benefits, healthcare spending accounts, or employee assistance programs. Ways to work with Canadian LIC Investing and working with experts like Canadian LIC to tailor a flexible selection of benefits for Canadian workers that is affordable to manage and provides value to employees.

                Optional coverage that makes a Canadian employee benefit plan more comprehensive would employ extended health care, dental and vision care, disability, critical illness, life insurance, wellness programs, transportation coverage, premium conversion, or even additional vacation days. Offering such benefits demonstrates a company’s investment in employee health and fosters a positive, supportive work environment.

                Standard benefits plans typically provide the same general perks to everyone, with little room for customization. In comparison with the lockdown program, a flexible benefits plan for Canadian business owners ENABLES employees to choose the benefits they value most, whether it is extended health coverage, an extra day(s) off, or more dollars towards their retirement savings.

                Absolutely. Most employers plan to create a flexible Canadian employee benefits plan that allows various levels of coverage depending on the job function, seniority or employee preferences. For instance, executives may receive more life insurance coverage or additional wellness benefits, while early career employees may prefer health care and education reimbursements.

                It depends. In Canada, some advantages, such as employer-paid premiums for life insurance, Critical Illness Insurance, and accident insurance, are referred to as taxable benefits. Nevertheless, employer-paid group health + dental plan premiums are typically non-taxable. Establishing employee benefits programs in Canada with the right tax advice is a step in the right direction to allow both the employer and employee to maximize their benefits effectively.

                It depends. In Canada, some benefits, like employer-paid premiums for life insurance, Critical Illness Insurance, and accident insurance, are considered taxable benefits. However, group health and dental plan premiums paid by the employer are usually non-taxable. Setting up employee benefits programs in Canada with proper tax guidance ensures both employers and employees maximize their benefits smartly.

                Employers are encouraged to review their flexible employee benefits plan for their Canadian employees to take into account changes to provincial employment standards. Long Line of Expertise: Hiring expert advisors like the ones at Canadian LIC allows employers to keep themselves abreast of new laws on vacation entitlements, sick leaves, pension contributions, and mandatory insurance.

                Key Takeaways

                • Employee benefits programs in Canada are essential for ensuring legal compliance, financial security for employees, and enhancing workplace satisfaction.

                • Employers must offer mandatory benefits such as Employment Insurance (EI), Canada Pension Plan (CPP) or Quebec Pension Plan (QPP), workers’ compensation insurance, vacation entitlements, and sick leave.

                • A flexible employee benefits plan for Canadian workers allows employees to select benefits based on their personal and family needs, improving retention and morale.

                • Optional benefits like group health plans, dental and vision care, disability insurance, critical illness coverage, and employee assistance programs (EAPS) are increasingly crucial for competitive advantage.

                • Costs for offering employee benefits typically range between $130 and $300 per employee per month, depending on the coverage chosen.

                • Provincial differences impact benefit requirements, such as sick leave, vacation entitlements, and retirement plan contributions.

                • Small businesses can effectively offer affordable and impactful employee benefits by prioritizing flexibility, core protections, and strategic additions like HSAs or Group RRSP’s.

                • Offering comprehensive benefits helps address diverse employee needs, from young professionals managing student debt to older employees focused on healthcare and retirement.

                • Legal compliance with Canadian labour standards is critical, and working with expert advisors ensures employers stay updated and protected from penalties.

                • Employee benefits are not just about fulfilling legal obligations—they are a vital investment in a company’s growth, reputation, and employee loyalty.

                Sources and Further Reading

                Canada Pension Plan (CPP) & Quebec Pension Plan (QPP)

                Employment Insurance (EI)

                Workers’ Compensation

                Employee Benefits and Retirement Planning

                • Guide to Employee Benefits in Canada in 2025
                  Insights into the state of employee benefits in Canada, including types of benefits and their importance.
                  🔗 VetsterVetster Online Vets+1butterflybenefits.ca+1

                • **​Canada Employee Benefits: The Complete Guide**
                  Comprehensive overview of mandatory and optional employee benefits in Canada.
                  🔗 OmnipresentOmnipresent

                • **​Employee Benefits In Canada: A Guide for First-Time Canadian Employers**
                  Guidance for new employers on providing employee benefits in Canada.
                  🔗 DeelDeel

                • **​Canadian Benefits Guide 2025**
                  Strategies for managing healthcare costs and human resources in 2025.
                  🔗 Aon Insights – North Americainsights-north-america.aon.com

                • **​Employee Benefits in 2025: The HR Professional’s Guide**
                  Exploration of evolving employee benefits and practical advice for HR professionals.
                  🔗 Vantage CircleVantage CircleInvestopedia+1Investopedia+1
                • **​Employee Benefits in Canada 2025**
                  Statistics on the prevalence of various employee benefits offered by Canadian employers.
                  🔗 EBSource

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                  Is Infinite Banking A Smart Financial Strategy?

                  Is Infinite Banking A Smart Financial Strategy?

                  Is Infinite Banking A Smart Financial Strategy
                  Canadian LIC

                  By Harpreet Puri

                  CEO & Founder

                  SUMMARY

                  Find out whether infinite banking is a smart financial strategy in Canada. It explains how the infinite banking strategy helps Canadians achieve financial freedom by becoming their own banker, accessing liquidity, growing wealth tax-deferred, and building long-term financial independence. It also discusses who can benefit most, potential challenges, and why more Canadians are choosing infinite banking for flexible and secure financial control.

                  Introduction

                  The Struggles Canadians Face with Building Financial Independence

                  Many Canadians toil and save, but feel as if the financial freedom they crave is just out of reach. Despite best-laid plans, they end up caught between increasing costs, unsure investments and unforeseen emergencies. It might be that you have topped up your RRSPS and TFSAS, yet somehow, you are still getting loans from banks whenever you need some money. Perhaps you’re paying interest rates in the double digits while you have savings that you’ve been hoarding. If that sounds familiar, you are not alone.

                  These are the types of situations we at Canadian LIC—The Best Insurance Brokerage—are told about each day by families, business owners, and professionals all over the country. They are calling for a strategy that can deliver them greater money control as opposed to less. They’re looking for a system that rewards discipline while also presenting genuine flexibility. That’s probably why more and more people are starting to ask us about the infinite banking concept and whether or not this could be the solution they have been looking for.

                  Today, we are going to discuss how infinite banking for financial freedom really works, why it’s seemingly popular among many of your Canadian family and friends, and whether or not it actually does help you have financial independence through Infinite Banking.

                  Understanding the Infinite Banking Concept

                  Understanding the Infinite Banking Concept

                  The infinite banking concept is all about being the bank. Instead of relying on the bank for loans and lines of credit, you do this through a specifically designed whole life insurance policy.

                  Here’s how it generally goes:

                  • You buy into a qualified whole life insurance policy.
                  • Your policy develops cash value as time goes on.

                  You can also borrow against your cash value at any time if you need to borrow money for a car, home improvement, an investment, or even a child’s education.

                  While you have an outstanding policy loan, your cash value still grows just like you never borrowed against it. This allows you to maintain the momentum of your finances — something that traditional banks can’t provide.

                  We like to tell our clients a nice little tale to illustrate this. One of our clients was an Ontario-based entrepreneur who ran his own contracting business for years, and he always had a cash-flow problem. Lenders weren’t always so ready to extend him the credit he needed at the time he wanted it. Setting up an infinite banking system, he borrowed from his policy to purchase new equipment for his business, all without grovelling to a bank or risking his nest egg.

                  Why Infinite Banking Appeals to Canadians Seeking Financial Freedom

                  And there is a reason why infinite banking for financial freedom appeals to so many. Canadians desire freedom and security, but the traditional financial system can bind them up from acting as they please.

                  1. Full Access to Liquidity

                  You don’t have to wait weeks for a bank to approve you. You can access the cash value of your policy when you need cash, typically in days.

                  We recall a young couple from British Columbia who were constructing a rental property for the first time. Unexpected costs struck midway through construction. It ended up funding their project, and their bank had turned down that top-up loan, and they never missed a beat.

                  2. Control Over Borrowing

                  When you practice the infinite banking concept, you’re the one dictating the terms. Repay as you like. There are no strict schedules and no punishments. There’s no one you owe this to.

                  That sense of freedom felt like a game-changer to Leo Marchi, a small business owner from Calgary who told us, “It’s the first time in my life I’ve borrowed money and not felt trapped.”

                  3. Tax Advantages

                  Growth within a well-structured policy of the cash value is typically tax-exempt according to Canadian law. Policy loans are generally not taxable since they are loans, not income.

                  It’s a big reason why so many of our clients who are discovering financial independence through participating in Infinite Banking feel that it beats just parking money in a savings account or GIC.

                  How Infinite Banking Strategy Helps Build Financial Independence

                  When we talk to clients about financial independence, we talk about control, consistency and compound growth.

                  Here’s how using the infinite banking concept bolsters each of those pillars:

                  Control

                  You control your borrowing. You choose how and when to spend your money. You dictate how aggressively you pay down loans — or not at all.

                  A client of ours, a Toronto professional, invested in a tech startup with his policy loan. That freedom to act fast allowed him to land an opportunity he would have missed if he’d had to wait for a bank to stamp his papers.

                   

                  Consistency

                  Even if you borrow, your cash value continues to grow within the policy. So even as you borrow against it, you’re still making.

                  An Ottawa-based retired teacher told us how he has been using his infinite banking system to pay for retirement hobbies without touching his own investment portfolio and allowing his other savings to grow without being tampered with.

                  Compound Growth

                  The sooner you start, the more those compounding benefits work in your favour. Like having planted a tree, infinite banking benefits time and patience.

                  “Many of our clients who are in their 30s and 40s are excited to have a steady increase in their policy cash value to grow over time while still having access to their money.”

                  Challenges and Misconceptions About Infinite Banking

                  Although infinite banking does come with great perks, it’s not without its challenges. As with any financial plan, it takes discipline and knowledge.

                  It’s Not Get-Rich-Quick

                  We have seen a few clients come in expecting quick returns. What I’m saying is that infinite banking takes some patience. The first few years are dedicated to constructing the foundation of cash value.

                  One of our entrepreneurs, who was based out of Edmonton, was initially upset in year one, but three years later, he called us to say thank you for not getting him to rely on even large amounts of capital so he could grow his business and not need to bring in outside capital.

                  Policy Structure Matters

                  All whole life insurance policies are not created equal. The policy must be engineered specifically for cash value growth (as opposed to a ”death benefit only policy”).

                  Canada’s LIC consultants collaborate with you to tailor the perfect solution. The sloppy policy can derail the whole effort.

                  You Still Need to Pay Yourself Back

                  Although you set the terms, you’ll want to make loan repayments in order to keep the policy healthy. There are clients who believe they can borrow indefinitely without repercussions, but managing responsibly is necessary.

                  A Manitoba family learned that lesson after overborrowing and delaying repayments for too many years. Luckily, they managed to adjust their policy with our help.

                  Who Should Consider Infinite Banking for Financial Freedom?

                  At Canadian LIC—The Best Insurance Brokerage—we often advise that while infinite banking offers powerful benefits, it is not for everyone. It works best for people who have a long-term vision and a strong savings habit.

                  Here’s who typically benefits the most:

                  1. Entrepreneurs and Business Owners

                  Up and down cash flow is an issue for many business owners. To be able to access the cash immediately without having to apply for a bank loan can be the difference between taking an opportunity or missing out.”

                  One of our customers who owns a catering business in Vancouver told us about this new delivery van that he was able to purchase without having to take a usurious business loan, thanks to his infinite banking policy. This action saved him tens of thousands and increased his bottom line.

                  2. Families Focused on Legacy Planning

                  The moment when they are unable to transfer a heritage free from financial restrictions. Infinite Banking Concept families and individuals strategically plan to leave behind a legacy and an assured financial hand to coming generations in the Manner of Infinite Banking, thus transferring wealth more efficiently, in a tax-favourable manner in perpetuity.

                  We met a family in Mississauga who arranged more than one policy for their children and grandchildren. Today, those policies are quietly and steadily growing, establishing a strong financial base that will support the family for decades.

                  3. High-Income Professionals

                  Doctors, attorneys and corporate executives often seek to grow and protect wealth with an investment outside of volatile markets. The tax-sheltered accumulation of wealth within an infinite banking policy provides a safe and dependable alternative.

                  A Calgary doctor tapped his policy as a source of emergency funds while maximizing his investments elsewhere. He said that knowing he had that financial cushion gave him the courage to invest more confidently in other opportunities.

                  How to Start Your Infinite Banking Journey

                  Creating financial freedom with Infinite Banking is a process that begins with the right preparation.

                  Here’s the roadmap we follow as we work with our clients:

                  Step 1: Assessment

                  We start by getting to know your financial objectives, cash flow and long-term goals. You need to customize infinite banking to fit your life and needs.

                  One of the business owners I have talked to about the RBC Corporate Insured Retirement Plan in Halifax was looking for a modest policy size and, after our conversation, concluded that a modestly larger policy would provide a better alignment with business and personal longer-term goals.

                  Step 2: Policy Design

                  That’s when you need expertise. We structure a participating whole life policy that is designed to maximize early cash value accumulation, not just the death benefit.

                  We recently built a policy for a teacher from Winnipeg that is designed to allow her to borrow for her child’s education after only a few years without raiding her registered accounts.

                  Step 3: Implementation

                  Funding starts when the policy is issued. Consistency is crucial during the first few years to build up cash value quickly.

                  For many clients, it helps automate premium payments to keep them disciplined and on track.

                  Step 4: Ongoing Management

                  Infinite banking is not “set it and forget it.” We see our clients back at least annually to review the policy, monitor the growth of the cash values, talk about any borrowing needs, and look at the best way to repay it.

                  One of our clients in Quebec City even booked a yearly “policy checkup” appointment during RRSP season with us so that we could take care of all her financial planning needs in one elegant stroke.

                  Key Advantages of the Infinite Banking Strategy

                  When considering whether infinite banking for financial freedom is smart for you, think about these long-term advantages:

                  • Liquidity: Access your cash when you need it.
                  • Growth: Cash value compounds tax-deferred.
                  • Flexibility: Borrow on your terms.
                  • Legacy: Build multigenerational wealth.
                  • Protection: Whole life policies include death benefits that provide additional family security.
                  • Stability: Participating whole life insurance is one of the most stable financial vehicles available.

                  A Day-to-Day Struggle: Why More Canadians Are Exploring Infinite Banking

                  Each week, we talk to families fed up with low interest rates on their savings, tired of stock market volatility and sick of dealing with the banks.

                  One customer, the operator of a small business from Hamilton, said it best:

                  “I work like a donkey to save up, but when I have to take out a loan, the banks act as if they are doing me a favour. I wanted something where I could act like a bank myself.”

                  Now that he has created his infinite banking system, he’s in control of his cash, and all the “interest” he would have paid to a bank gets paid back to himself instead.

                  These are just some stories that tell us why financial freedom from Infinite Banking is taking off in Canada.

                  Potential Drawbacks You Should Know

                  While the benefits are strong, being transparent about the potential downsides is equally important.

                  • Requires Commitment: You need to fund the policy consistently in the early years.
                  • Initial Costs: Whole life insurance policies have higher premiums compared to term insurance.
                  • Understanding is Key: Not understanding how policy loans work can lead to policy lapses if mismanaged.

                  We always make sure our clients fully understand these aspects before starting. With proper education and responsible management, the benefits far outweigh the drawbacks.

                  The Future of Infinite Banking in Canada

                  The noise surrounding the infinite banking strategy is getting louder with each passing year as Canadians look for a better way to manage their financial futures.

                  As the tectonic plates of the economy shift — interest rates go up, markets gyrate, inflation presses in — the impulse to create your own personal banking system becomes stronger. People are realizing that not all of their financial needs can be met through outside lenders.

                  Infinite banking provides a means to disrupt that pattern.

                  A recent client of ours shared, “This system provided me with a safety net and growth tool in one. It is the most brilliant financial decision I’ve ever made.”

                  We hear this kind of thing from dozens of clients every single month.

                  Is Infinite Banking a Smart Financial Strategy?

                  Having worked with hundreds of Canadians – seeing people who were once skeptical but, as a result, have benefited from the process – we can say with utmost certainty that infinite banking is an intelligent financial strategy for the right individual.

                  • It puts you in control.
                  • It rewards your discipline.
                  • It creates real financial freedom.

                  It’s not magic. It’s not overnight wealth. It’s about coming up with a smart, steady system that transforms your money into a lifetime of financial horsepower.

                  At Canadian LIC—The Best Insurance Brokerage, we take you through the whole process of building, growing, and experiencing your private banking system.

                  If you’re sick of playing by other people’s rules, waiting for permission to access your own money, and are ready to take steps to build financial freedom on your own terms, then infinite banking could be the strategy you’ve been seeking.

                  The best thing you can do today is learn, plan, and build your life with your own personal banking system.

                  Futures, you will be grateful.

                  Get The Best Insurance Quote From Canadian L.I.C
                  Call +1 416-543-9000 to speak to our advisors.
                  Get Quote Now

                  FAQs: We Hear About Infinite Banking

                  Typically, after 2–3 years of properly funding the policy, you can start taking meaningful loans. Every case is unique, so a personalized plan is essential.

                  The loan will be deducted from your death benefit if not repaid during your lifetime. However, smart repayment strategies prevent this from becoming a problem.

                  Absolutely. Business owners especially benefit from the flexibility. Many of our entrepreneurial clients use infinite banking for emergency capital, business investments, or even payroll management.

                  Key Takeaways

                  • Infinite banking strategy empowers Canadians to become their own banker, offering control over borrowing, liquidity, and financial growth.

                  • Infinite banking for financial freedom allows individuals to access cash value from a whole life insurance policy without relying on traditional banks.

                  • Financial independence through Infinite Banking is built through consistent savings, tax-advantaged cash value growth, and disciplined loan management.

                  • Infinite banking is ideal for entrepreneurs, high-income earners, and families focused on long-term wealth creation and legacy planning.

                  • Starting infinite banking requires commitment, the right policy structure, and ongoing management, but it offers unmatched flexibility, stability, and control over your finances.

                  Sources and Further Reading

                  Feedback Questionnaire:

                  “Is Infinite Banking the Right Strategy for You?”

                  We would love to hear about your experiences and thoughts! Please take a moment to fill out this short questionnaire.

                    Please provide your details:

                    1. Name:




                    Understanding Your Struggles and Goals:

                    5. Have you heard about the Infinite Banking Strategy before?






                    Final Thoughts:

                    11. Would you like a complimentary consultation to better understand if Infinite Banking is right for you?


                    Thank you for sharing your thoughts!

                    Your answers will help us serve you better and guide you towards smarter financial solutions.

                    More Canadians Relying on Family Support to Achieve Homeownership in 2025

                    More Canadians Relying on Family Support to Achieve Homeownership in 2025

                    More Canadians Relying on Family Support to Achieve Homeownership in 2025
                    Canadian LIC

                    By Harpreet Puri

                    CEO & Founder

                    SUMMARY

                    In 2025, more Canadians, especially younger buyers, are relying on family support like inheritances, gifts, or loans to achieve homeownership, as housing affordability declines. A Statistics Canada report shows 40% of homeowners received family help, revealing rising inequality and dependence on intergenerational wealth. The trend raises concerns over limited access to housing for those without family support and calls for policy reforms to address the growing divide.

                    INTRODUCTION

                    A growing number of Canadians are relying on family support, by way of inheritances, financial gifts, or loans, to buy a home, Statistics Canada said in a recent article based on the 2023 Survey of Financial Security data. With housing affordability declining, in particular, for younger generations, support from family members has emerged as an essential springboard into the real estate market.

                    Homeownership Still the Cornerstone of Wealth in Canada

                    The study, called Familial Support in Entering the Canadian Housing Market, highlights the importance of homeownership for long-term financial stability. Real estate equity accounted for 42 per cent of total household wealth across Canada in 2023, reflecting how intertwined homeownership is with the creation and retention of wealth.

                    The positive effects of homeownership extend far beyond individual wealth. Those born in the 1990s were more than twice as likely to own a home if their parents were homeowners, the report said. Even more striking was the fact that children whose parents own multiple properties were close to three times as likely to become a homeowner themselves. This pattern points to how intergenerational wealth and asset transfer increasingly shape access to homeownership.

                    The researchers also found that homeowners tended to have higher financial resiliency scores, which means that they are more prepared to absorb economic shocks — another benefit of inherited wealth.

                    Inheritances Fill the Housing Affordability Gap

                    As affordability crumbles, inheritances are increasingly filling the financial gap for homebuyers. In 2019, roughly 30% of homeowners said they received an inheritance, with a median value of $67,000. In 2023, that number jumped to $85,100 — a staggering increase that speaks to not just the rising cost of housing but also the increasing reliance on inherited wealth to own a home.

                    Across all age groups:

                    1. Five percent of families said they lived in homes purchased at least in part through a gift or inheritance.
                    2. 9% of homeowners reported that part of their down payment came from a gift or inheritance.

                    When factoring in all types of family support—including borrowing from family and friends rather than traditional lenders—the total number of homeowners who received family assistance was 40% or 4 in 10 homeowners.

                    Young Canadians Depend on Family Support the Most

                    That reliance is even more salient among those under the age of 35. These younger buyers were more than twice as likely to report using gifted money to fund their home downpayment as older age groups were. This stat illustrates quite vividly: for many young Canadians, breaking into the housing market without assistance from family is becoming an increasingly daunting task.

                    The report cautioned against the social and economic implications this change could bring. “Delayed or inaccessible entry into the housing market for those lacking familial support may increase inequality,” it says. And as intergenerational transfers are a key determinant of homeownership, the potential for upward socioeconomic mobility could atrophy for those with less money.

                    A Widening Wealth Divide

                    The report suggests worry over the possible long-term implications of increasing reliance on inherited wealth. As owning property becomes ever more dependent on inheritance or support from parents, those without either path may find themselves on a permanent back foot as they seek to make their way through life.

                    This might further compound economic inequity, particularly for marginalized and lower-income communities without access to intergenerational wealth. The trend of real estate remaining inaccessible for Canadians without family support will continue without meaningful affordability solutions or intervention.

                    Policy Implications​

                    The data will further fuel the ongoing debates around Canada’s housing policies. While some are calling for an increase in supply and broader mortgage programs, others emphasize the need for tax adjustments or rules that will address the inequities linked to generational wealth.

                    What housing experts and policymakers might have to think about:

                    1. It could include things like increasing affordable housing and first-time buyer programs.
                    2. Gifted downpayment rules and how they affect market competition
                    3. Reduction in the dependency on microfinancing, family loans, etc., as people get more financially literate about home ownership.

                    Final Thoughts​

                    The Canadian housing market remains one of the biggest wealth generators in the country, for those who can get their foot in the door. But with home prices climbing and wages lagging, the possibility of home ownership is becoming less a personal achievement and more of a family-enabling milestone. In this changing landscape, policymakers should respond thoughtfully to ensure access to housing — and the financial security that comes with it — is not reserved for people with inherited advantages.

                    And as the Statistics Canada report makes clear, offers of family help are no longer merely helpful — but rather essential. For many Canadians — especially younger generations — owning a home may increasingly not depend only on what they earn, but on what their families can give.

                    Get The Best Insurance Quote From Canadian L.I.C
                    Call +1 416-543-9000 to speak to our advisors.
                    Get Quote Now

                    Sources and Further Reading

                    Key Takeaways

                    1. Homeownership remains a major source of wealth in Canada
                      As of 2023, real estate equity accounted for 42% of total household wealth, making homeownership one of the most critical tools for financial security and generational wealth building.

                    2. Family support is increasingly essential to buy a home
                      A growing number of Canadians—especially younger generations—are relying on gifts, inheritances, or family loans to afford down payments or even entire properties.

                    3. Intergenerational wealth impacts homeownership opportunities
                      Canadians born in the 1990s are twice as likely to become homeowners if their parents owned property, and three times as likely if their parents owned multiple homes.

                    4. Inheritances are playing a larger role in home financing
                      The median inheritance received by homeowners rose from $67,000 in 2019 to $85,100 in 2023, highlighting its growing importance in closing the affordability gap.

                    5. 40% of homeowners have benefited from familial support
                      This includes direct gifts, inheritances, or informal loans from family and friends, demonstrating a major shift in how Canadians are entering the housing market.

                    6. Younger Canadians (under 35) are the most reliant on family gifts
                      This age group is twice as likely to use gifted funds for their down payment compared to other demographics, underlining their growing dependence on family wealth.
                    7. Inequality may deepen without policy changes. As access to homeownership becomes more dependent on family financial support, socioeconomic mobility may be hindered, especially for those without inherited wealth.

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                      Canada’s Average Income: What You Need To Know

                      Canada’s Average Income: What You Need To Know

                      Canada's Average Income What You Need To Know
                      Canadian LIC

                      By Pushpinder Puri

                      CEO & Founder

                      SUMMARY

                      Compare the flexibility of Child Plans and Registered Education Savings Plans (RESPs) in Canada. Explore how each plan works, their pros and cons, tax treatment, usage rules, and long-term benefits. It explains why some parents prefer government-backed RESPs, while others choose the broader financial freedom of Child Plans. Know how combining both can offer a balanced strategy for a child’s future.

                      Introduction

                      The Gap Between Income and Reality

                      Many Canadians today are feeling like they’re making more money but somehow saving less. Does that sound familiar?

                      At Canadian LIC, we hear this story all too often. A young couple in Ontario wrote recently about how their combined income had increased over the last three years. But their lifestyle hadn’t changed significantly — and neither had their savings. After paying rent, groceries, child care, insurance, and occasional medical bills, they started wondering, “Where is our money actually going?”

                      This is the reality for more and more Canadians. That’s also why figuring out the average income in Canada and where it stands next to the average cost of living in Canada is as essential as ever in 2025.

                      No matter if you are in your 20s and getting ready to get your career off the ground or in your 50s and planning for retirement, knowing where you fall in relation to the average income by age group helps you make better decisions. Especially factoring in basics such as annual income with insurance — coverage isn’t free, of course, but neither is lack of coverage.

                      Let’s parse this out in a way that resonates with the phase of life you’re in.

                      Average Income in Canada 2025: National Overview

                      Average Income in Canada 2025 - National Overview

                      According to the latest data released by Statistics Canada, the average income in Canada in 2025 is estimated to be around $62,800 annually, a modest increase from 2024 due to wage growth in healthcare, tech, and skilled trades.

                      But this figure doesn’t tell the whole story. Income can vary significantly by:

                      • Province or territory
                      • Job Sector
                      • Education level
                      • Age group

                      At Canadian LIC, we’ve worked with clients from all corners of the country—from teachers in Saskatchewan to electricians in Newfoundland—and no two stories are alike. What matters is how your income lines up with your expenses, goals, and long-term security.

                      A Closer Look: Average Income by Age Group in 2025

                      Knowing the average income by age group gives you context. It tells you what’s typical for someone in your life stage. Here’s a snapshot based on current economic data:

                      Age GroupAverage Annual Income (2025)
                      20–24 years$34,000
                      25–34 years$52,000
                      35–44 years$71,000
                      45–54 years$77,000
                      55–64 years$65,000
                      65+ years$43,000

                      We had a client from Alberta — a 42-year-old mechanic — who said he felt he was falling behind because he hadn’t crossed the $80K mark. He learned that compared to others his age and in his industry, he was actually doing better than most. It made him feel secure enough to purchase life and disability insurance, which he’d been delaying for years.

                      On occasion, witnessing the numbers from a national perspective quiets the self-doubt.

                      The Reality Check: Average Cost of Living in Canada 2025

                      Income alone doesn’t tell you if you’re financially healthy. You also need to consider the average cost of living in Canada, which continues to rise.

                      Here’s a general monthly breakdown for an individual living in a city like Toronto, Vancouver, or Calgary:

                      Expense TypeMonthly Cost (2025 Estimate)
                      Rent (1-bedroom apt)$2,100
                      Utilities & Internet$270
                      Groceries$550
                      Transportation$200–$300
                      Insurance (basic)$150–$250
                      Misc. (clothing, phone, etc.)$400–$600
                      Total Monthly$3,700–$4,100
                      Total Annual$44,400–$49,200

                      So, if you’re earning the average income in Canada of $62,800, you may only have around $13,000–$18,000 left annually after expenses—before taxes and long-term savings.

                      That’s not much. And for families with children, mortgage payments, or aging parents to care for, the margin shrinks even more.

                      Where Insurance Fits In: Annual Income With Insurance

                      Insurance isn’t an optional line item—it’s a financial backstop. But we get it. When you’re attempting to spread your income over all of your bills, a few hundred dollars a month for insurance can start to feel like a burden.

                      As one of our Mississauga clients—a single mom working in healthcare—told us: “I want to cover my son, but I also want to keep the lights on.”

                      This is the point at which planning becomes really important. Utilising a cheap term life and critical illness plan, we showed that her annual income would be bolstered by insurance. It cost her around $68/month. That’s $816 a year.

                      Yes, it’s an added cost. But now, she has financial protection that could change her child’s future if something happens to her.

                      That’s how LIC does business with its clients, linking income with priorities. We explain how to tweak coverage to match what they actually bring home, not just national averages.

                      Tax Implications

                      Growth is tax-deferred. When money is withdrawn for education, the student pays tax — often minimal due to low income.

                      Child Plan:

                      Growth inside the policy is tax-deferred. Withdrawals via policy loans or dividends can often be accessed tax-free, depending on how it’s structured.

                      This tax efficiency makes the Child Plan appealing to business owners and professionals who want to minimize future tax burdens.

                      Provincial Differences in Income and Cost of Living

                      It’s no surprise that where you live in Canada affects both how much you earn and how much you spend.

                      Here’s a quick comparison of average income and estimated living costs in major provinces:

                      ProvinceAvg. Income (2025)Annual Cost of Living
                      Ontario$64,300$48,000
                      British Columbia$61,200$50,400
                      Alberta$68,900$45,600
                      Quebec$58,000$43,000
                      Nova Scotia$54,000$41,000
                      Manitoba$56,500$42,500

                      We helped a family in Montreal evaluate if they could afford a bigger insurance plan. When we compared their income to their cost of living, they were comfortable including critical illness coverage in their plan. Their premium? Only $38/month.

                      Again, it’s not just about national averages — it’s about making the numbers work where you live.

                      How Inflation Impacts Income in 2025

                      Many millions of Canadians live in the economic reality that inflation continues to create. Though wages have risen modestly across much of the economy, prices for things like housing, groceries, and gas have surged even more rapidly. It made the average income in Canada go less far.

                      We assisted a retired Halifax couple who depended primarily on fixed pension income. Despite having an income that approached the national average, they were struggling more in 2025 than they had just two years prior. Groceries were around 20% more expensive for them. Home heating costs were up more than 15%.

                      They considered cancelling the life insurance to save money. But after sitting down with our advisor, they changed their policy instead, maintaining their coverage while lowering the premiums. We cooked up simple tweaks to help them manage the bite of inflation without sacrificing protection.

                      These are the types of personalized, practical conversations that we have every day.

                      Balancing Income, Insurance, and Long-Term Goals

                      Most Canadians want to protect their family, save for retirement, and enjoy life, without stressing over every dollar. But that’s easier said than done.

                      We often guide clients on how to balance their annual income with insurance, savings, and daily needs. Here’s what we usually recommend:

                      1. Review Your Net Income

                      Start by looking at what you take home after taxes and deductions. That’s your real budget.

                      2. Set a Monthly Insurance Budget

                      We suggest keeping your total insurance costs under 10% of your monthly take-home pay. For many people, that’s just $100–$200 for life, health, or disability coverage.

                      3. Factor in Emergency Funds

                      Aim to save at least three months’ worth of expenses. We helped a self-employed contractor in Toronto set this up by automating small weekly deposits from his income. Within eight months, he had a $6,000 cushion and still maintained his coverage.

                      4. Review Your Coverage Annually

                      Income and expenses change. We recommend that all of our clients review their policies at least once a year. Keeps their plan relevant and affordable.

                      We know that income can fluctuate. We have a tech consultant in British Columbia who had a banner year in 2023, only to be laid off in 2024. He went back to work in 2025 under significantly reduced pay. As a result of having created his insurance using buildable structure, we simply tailored his existing coverage to fit this new budget—without building everything from square one.

                      How Canadians Use Their Income Differently by Life Stage

                      Your priorities shift as you grow. That’s why we always tie the average income by age group to lifestyle needs when advising our clients.

                      In Your 20s:

                      Most clients here want flexibility. They look for starter policies—with low premiums and basic coverage. We helped a 24-year-old client in Ottawa find a term life insurance policy for just $18/month. She wanted coverage for student debt and to lock in low rates while young.

                      In Your 30s and 40s:

                      This is usually the busiest time—careers, mortgages, kids. Income is higher, but so are responsibilities. We often see couples looking to combine family coverage with savings plans, like RESP and RRSP, while sticking to a budget.

                      One couple from Winnipeg told us they wanted insurance “that works with our kids’ tuition and mortgage payments.” We layered term life with critical illness and adjusted the premiums to fit their income range. That’s what made it doable for them.

                      In Your 50s and 60s:

                      Retirement planning becomes the focus. Clients in this age group are often more interested in long-term policies or converting term to whole life insurance. They want security and tax-efficient estate transfer options.

                      We advised a 58-year-old entrepreneur from Calgary to shift from income-based planning to legacy planning. We tailored a whole life plan to help reduce estate taxes and preserve wealth for his grandchildren.

                      Key Questions Our Clients Ask at Canadian LIC

                      We speak to Canadians every day who have one goal—to make the most of their income. Here are the most common questions we hear:

                      Q: I’m earning just below the average income in Canada. Can I still afford insurance?

                      Yes, and we help people like you every day. You don’t need a huge policy to start. Even $20–$30/month can offer strong protection. We customize based on your budget.

                      Q: What’s the smartest way to mix savings and insurance?

                      Start small and grow over time. Begin with essential coverage. Then, add to your savings as your income rises. We help you build both protection and security together.

                      Q: Should I cut insurance if inflation gets worse?

                      No—but you should reassess. Instead of cancelling, you can reduce coverage or adjust benefits. We work with clients to make smart, affordable changes without losing protection.

                      Q: Does it make sense to spend more on insurance as I earn more?

                      Yes—if your responsibilities grow. Higher-income usually means more assets and dependents. We help you scale your plan, so it always fits your lifestyle.

                      Final Words: Understanding Income Means Taking Control

                      It’s hard not to feel overwhelmed by national averages, escalating costs, and economic uncertainty. But once you know your real numbers — your income, your expenses, your use of them — you start taking control.

                      You have the average income in Canada to give you a baseline. The average cost of living in Canada lets you know the minimum you need to survive. While median income by age group helps reveal how you compare with others in your stage of life. And if you work for a company that provides annual insurance coverage, it allows you to defend your future at every income level.

                      Every Canadian deserves the right advice — advice that is tailored to them, honest, and helpful. That’s how we’ve been able to help thousands make smart, affordable decisions for their families.

                      You don’t have to make six figures to feel secure financially. You’re just missing the right plan — and, as always, the right people beside you.

                      Get The Best Insurance Quote From Canadian L.I.C
                      Call +1 416-543-9000 to speak to our advisors.
                      Get Quote Now

                      FAQs: Canada’s Average Income in 2025

                      In 2025, the average salary in Canada is approximately $62,800 per year. However, this number changes based on age, location, and industry. Many clients we speak to earn less or more, depending on their job and where they live.

                      A falling average yearly income refers to the impact of inflation and reduced job hours in some sectors. Even if gross salaries haven’t dropped, rising expenses make income feel smaller. We’ve had clients say, “It feels like my money doesn’t go as far anymore,” and we’ve seen this trend growing.

                      Average income includes all types of income—salary, bonuses, freelance earnings, and more. An annual salary is just what you earn from your job as a fixed yearly amount. At Canadian LIC, we always look at the full income picture before giving insurance advice.

                      The average Canadian salary in 2025 is slightly above $62,000. But in big cities, the cost of living can eat up most of that. We’ve had young clients in Toronto say they struggle to save even with decent pay. That’s why we help them budget for insurance within their take-home income.

                      Some of the highest-paying Canadian job sectors in 2025 include:

                      • Technology
                      • Healthcare
                      • Engineering
                      • Financial services
                      • Legal professions

                      Clients working in these sectors often seek more insurance coverage to match their growing responsibilities and income.

                      In 2025, the fastest-growing industries include:

                      • Clean energy
                      • Artificial intelligence
                      • Cybersecurity
                      • Senior healthcare
                      • E-commerce and logistics

                      We often help clients in these industries build financial protection early while their income is rising quickly.

                      Yes. The gender income gap in Canada remains a concern in 2025. On average, women still earn less than men in similar roles across various sectors. At Canadian LIC, we’ve helped many women plan ahead financially by customizing affordable policies based on their unique income levels and future goals.

                      Different roles, risks, and skill requirements cause income gaps across different Canadian job sectors. For example, someone in construction may have a seasonal income, while someone in tech has a steady monthly salary. That’s why we always adjust insurance plans to fit each client’s income style.

                      No. Many Canadians earn below the average income, but they still build strong financial plans. It’s more about managing what you earn, not how much you earn. We’ve helped part-time workers and freelancers create insurance plans that protect their families without breaking the bank.

                      Yes. Even if you earn less than the average salary, you can still afford insurance. We offer flexible plans starting as low as $15/month. Our advisors work with people across all income levels to build coverage that fits real life.

                      Key Takeaways

                      • The average income in Canada in 2025 is approximately $62,800, but this varies based on age, location, and occupation.

                      • Rising expenses are making many Canadians feel like their income isn’t going as far, even when salaries go up—a clear sign of a falling average yearly income in real value.

                      • The average cost of living in Canada is between $44,000 to $50,000 per year for a single adult in most urban centres, leaving a limited margin for savings and insurance.

                      • Understanding your income compared to the average income by age group helps you plan better. For example, Canadians aged 35–44 earn around $71,000, while those 65+ earn closer to $43,000.

                      • Income levels and expenses vary across provinces. Earning the average salary in Canada doesn’t guarantee financial ease in high-cost cities like Toronto or Vancouver.

                      • The gender income gap still exists in many industries, with women earning less on average than men, even in equal roles.

                      • People working in different Canadian job sectors like tech, healthcare, and skilled trades tend to earn more than those in retail or hospitality.

                      • The fastest growing industries in 2025 include clean energy, AI, cybersecurity, logistics, and senior healthcare—sectors with higher income potential.

                      • It’s important to understand how your annual salary supports essential expenses like insurance, savings, and debt. This helps build financial security.

                      • At Canadian LIC, advisors work closely with clients from all income levels to tailor insurance plans that match their real budget, no matter where they fall on the income scale.

                      Sources and Further Reading

                      1. Statistics Canada – Wages, Salaries and Income Data

                      Website: https://www.statcan.gc.ca
                      Why it’s useful: It offers the most recent and reliable data on the average income in Canada, wage trends, income by province, age, gender, and employment sector.

                      2. Government of Canada – Job Bank Labour Market Insights

                      Website: https://www.jobbank.gc.ca
                      Why it’s useful: It provides data on the average salary in Canada, job trends by province, and information on the fastest growing industries and wage changes across different Canadian job sectors.

                      3. Canadian Centre for Policy Alternatives – Gender Pay Gap Reports

                      Website: https://www.policyalternatives.ca
                      Why it’s useful: Offers in-depth research on the gender income gap in Canada, including causes, implications, and policy recommendations.

                      4. Fraser Institute – Economic Research on Income & Cost of Living

                      Website: https://www.fraserinstitute.org
                      Why it’s useful: Analyzes changes in Canadian cost of living, tax burden, and purchasing power in different provinces.

                       

                      5. Ontario Living Wage Network – Living Wage Reports

                      Website: https://www.ontariolivingwage.ca
                      Why it’s useful: It offers data on the real cost of living and how the average salary compares to what is needed to live comfortably in Ontario and other provinces.

                      6. Conference Board of Canada – Labour Market Outlook

                      Website: https://www.conferenceboard.ca
                      Why it’s useful: Regularly publishes national and provincial insights on average Canadian salary, workforce demand, and the performance of fastest growing industries.

                      7. Canada Mortgage and Housing Corporation (CMHC) – Housing Affordability Data

                      Website: https://www.cmhc-schl.gc.ca
                      Why it’s useful: It helps explain how housing costs affect the cost of living, especially for individuals and families earning the average income.

                      8. Globe and Mail / Financial Post – Canadian Personal Finance Columns

                      Websites:

                      Your Feedback Is Very Important To Us

                      We’re working to better understand the challenges Canadians face when it comes to income, cost of living, and financial planning in 2025. Please take a moment to share your feedback.

                        1. Personal Details

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                        Canada Reduce Its Immigration Targets? Analysts Speculate on Changes to Immigration Levels as November 1 Announcement Approaches

                        Canada Reduce Its Immigration Targets? Analysts Speculate on Changes to Immigration Levels as November 1 Announcement Approaches

                        SUMMARY

                        As Canada debates reducing immigration targets, this blog examines public concerns over housing, jobs, and infrastructure. Analysts speculate on potential changes as the federal government prepares to announce its updated immigration levels on November 1. Canadian LIC highlights the economic impact of non-permanent residents, the strain on infrastructure, and the need to balance immigration with available resources to support families and businesses.

                        Canadian LIC

                        By Harpreet Puri

                        CEO & Founder

                        Introduction

                        Ottawa, September 2024—With public interest overarching in the past ten years due to their direct effects on the economy, housing market, and jobs, the case of immigration into Canada has been a very contentious public debate. Of late, the tone of the public narrative appears to be shifting, foretelling a possible re-examination of the country’s Immigration targets by the federal government. Ahead of the new wave of Immigration statistics that will be released on November 1, so many are now debating this very question: Will Canada reduce its immigration targets?

                        Immigration Minister Marc Miller has been part of those discussions, and what once was a hardened approach to preserving high immigration numbers is softening. Last year, he explained unequivocally: “I don’t see why we should necessarily reduce levels at this point in time.”. But today, his tone is more cautious, reflecting a bigger sense that perhaps Canada’s pace of bringing in new residents, especially non-permanent ones, may need to slow down.

                        The Current Reality: Canada's Overheated Immigration System

                        Immigration has been a goldmine for the Canadian economy and has greatly contributed to the flow of the food services, transportation, warehousing, and professional sectors. However, on the other hand, most Canadians bear the weight of this growing population. Housing prices sit at an all-time high, and competition for jobs, especially for young and immigrant folks, has become stiff. For most, it feels like there is no space left in the system.

                        This attitude has caused a shift in opinion. According to the last poll by Leger Marketing Inc., 60 percent of Canadian participants stated that they think that there are too many immigrants in this country. It is noteworthy that back in 2019, just 35 percent of those polled shared this opinion. The change in public attitude is not in isolation, and many experts believe that this increasing concern would nudge the government to recalculate its set immigration targets.

                        At Canadian LIC, we understand the very real struggles that many Canadians are experiencing due to these rapid changes. In our day-to-day dealings with clients, we’ve heard countless stories of families facing difficulties in securing affordable housing, finding jobs, and navigating an increasingly competitive economy. While immigration is essential to our country’s growth, these challenges are becoming too significant to ignore.

                        Minister Miller's Evolving Stance on Immigration

                        A year ago, Immigration Minister Miller was blunt and reassuringly forceful in his message that immigration targets would remain high. In August 2023, just weeks after taking over the immigration portfolio from Sean Fraser, he declared, “Looking at the numbers and knowing what I know and the needs that exist in Canada, I don’t see a world in which we decrease it currently.”

                        However, as we approach the November 1 announcement, Miller’s responses have been more guarded. In a recent press conference, he stated, “I am considering a lot of things … we are putting together a number of propositions … and those choices will be ones that we will have to decide in cabinet, but you will know on November 1.” Prime Minister Justin Trudeau has echoed these sentiments, noting that immigration numbers are a subject of “ongoing conversations” within the government.

                        This change in vocabulary may indicate that the central government is having a rethink on the policies it adopted earlier on immigration. The debates are binary. While the hotel and tourism industry, among others, is manifestly deficient in the labour force, corporations require labour if they are to hit their targets, but the infrastructure, most notably housing, cannot keep pace with the expanding population.

                        Situations at Canadian LIC indicate this occurrence firsthand. Our clients, whether new immigrants or long-time residents, are dealing with the reality that the country’s resources are being stretched thin. Families are asking tough questions: “Will I be able to afford a home?” “Can my children find stable jobs in the current market?” These are concerns we hear daily, and we strive to provide financial solutions and insurance products that can help them find some stability in uncertain times.

                        Non-Permanent Residents: A Key Factor in the Debate

                        How Do Deductibles Affect Your Premium

                        The growth in non-permanent residents – comprising international students, foreign temporary workers, and asylum seekers – has been one of the strong growth drivers of Canada’s population over the last couple of years. In mid-2024, about 2.8 million people resided in Canada as non-permanent residents – a staggering increase from the 1.3 million people in 2022. Much of that is attributed to filling up those job vacancies during the pandemic.

                        Although this influx of temporary residents has certainly raised Canada’s economic output and avoided recession, it also entailed some unjustified consequences. Indeed, according to Minister Miller, who spoke at a news conference in September, the government let some immigration programs “overheat” for too long. Now, with decreasing job openings and increasing rates of unemployment among youth and immigrants, the federal authority has reduced the numbers.

                        Cutting five percent of the total population into non-permanent residents by 2026 from 6.5 percent at present. This move marks a far wider recognition of the fact that, while immigration is the key to economic growth, there needs to be balance, and people must be brought in, plus infrastructure must be made to welcome them.

                        At Canadian LIC, we help both new immigrants and established residents. The ills of immigration, housing, and employment are big enough challenges in themselves, which is why we strive hard for insurance solutions that settle the peace of mind and security of such uncertain times.

                        The Role of Permanent Residents in Canada's Future

                        Permanent immigration remains a key driver of the Canadian economic growth plan. In 2022, the federal government established a target for 500,000 permanent residents by 2025. It was an ambitious goal, but most observers of the Canadian scene felt that the goal would have to be met due to population aging and overall workforce shortages.

                        However, a very astute analysis from a Bank of Nova Scotia analyst such as Rebekah Young did say that there’s now a growing consensus that the nation may have gone too far in swelling population growth at this speed. There’s now the issue of housing, and it has to bleed into infrastructure, healthcare and educational systems, which have become overburdened.

                        Some analysts predict the government will lower permanent residents targets, while others, like CIBC’s Benjamin Tal, said: “I think they will leave it at about 500,000 because the economy needs this number. But even if they do decrease, it won’t be a significant number.”.

                        Businesses that are reliant on economic immigrants, such as hospitality and tourism operations, may be affected if the immigration targets are to be reduced. However, it has already been acknowledged that the current population growth cannot be supported. The coming months would call for a harmonious balance between the economic needs of Australia and the country’s capability to accept its new residents.

                        At Canadian LIC, we believe in helping families and individuals secure their future in Canada, regardless of the changes to immigration policies. We know that planning for the future is more important than ever, especially in times of uncertainty. That’s why we offer a range of insurance products that can provide the financial security and support needed to navigate the changing landscape.

                        The Path Forward: What to Expect on November 1

                        As we get to the November 1 announcement, all eyes will be on the federal government’s Immigration Levels Plan. The plan will not only report on how many permanent residents Canada plans to admit over the next three years but, for the first time, will establish targets for non-permanent residents. It is one of those changes that analysts believe will initiate a new chapter in Canada’s immigration policy.

                        Speculation exists that the federal government may scale down on its target for immigration. For example, as public pressure mounts and more pressure is exerted on existing infrastructure, it is said that some experts think that the federal government has no alternative but to scale down its targets as they are currently set. Others believe any scaling down will be marginal because Canada still needs immigrants to fill its economy.

                        Whatever the future holds, we can surely predict this: the immigration debate has far from reached its end. As Canada fights its growing population and blends economic growth with infrastructure development, we here at Canadian LIC continue to be dedicated to helping our clients prepare for their futures.

                        We provide a wide variety of insurance products aimed at stabilizing and securing the lives of individuals who navigate the complexities of immigration, housing, and employment. Whether you are a new immigrant or a long-time resident, we understand the challenges you face, and we are here to help you every step of the way.

                        So, keep an eye out for that November 1 announcement and have faith that Canadian LIC will continue to provide the insurance solutions you’ll need to thrive in Canada, no matter what the future may bring.

                        Key Insights on Canada's Potential Immigration Target Reductions and Public Concerns
                        Get The Best Insurance Quote From Canadian L.I.C
                        Call +1 844-542-4678 to speak to our advisors.
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                        FAQs: Canada's Immigration Targets and Impact on the Economy

                        Canada reassesses immigration targets amid rising concern over the country’s population growth sustainability. Public sentiment has shifted, with many Canadians worried about housing shortages, rising unemployment, and the strain on infrastructure. In addition, the rise in the number of non-permanent residents, such as international students and temporary employees or foreign workers, has led the government to believe that growth in the economy must be strengthened along with saving resources.

                        Permanent residents are persons who have been accorded the right to stay and work in Canada without limitation as to time. One is also allowed to apply for Canadian citizenship at one’s discretion. International students, temporary foreign workers, and asylum seekers fall under the non-permanent residents. These individuals enter Canada for a limited term for which they have acquired work or study permits. It was not long ago that the rate of growth of non-permanent residents propelled the growth rate of Canada’s population.

                        The major issues are the scarcity of cheap accommodations, the overwhelmed infrastructure of health and education, and a growing unemployment rate, above all youth and immigrant populations. Population growth happened very fast, and this placed quite an overwhelming load on the demand for basic services and infrastructure within the country. These are some of the leading issues driving the debate regarding the reduction of immigration targets.

                        The target set up by Canada in 2022 is the admission of 500,000 permanent residents to the country before the year 2025. This number was apparently to be submitted to fill the shortages in the workforce and also to counter the aging population in the country. Most analysts believe that the November 1 announcement will possibly change the targets of these admissions according to the kind of public pressure that is being brought forward with definite infrastructure limitations

                        There is some debate on this. While some analysts argue that reducing immigration could slow down sectors that depend on new workers, like tourism and hospitality, others believe that Canada’s infrastructure is already too strained to handle more residents. Businesses facing labour shortages could feel the impact of economic immigration is reduced, but the overall balance between economic growth and resource capacity is a critical consideration for the government.

                        The increases in international students, temporary foreign workers, and asylum seekers as categories of non-permanent residents have taken the population of Canada to great heights. By mid-2024, the number of non-permanent residents had risen to 2.8 million from 1.3 million recorded in 2022. Although they managed to fill most of the job openings, the increasing numbers brought about housing shortages and competition for jobs, leading the government to place limits on further entry.

                        The government has implemented a series of measures over the last year to cut the number of non-permanent residents. In fact, it decreased the quota of international study permits for 2025, capped international students for two years and curbed the eligibility of graduates and their spouses to apply for work permits. It is aiming at bringing down the number of non-permanent residents to five percent of the population by 2026.

                        Canada has a growing elderly population and hence needs a younger working population to support its economic performance. Immigrants, therefore, have a significant role in filling gaps in the labour market, mainly within the health services sector, food services sector, and other sectors such as transportation. Hence, it is this aspect that the government immigration targets were weighed and pegged as a means to ensure that Canada could support its economic growth despite the rising population of old people in the country. This, however, now faces pressure to balance with the country’s capacity to absorb new residents.

                        On November 1, the Canadian government will announce its updated Immigration Levels Plan. This plan will set the targets for the number of permanent residents the country plans to admit over the next three years. For the first time, the plan will also include targets for non-permanent residents, marking a significant shift in how immigration is managed.

                        Canadian LICs come to the rescue of both newcomers and long-time residents by guiding them through changes in immigration policies and the associated challenges of a growing population. We provide a range of insurance products for housing, employment, and future planning.

                        We understand the struggles many families and individuals are going through, and we can help you determine the best solutions in order to protect your financial well-being during these uncertain times.

                        Sources and Further Reading

                        1. Government of Canada – Immigration Levels Plan
                            • Official announcements and immigration statistics from the Canadian government regarding permanent and non-permanent residents.
                        2. Statistics Canada – Population Estimates
                        3. Leger Marketing Inc. – Public Opinion Poll on Immigration
                          • Recent poll results showing the shift in Canadian public opinion on immigration targets.
                          • https://leger360.com
                        4. Bank of Canada – Economic Impact of Population Growth
                        5. Canadian Chamber of Commerce – Immigration and Business Needs
                          • Insights into how immigration affects the Canadian labor market and business sectors, including the challenges faced by industries like hospitality and tourism.
                          • https://chamber.ca
                        6. CIBC World Markets Inc. – Economic Commentary on Immigration
                        7. Bank of Nova Scotia – Population Growth and Economic Sustainability

                        These sources provide a comprehensive understanding of Canada’s immigration policies, economic impact, and public sentiment leading to the potential adjustments in immigration targets.

                        These sources provide valuable information for international students looking to better understand Travel Insurance and the benefits of having proper medical coverage while studying in Canada.

                        Key Takeaways

                        • Potential Reduction in Immigration Targets: Canada may lower its immigration targets as public concerns grow about the impact on housing, job markets, and infrastructure.
                        • Shifting Public Opinion: A significant increase in the number of Canadians who feel there are too many immigrants is influencing government considerations.
                        • Economic and Infrastructure Strain: Rapid population growth, driven by non-permanent residents, has put pressure on housing and job availability, leading the government to reconsider its stance.
                        • Balanced Approach Needed: The federal government faces the challenge of balancing economic growth with the need to manage infrastructure capacity and public sentiment.
                        • Impact on Businesses: While businesses, particularly in sectors like tourism and hospitality, rely on immigration to address labor shortages, they may face difficulties if targets are reduced.
                        • November 1 Announcement: The Canadian government will reveal its updated Immigration Levels Plan, which may include revised targets for both permanent and non-permanent residents.
                        • Canadian LIC Support: During these uncertain times, Canadian LIC offers tailored insurance solutions to help families and individuals navigate the challenges posed by changing immigration policies.
                        Canadian LIC

                        By Pushpinder Puri

                        CEO & Founder

                        Your Feedback Is Very Important To Us

                        We appreciate your time and feedback on the potential changes to Canada’s immigration targets. Your responses will help us better understand the concerns and struggles Canadians may face.

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                          2. Feedback Questions

                          How concerned are you about the possibility of Canada reducing its immigration targets?













                          Thank you for your time! Your feedback will help us improve our services and better meet the needs of Canadians and international students alike.

                          Reasons Why A Will Is An Important Part of Financial Planning

                          Reasons Why A Will Is An Important Part of Financial Planning

                          SUMMARY

                          When we talk about financial planning, most people think of budgeting, saving, and investing. There is, however, one very important area that few people ever talk about- is writing a will. Without a proper will in place, your family and loved ones could face serious financial consequences, including government involvement in deciding how your assets are distributed. That is why Canadian LIC always emphasizes the inclusion of a will while making your financial plan.

                          Canadian LIC

                          By Pushpinder Puri

                          CEO & Founder

                          Most of our clients come to us with limited knowledge about how a lack of a will affects their financial affairs. Sometimes, they may think they can look after it later or don’t realize the complexities that arise when no will exists. This common oversight can lead to probate, lengthy legal processes, and government control over what happens to their estate. Let’s find out why it’s necessary to have a will and why Canadian LIC recommends this as such an important step in your financial planning.

                          The Consequences of Not Having a Will

                          The Consequences of Not Having a Will

                          When we meet with clients, we often hear tales about their apprehensions of what is to come, especially regarding what would happen to their possessions once they have passed on. For example, one of our clients, an older couple with no children and living alone, believed that by default, their home and savings would flow to the closest relations. What they didn’t know was that, without having a will, the government would step in and decide on their behalf how their estate would be distributed. This is what we come across all too often.

                          If you die intestate- that is, without having made a will in Canada- then the duty falls upon the government as to how your estate should be dealt with. In other words, your assets would be held up in probate- a legal process that decides how the estate should be divided. The problem? It can take time and money and may not even end with an outcome you would have wished for your loved ones.

                          That’s why Canadian LIC strongly suggests that making a will, regardless of age or financial status, be an integral part of every client’s financial planning.

                          Why Is a Will So Important?

                          First of all, a will is not just a legal document; it’s a tool that allows you to have some say in how your assets are distributed when you’re no longer around to have your voice heard. Here’s why Canadian LIC insists that having a will is an integral part of any financial plan:

                          You Decide Who Inherits Your Assets

                          If you die without a will, the government has a pre-defined legal process for the distribution of your assets, and it might not be the way you had in mind. Your spouse might not automatically get all of your estate, while other family members may inherit parts of your estate that you never intended for them.

                          We’ve had so many clients at Canadian LIC coming to us in a panic because they found that their assets would be carved up in ways they’d never expected. One such case that comes to my mind is that of a client who was financially supporting a friend of his for years. Without a will, there would have been no way to ensure any portion of the estate went to this friend, even though this friend, in large measure, was part of the client’s life. This is why Canadian LIC stresses the need for a will to make sure your assets go where you want them to.

                          Avoiding Family Disputes

                          Conflicts can easily arise in families when there isn’t a will. Sometimes, even the best of family relationships have conflicts arising over the distribution of assets when it is left to interpretation. Disputes of this sort are easily emotionally charged and could be financially straining, especially when taken to court.

                          One of our clients related to us how her family had to go through stressful times for many years following the death of her dad, who did not write any will. The family made it to court, fighting over who should inherit the family house, which lasted for months. Had there been a will in place, all these conflicts could have been avoided, and the family could concentrate on grieving rather than legal battles.

                          Minimizing Legal Delays and Probate

                          When you don’t have a will, your estate automatically goes through probate—a legal process where the court determines how to distribute your assets. This can take several months to settle and sometimes even longer, especially in cases where there is a complication or dispute.

                          We have seen it ourselves when delays due to probate affected even the very families of our clients. Once, a widowed client was telling us that when her husband died, intestate, without a will with probate, she had to wait almost a year before she was allowed to access his bank accounts. This delay caused a significant financial burden, which could be easily avoided with a will in place.

                          Appointing a Guardian for Minor Children

                          A will enables one with young children to appoint a guardian who has the legal right to take care of them in case something happens to you. In other words, without doing this, it would be up to the court to decide who would be caring for the children, and the decision might not turn out exactly as desired.

                          Several of our clients with young families have come to us concerned about what would happen to their children in the instance of an unexpected tragedy. Canadian LIC always advises parents to make a will out in order to guarantee that, in such a case, their children’s futures can be secured both financially and in guardianship.

                          Tax Benefits and Planning

                          The other reason a will is important regarding financial planning is related to the idea of tax benefits. Estate planning through a will could reduce taxes levied on the estate, making sure more assets go to your beneficiaries and not to taxes.

                          Among our clientele, who had a significant amount of wealth tied up in various investments, was unaware of the tax implications her beneficiaries would face in case she did not plan accordingly. After consulting Canadian LIC, she herself found out that if she had the right will and estate planning, she could avoid these taxes, thereby leaving more to her family.

                          The Government's Role Without a Will: What Happens?

                          If you die without having written a will in Canada, your estate becomes what is commonly known as intestate; that is, it has no specific instructions regarding how to handle it. In this case, the government takes over and handles the distribution of your estate in accordance with the set provincial laws. This process involves probate, where the court appoints an executor and determines how your estate will be divided among your next of kin.

                          Here’s what could happen without a will:

                          • The government appoints an executor: Instead of someone you trust managing your estate, the court assigns an executor to handle the process. This could be a stranger or someone you wouldn’t have chosen.
                          • Family members you may not have intended could inherit: If you wanted certain assets to go to specific individuals, such as close friends or distant relatives, this won’t happen without a will. The government follows a strict hierarchy of inheritance, starting with your spouse and children, then moving to parents, siblings, and so on.
                          • Probate fees and legal costs can pile up: The probate process isn’t just slow; it’s also expensive. Your estate could end up paying significant legal fees, which reduce the amount left for your loved ones.

                          At Canadian LIC, we have often seen that a number of families are caught off guard by how much control the government has over their loved one’s estate in the absence of a will. A lot of them are also not anticipated to pay probate fees and take up so much time to settle an estate. We let our client know that this could have been totally avoided with a basic will.

                          Canadian LIC's Perspective: Why We Recommend a Will as Part of Financial Planning

                          At Canadian LIC, we believe in comprehensive financial planning. To us, a will is not just an optional add-on but an integral component in the protection of the family and seeing to it that your wishes are respected. So many of our clients express a tremendous sigh of relief when they can finally get through completing their wills, knowing they have taken the much-needed steps to protect their legacy and relieve their families from a lot of unnecessary stress.

                          Day in and day out, our practice in working with clients demonstrates just how important having a will can be, be it to young, growing families naming guardians of their children or to retirees looking to disburse their wealth. We always say the difference between peace of mind and chaos depends on whether one has a will in place.

                          Protecting Your Financial Legacy with Canadian LIC

                          While consulting clients at Canadian LIC, one encounters the same queries many times. Some feel they have enough time to make a will, and others may realize it only at such a stage when they can do nothing about it. But life is not that predictable, and withholding the writing of a will may leave your family with legal hassles, financial losses, and emotional stress.

                          For this reason, Canadian LIC works closely with clients to ensure creating a will is at the top of their financial planning. Our expert advisors will guide you through this, ensuring all of the important things are covered in your estate, from asset distribution to guardianship.

                          Final Thoughts: The Time to Act Is Now

                          In the world of financial planning, few things are more important than protecting your family’s future. A will ensure that your assets go to whom you want them to go, that your loved ones are taken care of, and that your estate does not face unnecessary litigation challenges. If you do not have a will, the government steps in and puts your estate into probate- a process that is potentially stressful, filled with delay, and added costs for those you care most about.

                          At Canadian LIC, we have seen firsthand just how very critical a will may be in securing your financial legacy. Do not wait until it is too late to do so. Start the process today and make sure your family is looked after the way you would have wanted.

                          Get The Best Insurance Quote From Canadian L.I.C
                          Call +1 844-542-4678 to speak to our advisors.
                          Get Quote Now

                          FAQs: Why a Will Is an Important Part of Financial Planning

                          Here are some of the most frequently asked questions on why one needs a will in financial planning. Actually, each answer is a common experience we see with our clients at Canadian LIC.

                          If you don’t have a will, the government will decide how your assets are distributed through a process called probate. This can be a long and expensive legal process, and your assets may not go to the people you intended.

                          A will allows you to control how your assets are distributed after your death. It ensures that your loved ones are taken care of and avoids unnecessary legal complications, delays, and costs. We’ve seen many families face difficult situations because their loved ones didn’t have a will in place.

                          Everyone needs a will, no matter how small their estate is. Whether you own property, have savings, or simply want to leave specific items to loved ones, having a will is the best way to make sure your wishes are followed. Many clients at Canadian LIC realized too late how important this is, but we guide them through the process to avoid future problems

                          Yes, a will can help prevent family disputes by clearly stating your wishes. We’ve seen cases where the lack of a will led to conflicts between family members over who should receive certain assets. A will eliminates this uncertainty.

                          A will allows you to name a guardian for your minor children. Without a will, the court will decide who takes care of them. Many parents we work with at Canadian LIC are relieved when they set up a will because it gives them control over their children’s future.

                          Probate is the legal process where the court decides how to distribute your assets if you die without a will. It can take months or years to complete, and the fees can reduce the amount your loved ones receive. Canadian LIC always advises clients to create a will to avoid these unnecessary delays and costs.

                          With proper planning, a will can help reduce the taxes your estate might owe. This means more of your assets will go to your beneficiaries rather than being lost to taxes. We’ve helped many clients at Canadian LIC understand how to maximize the value they leave behind through tax-efficient planning.

                          Creating a will is simpler than most people think. At Canadian LIC, we guide clients through the process, ensuring that all important aspects are covered. It’s a straightforward step that can save your family a lot of trouble in the future.

                          Yes, you can update your will anytime your circumstances change, such as after a marriage, divorce, or the birth of a child. We always remind clients at Canadian LIC to review their will regularly to ensure it reflects their current wishes.

                          We see how much stress and confusion can be avoided when clients have a will in place. It’s not just about distributing assets—it’s about protecting your family and ensuring that your wishes are respected. At Canadian LIC, we believe a will is one of the most important steps in financial planning.

                          The above FAQs address the common concerns our clients raise with us daily at Canadian LIC . By knowing the importance of having a will, you get to control your financial future while saving your loved ones from legal issues that are absolutely unnecessary.

                          Sources and Further Reading

                          1. Government of Canada – Making a Will
                            A guide on the importance of having a will in Canada, explaining the legal aspects and how it can protect your family.
                            https://www.canada.ca/en/employment-social-development/corporate/seniors-forum-federal-provincial-territorial/will-funeral-plan.html 
                          2. Canadian Bar Association – Wills and Estates
                            Information on how wills work in Canada and the impact of not having one.
                            https://www.cba.org/
                          3. Canadian Life and Health Insurance Association (CLHIA)
                            A resource on estate planning, wills, and how life insurance plays a role in securing your financial future.
                            https://www.clhia.ca/
                          4. Estate Planning in Canada
                            Detailed advice on creating wills and avoiding probate in Canada.
                            https://www.getsmarteraboutmoney.ca/
                          5. Legal Information Society of Nova Scotia – Wills and Probate
                            An in-depth guide to the probate process in Canada and how a will can help avoid it.
                            https://www.legalinfo.org/

                          These resources offer additional information to help Canadians understand the significance of having a will as part of financial planning.

                          Key Takeaways

                          • A will is crucial for financial planning as it ensures your assets are distributed according to your wishes, avoiding government intervention and probate.
                          • Without a will, the government decides how your estate is handled, which can cause delays, family disputes, and higher costs.
                          • Probate is a lengthy and expensive process that can be avoided with a properly drafted will, saving your family time and money.
                          • A will allows you to appoint a guardian for minor children and provides tax benefits, ensuring more of your assets go to your beneficiaries.
                          • Canadian LIC emphasizes that having a will protects your family from financial and emotional burdens and should be a priority in any financial plan.
                          Canadian LIC

                          By Pushpinder Puri

                          CEO & Founder

                          Your Feedback Is Very Important To Us

                          Thank you for sharing your thoughts. Your feedback will help us better understand the challenges Canadians face with creating or not having a will. Please answer the following questions:

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                            How Can I Find Job Opportunities as an Insurance Advisor in Canada?

                            Are you feeling nervous about making a career change or starting your first job in the insurance industry? So many of us go through countless job portals, refining search terms and yet struggle to pin down that perfect opportunity. To many Canadians who want to get into or advance their jobs as Insurance Advisors, this sounds a lot like their lives. Anybody in Canada, whether they are fresh out of college or looking to change careers, who is looking for a job as an Insurance Advisor has a huge and exciting chance of getting one.

                            How can I find job opportunities as an Insurance Advisor in Canada?

                            By Pushpinder Puri, June 21, 2024, 7 Minutes

                            How Can I Find Job Opportunities as an Insurance Advisor in Canada

                            Are you feeling nervous about making a career change or starting your first job in the insurance industry? So many of us go through countless job portals, refining search terms and yet struggle to pin down that perfect opportunity. To many Canadians who want to get into or advance their jobs as Insurance Advisors, this sounds a lot like their lives. Anybody in Canada, whether they are fresh out of college or looking to change careers, who is looking for a job as an Insurance Advisor has a huge and exciting chance of getting one.

                            This blog will help you with the practical steps on how to find Insurance Advisor jobs and further explore what forms the basis of most of the Insurance Advisor job descriptions and what one can expect from an Insurance Advisor’s salary. So, let’s begin this journey of transforming your career aspirations into reality!

                            Finding Job Opportunities as an Insurance Advisor

                            Understanding the Role: What Does an Insurance Advisor Do?

                            An Insurance Advisor plays a crucial role in helping individuals and businesses choose the best insurance policies for their needs. This responsibility involves analyzing clients’ needs, suggesting suitable policies, and helping clients understand the terms and coverage options. For instance, at Canadian LIC, advisors often encounter clients who are overwhelmed by the complexity of choosing the right insurance plan. Through one-on-one consultations, advisors simplify these complexities, showcasing the immediate value of personalized advisory.

                            Qualifications and Getting Licensed

                            To become a licensed insurance agent in Canada means first becoming licensed in the province in which one will work. Much of this licensing most commonly includes completion of some sort of insurance coursework, which is then followed by passing a provincial exam. Canadian LIC gives examples of applicants who went easily from businesses like retail or hospitality to insurance after getting a lot of help with their exams.

                            Searching for Jobs: Where to Look?

                            Searching for Jobs Where to Look

                            Conducting a job search could be the most nerve-wracking proposition, and it requires much focus and support to get a good outcome. Let us discuss how to pursue this career effectively, which holds the top leadership position in the insurance brokerage field across Canada.

                            Utilize Online Job Portals

                            Platforms to Consider: Start with well-known job search websites such as Indeed, Glassdoor, and LinkedIn. These platforms offer a vast array of job listings and allow you to filter searches based on location, salary expectations, and job type.

                            Tip from Canadian LIC: Customize your job alerts to include specific keywords like “Insurance Advisor jobs” and “Insurance Advisor salary” so you’re always informed when new postings match your criteria.

                            John, a recent applicant at Canadian LIC, shared that tweaking his LinkedIn profile with relevant insurance keywords and joining insurance-related groups helped recruiters find him more easily.

                            Join Industry-Specific Platforms

                            Key Resources: Register on platforms like the Insurance Institute of Canada or the Canadian Association of Insurance Professionals. These sites not only list jobs but also provide valuable networking opportunities.

                            Tip from Canadian LIC: Participate in discussions and webinars hosted by these platforms to increase your visibility and establish yourself as a knowledgeable candidate.

                            Sheena, who secured a position through such a platform, noted that the specific insights into the Insurance Advisor job description she gained through webinars made her interviews much more impressive.

                            Attend Job Fairs and Networking Events

                            What to Do: Look for local and national insurance-specific job fairs and networking events where you can meet potential employers in person.

                            Tip from Canadian LIC: Bring multiple copies of your resume and prepare a short, impactful pitch about your background and what makes you an excellent candidate for an Insurance Advisor role.

                            Mike, a new hire at Canadian LIC, met his manager at a job fair and was able to discuss the Insurance Advisor’s salary and job expectations on the spot, which accelerated the hiring process.

                            Leverage Social Media

                            Platforms to Use: Beyond LinkedIn, use platforms like Twitter and Facebook to follow insurance companies and join insurance-related groups.

                            Tip from Canadian LIC: Engage with content posted by your target companies; comment and ask insightful questions to draw attention to your profile.

                            Anna found her role by actively participating in a Facebook group for insurance professionals in Canada. Her thoughtful questions and comments caught the attention of a Canadian LIC recruiter.

                            Explore Company Websites

                            Direct Applications: Visit the careers section of insurance companies websites, like Canadian LIC, where they often post vacancies that might not be listed elsewhere.

                            Tip from Canadian LIC: Set up notifications for your favourite companies so you’re alerted as soon as new job openings are posted.

                            James highlighted that applying directly through the Canadian LIC website led to a quicker interview process because it demonstrated his specific interest in the company.

                            Use Recruitment Agencies

                            How They Help: Specialized recruitment agencies can help tailor your job search in the insurance sector, matching your skills and career aspirations with potential employers.

                            Tip from Canadian LIC: Choose agencies that specialize in finance and insurance to get more targeted job opportunities.

                            Linda used a recruitment agency and appreciated the personalized advice she received on refining her resume to better reflect the skills highlighted in Insurance Advisor job descriptions.

                            Remember, all of these methods are not steps in your job search process; instead, they are opportunities for connecting, engaging, and making an impression. As time flows through these channels, keep on sharing your experiences and learning from others. This career search for fulfilling the role of an insurance adviser is not about how an individual gets employed but about building careers where everything is focused on your professional goals and personal values. Keep exploring, stay connected, and let the passion take you further in your profession in the insurance industry.

                            Crafting a Winning Resume and Cover Letter

                            Your resume and cover letter are your first points of contact with potential employers. They should highlight your understanding of insurance products, your ability to manage client relationships, and any sales experience you have. Canadian LIC has seen a significant increase in interview calls for candidates who tailor their resumes to highlight problem-solving and client-facing experiences, directly correlating these skills with insurance advice.

                            Prepare for the Interview

                            Interviews can be stressful, but that stress can be lessened with some preparation at the front end. Review some of the common insurance situations, and be prepared to walk the interviewer through how you would approach a number of client scenarios. Canadian LIC often shares stories of candidates who practiced with mock interviews and succeeded in real ones, where applicants showcased knowledge and passion for helping others through insurance solutions.

                            Salary Expectations

                            It all depends on experience, location, and the company in question when talking about the salary for an Insurance Advisor in Canada. Normally, junior advisors would have a base salary in addition to commissions on policies they could sell. At Canadian LIC, many new advisors are pleasantly surprised by the competitive starting salary and commission structures that provide stable yet growth-oriented income potential.

                            Ongoing Learning and Advancement

                            This learning certainly doesn’t stop once you land a job. Indeed, insurance is an industry where continuous education has to be modelled in keeping with changing policies, legislation, and market conditions. Canadian LIC provides ongoing training programs and development prospects for its advisors, again putting emphasis on career development inside the corporation.

                            The Bottom Line

                            Starting an Insurance Advisor career in Canada is far from just getting a job; it is making a career that will fulfill you personally and professionally. When you fully understand what the role entails, get qualified, and apply some strategy to your job hunt, you’re really setting yourself up for success. If you have a passion for guiding others regarding insurance needs and feel empowered by the content of this blog, do not hesitate to fill in the application to become an Insurance Advisor with Canadian LIC—the best insurance brokerage firm across Canada. With their support and your dedication, you can thrive in this dynamic field and make a significant impact on the lives of many. Apply today and take the first step toward a promising future in insurance advising!

                            Find Out: How to Choose the Right Insurance Broker?

                            Find Out: Why Using an Insurance Broker is Beneficial for Purchasing Insurance?

                            Find Out: A Guide to Hiring an Insurance Broker in Brampton

                            Find Out: The Advantages of Employing an Insurance Broker

                            Get The Best Insurance Quote From Canadian L.I.C

                            Call 1 844-542-4678 to speak to our advisors.

                            Best Insurance Plans Helpline From Canadian L.I.C

                            Frequently Asked Questions (FAQs) for Aspiring Insurance Advisors

                            An Insurance Advisor advises clients about their insurance needs, finds them suitable kinds of insurance products, and manages policy-related issues. To put it in perspective, imagine a Canadian LIC client who was confused about choosing between comprehensive and third-party car insurance. An advisor explained the benefits and limitations of each, helping the client make an informed decision that suited their budget and coverage needs.

                            To seek Insurance Advisor jobs in Canada, first surf through the job postings section on some of the most popular career websites like Indeed, LinkedIn, and Glassdoor. In addition, industry networking events and a good network with other professionals on platforms like the Insurance Institute of Canada can make a huge difference in securing Insurance Advisor jobs. Canadian LIC quite often posts new job opportunities on its website and other social media channels; they could be a good source as well.

                            The salary scale for an Insurance Advisor varies greatly in Canada and depends on several factors, such as experience, location, and the employer. Entry-level positions may offer a base salary plus commissions, while experienced advisors could have higher base salaries with potential bonuses. For instance, a new advisor at Canadian LIC might start with a competitive base salary and have the opportunity to increase their earnings significantly through commissions and bonuses as they gain experience and build their client base.

                            The typical requirement would be a high school diploma, but most employers would prefer an applicant with some college courses in business, finance, or economics. Licensing is also required, and one has to pass a province-specific exam. For example, Canadian LIC offers to guide their new hires through the licensing process, providing study materials and even reimbursement for exam fees.

                            Be prepared for the interview, and based on the Insurance Advisor job description, give examples from real-life experiences. Review common insurance terms and be prepared to role-play a client interaction. Canadian LIC advises candidates to come equipped with questions about the company’s products and services, showing a genuine interest and proactive attitude.

                            Certainly, one of the best examples I can recall is of an advisor who started with little experience in insurance but had a great customer service background. This particular individual quickly utilized the training programs offered by Canadian LIC, quickly mastered the product knowledge, and became one of the top performers within the company in less than a year. His success story was pioneered by his relentless dedication to understanding what his clients wanted and providing them with advice that surely suited their requirements, leaving them highly satisfied and at ease, hence numerous referrals.

                            This may include promotion to senior advisory positions, management, or other specialty areas like underwriting and claims management. Continuous education is key, allowing advisors to stay current with industry changes and advancements. At Canadian LIC, many advisors have progressed by taking additional courses and obtaining advanced certifications, which the company supports through educational incentives and training opportunities.

                            Customize the resume and your cover letter for each application you make. Outline particular skills and experiences in the light of the Insurance Advisor role description to which you are applying. Canadian LIC has noted that candidates who personalize their applications to reflect the specific needs and values of the compan

                            Commissions for Insurance Advisors are typically based on the policies they sell or renew. This will increase your overall earnings to a great extent based on the quality of sales performance. For instance, the pay at Canadian LIC included a double bonus salary for one advisor. Reports have been received where a new advisor began working with a base salary but quickly doubled it through diligent service to clientele and effective sales of policies, thus showing that such commission-based pay can be an income-enhancer.

                            One common challenge is the handling of client objections/misunderstandings regarding insurance policies. Efficient communication and in-depth knowledge about the product are important to get out of such hurdles. An advisor once shared an experience about how, due to a misconception over the terms of the policy, he was unavoidably engaged in a difficult conversation with the client. By explaining patiently, clear information and data-backed arguments, the advisor could resolve the concerns of the client and retain his strong relationship.

                            Emphasize concretely the achievements associated with client management, sales targets, or specialized insurance knowledge. For example, a candidate applying for Canadian LIC said he had experience with life insurance. This fits perfectly with a vacancy that was actually looking to increase its life insurance clientele, which resulted in an interview.

                            Insurance consultants can be seen to specialize in Life Insurance, Health Insurance, Auto Insurance, Property Insurance, Commercial Insurance, etc. This kind of specialization makes an employee more attractive to an employer who is seeking special experience and skills in a certain area. Example: A Canadian LIC employee specialized in Commercial Insurance and became the go-to expert in the company, leading to career advancement and increased job satisfaction.

                            It is important that employees are continuously educated since insurance products and legislation can change, as, over time, so can the needs of the clientele. Engaging in ongoing education and professional development can help you stay competitive and knowledgeable. One Canadian LIC advisor continued courses in Advanced Risk Management, which not only improved their job performance but also positioned them as a candidate for future leadership roles within the company.

                            It involves studying materials related to the provincial licensing exam and attending some preparation courses if required. Many candidates would also require their study group sessions. Canadian LIC supports its candidates through study groups and resources that have proven helpful, with hundreds of candidates able to pass in the first attempt.

                            The job outlook for Insurance Advisors in Canada is generally positive. Steady demand is noted in most provinces. This stems from constant demands to help people and businesses regarding personal and business insurance solutions. Canadian LIC has consistently expanded its team of advisors in response to growing client demand, indicating a solid job market.

                            Social media may be helpful for networking in the industry and finding a job opening, especially through LinkedIn. Create a professional profile, engage with industry groups, and connect with insurance companies directly. A new employee in the Canadian LIC company was recruited after his active involvement in the discussions about insurance on LinkedIn since it showed his vast knowledge in this sphere and interest therein.

                            These FAQs equip you with the foundation as you start off on becoming an insurance adviser. Whether fresh from school or looking for a career change or promotion, understanding these key fa

                            Sources and Further Reading

                            Insurance Institute of Canada: Provides detailed information on courses, licensing, and certifications required for insurance advisors in Canada.

                            Website: Insurance Institute of Canada

                            Job Bank – Government of Canada: Lists job openings, job descriptions, and salary information for insurance advisors across Canada.

                            Website: Job Bank

                            LinkedIn: A valuable tool for networking with other professionals, joining industry groups, and finding job postings in the insurance field.

                            Website: LinkedIn

                            Glassdoor: Offers insights into company cultures, salaries, and interview processes, which can be helpful when applying for positions as an insurance advisor.

                            Website: Glassdoor

                            Indeed: A comprehensive job search engine where you can find listings for insurance advisor positions across Canada and tips for enhancing your resume and cover letter.

                            Website: Indeed

                            Canadian Underwriter: Features articles, news, and updates on the insurance industry in Canada, which can provide context and background knowledge helpful for advisors.

                            Website: Canadian Underwriter

                            By exploring these sources, you can gain a broader understanding of the career opportunities and industry standards for insurance advisors in Canada, aiding in your professional development and job search efforts.

                            Key Takeaways

                            Your Feedback Is Very Important To Us

                            We appreciate your participation in this questionnaire. Your responses will help us better understand the challenges faced by Canadians seeking job opportunities as Insurance Advisors. Please take a few moments to share your experiences and insights.

                              1. Personal Details

                              Full Name:


                              2. Feedback Questions




















                              Thank you for taking the time to complete this questionnaire. Your feedback is invaluable and will help us address the needs and challenges faced by aspiring Insurance Advisors in Canada.

                              The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

                              Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

                              How Can I Prepare for an Interview for an Insurance Advisor Position?

                              You have an interview for an Insurance Advisor position in Canada, and you’re feeling a mix of excitement and nervousness. This is your chance to pivot your career into a more fulfilling path. You’ve heard from friends and colleagues about tough questions and gruelling interviews in this industry, and you’re thinking, “How do I even start to prepare?”

                              How can I prepare for an interview for an Insurance Advisor position?

                              By Pushpinder Puri, June 14, 2024, 6 Minutes

                              How Can I Prepare for an Interview for an Insurance Advisor Position

                              You have an interview for an Insurance Advisor position in Canada, and you’re feeling a mix of excitement and nervousness. This is your chance to pivot your career into a more fulfilling path. You’ve heard from friends and colleagues about tough questions and gruelling interviews in this industry, and you’re thinking, “How do I even start to prepare?”

                              You’re not alone in this journey. Many face the same daunting questions: What will they ask? How do I answer? How do I stand out? In this comprehensive guide, we’ll tackle those questions head-on, with a focus on “Insurance Advisor interview questions and answers” so you can walk into your interview feeling confident and prepared. We’ll provide practical tips to ace that interview. So let’s get started and turn those interview jitters into a performance that lands you the job!

                              Understanding the Role of an Insurance Advisor

                              Before we get into the nitty gritty of interview prep, you need to know what being an Insurance Advisor means. An Insurance Advisor assesses a client’s insurance needs and recommends coverage. They need to know multiple insurance policies and stay up to date with industry changes. Imagine John, a new advisor, didn’t fully understand the details of a policy in his early days and misguided a client, and the client was denied. John learned the hard way that knowledge is key. This story shows not only that you need to understand your role but also the importance of continuous learning and staying informed.

                              Research the Company and Industry

                              Do your research first. Know the company’s mission, products and market position. Know the latest in the Canadian insurance market. For example, Saru went for an interview without researching the company’s new digital insurance tool and got caught off guard when they asked her about it. Don’t be Saru; come prepared with knowledge of insurance industry trends and company-specific offerings.

                              Common Interview Questions and How to Answer Them

                              Here’s where we dive deep into the “Insurance Advisor interview questions and answers.” You can expect a variety of questions ranging from your understanding of insurance concepts to how you handle client interactions. Let’s explore some common questions and how to answer them effectively:

                              Can you explain a time when you dealt with a difficult client? – Use the STAR (Situation, Task, Action, Result) method. Detail the situation, your task, the action you took, and the positive result that followed.

                              How do you stay updated with the insurance industry? Talk about the resources you use, like industry news sites, professional networks, and continuing education. This shows your dedication to your professional development.

                              What makes you a good fit for this company? – Link your skills and experiences with the company’s values and goals, demonstrating that you are not just looking for any job but a career with them.

                              Behavioural and Situational Questions

                              Insurance advising often involves unpredictability, requiring strong problem-solving skills and adaptability. You might be asked to describe past situations where you demonstrated these qualities. Here’s how you could structure your answers:

                              Describe a time when you had to adapt to a significant change at work. – Share a real scenario where your ability to adapt benefited your previous workplace. Perhaps you transitioned from face-to-face client meetings to virtual ones during the pandemic, explaining how you maintained client relations and business continuity.

                              Mock Interviews and Practice

                              Practice makes perfect. Interview with a friend or mentor and get feedback. Thomas thought he was ready but stumbled over his answers in the actual interview because he hadn’t practised out loud. Don’t be like Thomas. Instead, use mock interviews to hone your delivery and get used to your answers.

                              Dress for Success

                              You can talk before you even say a word. Dress professionally for your interview to make a good first impression. Take Emma, for example; she turned up for an interview at a top insurance company and thought it would be a casual affair. She felt out of place and struggled to get her confidence back for the rest of the interview. Learn from Emma: the right clothes can give you confidence and show you respect the company culture.

                              Preparation Steps for an Insurance Advisor Interview

                              Step Description
                              Understand the Role 📋 Know the responsibilities of an Insurance Advisor
                              Research the Company 🔍 Learn about the company’s mission and products
                              Research Industry Trends 📰 Stay updated with the latest trends in the industry
                              Common Interview Questions 🤔 Prepare answers for frequently asked questions
                              Behavioral Questions 🧠 Practice answers for situational questions
                              Conduct Mock Interviews 🎭 Do mock interviews with a friend or mentor
                              Dress for Success 👔 Wear professional attire for the interview

                              Wrapping It All Up

                              So there you have it! Preparing for an Insurance Advisor interview in Canada is about more than just answering questions. It’s about understanding the role and showing your industry knowledge and passion for helping people manage risk through the right insurance solutions. Your journey to becoming an Insurance Advisor starts here but doesn’t end here.

                              Are you feeling inspired? Canadian LIC, one of the top insurance brokerages in the country, is looking for people like you. Apply now, prepare well, and walk into your interview confidently to start an exciting career. Good luck, and we’ll see you soon as part of our family at Canadian LIC!

                              Find Out: About picking the right insurance broker

                              Find Out: Reason to use an insurance broker to purchase an insurance plan

                              Find Out: Guide to hiring an insurance broker in Brampton

                              Find Out: Insurance broker Benefits

                              Get The Best Insurance Quote From Canadian L.I.C

                              Call 1 844-542-4678 to speak to our advisors.

                              Best Insurance Plans Helpline From Canadian L.I.C

                              FAQS

                              To become an Insurance Advisor in Canada, you need a high school diploma. Many employers prefer a college diploma or courses in finance, economics or business. You also need to be licensed in the provinces you plan to work in, which means passing exams and meeting continuing education requirements.

                              To stay informed, subscribe to industry publications, join insurance-related professional associations, attend seminars and workshops, and participate in continuing education courses. Networking with other professionals in the field can also provide insights and updates about industry changes.

                              Professional attire is recommended for an Insurance Advisor interview. For men, this may include a suit and tie, while women might consider a business suit or a professional dress. The key is to present a polished and professional image that aligns with the company’s culture.

                              You would start with my existing network and then grow it by attending community events and industry conferences. You will use social media and online marketing to reach new clients. You also build strong relationships through great service and follow-up so my clients feel looked after and informed.

                              The STAR method is a way to answer behavioural questions by talking about the situation, Task, Action, and Result. This helps you to explain your experiences and how they relate to the job.

                              Extremely important. Insurance Advisors must be able to explain complex insurance plans and concepts to clients, handle objections and negotiate. Good listening skills to understand client needs.

                              Usually, an advisor starts with individual clients and small accounts. As they gain experience, they can move into larger accounts or specialize in areas like commercial or life insurance. Career progression options include Senior Advisor, Branch Manager or corporate roles in policy development, training or management.

                              Stress and rejection are the keys to success in sales. Resilience through positive thinking and work-life balance helps. Learning from each rejection and understanding rejection is not personal but part of the business will reduce stress.

                              Insurance Advisors may work a standard 9-to-5 schedule, but often, hours can extend into the evenings and weekends, especially when meeting with clients outside of their own work hours. Flexibility is key in this role, as client meetings and networking events don’t always fit into regular business hours.

                              Show us how you’ve managed conflicts of interest or confidential information in previous roles. Talking about industry regulations and putting clients first also shows your standards.

                              Insurance Advisors should be comfortable with office software, word, excel and presentation software. Knowledge of CRM and digital communication tools (Zoom or Microsoft Teams) is a plus as the industry goes digital.

                              First impressions are everything, so be on time or a few minutes early. Dress well, sit up straight, have a firm handshake, make eye contact, and smile. Being prepared with knowledge about the company and good questions shows you’re interested in the role.

                              Bring several copies of your resume, references list, notepad and pen. Also, bring copies of your insurance industry certificates or licenses. This way you’re prepared for anything the interviewer might need or to jot down notes during the chat.

                              Yes, salary and benefits are typically negotiable. But know the industry norms and company’s compensation package before you negotiate. Be ready to talk about your value and how your skills and experience match the company’s needs.

                              Training is ongoing because insurance products and regulations are always changing. Most companies offer training, and you can also get additional certifications through professional associations or independent study to specialize or stay ahead in the game.

                              If you’re new to the industry, focus on transferable skills like customer service, sales, problem-solving and communication. Give examples from your past roles that show these skills and how they translate to an Insurance Advisor role.

                              Building a client base is about networking, referrals and, social media and online marketing. Attending community events and running workshops or seminars on insurance topics will help build credibility and attract new clients. Providing great service will get referrals, which are the best source of new business.

                              The biggest challenge is client rejection and meeting sales targets. Building resilience through your network and continuous learning helps. Knowing rejection is part of the sales process, and not taking it personally is key. Focus on building strong relationships and trust with your clients, and you’ll get more wins and fewer rejections.

                              These FAQs provide a deeper understanding and additional context that can help candidates feel more prepared and confident about pursuing a career as an Insurance Advisor.

                              Sources and Further Reading

                              Insurance Brokers Association of Canada (IBAC) – Provides information on licensing requirements, professional development, and industry news. Website: IBAC

                              Financial Services Regulatory Authority of Ontario (FSRA) – Offers guidance on regulations and licensing for Insurance Advisors in Ontario. Website: FSRA

                              Canadian Insurance Services Regulatory Organizations (CISRO) – A national body that ensures regulatory and educational standards are met. Website: CISRO

                              These resources provide a solid foundation for understanding the insurance industry better, preparing for interviews, and succeeding as an Insurance Advisor in Canada.

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                                ]











                                The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

                                Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

                                10 Reasons You Should Consider a Career as an Insurance Advisor

                                Have you ever been stuck in your job and didn’t know what to do next? If you want a job that provides a sense of security and the ability to make a true difference, you need to explore a career as an insurance advisor. The path to success for an insurance advisor in Canada is rigorous and adventurous.

                                10 Reasons You Should Consider a Career as an Insurance Advisor

                                By Pushpnder Puri, June 07, 2024, 7 Minutes

                                10 Reasons You Should Consider a Career as an Insurance Advisor

                                Have you ever been stuck in your job and didn’t know what to do next? If you want a job that provides a sense of security and the ability to make a true difference, you need to explore a career as an insurance advisor. The path to success for an insurance advisor in Canada is rigorous and adventurous. Consider this scenario in much the same way: New graduate Shivangi looked with interest at the many job options she saw in front of her. She craved a job with decent pay as well as meaning. Her encounter with an insurance advisor during a family crisis revealed the impact of thoughtful financial planning. She was intrigued, so that interaction was what got her into insurance. Like Shivangi, you might have stumbled upon the idea of becoming an insurance advisor through various, unexpected ways, but what does it really entail and is it the right fit for you?


                                In this blog, we are going to discuss the top ten reasons why becoming an insurance advisor is a good career choice in Canada. By the end, you will know not only what this profession is all about but also be interested in its possibilities, including with top brokerages such as Canadian LIC hiring now. Let us explore each reason and look overall if you should consider becoming an insurance advisor.

                                Attractive Earnings Potential

                                The words “insurance adviser salary” invoke an image of stability and a great salary. Insurance consultants can make tremendous revenue through a commission-based program since the more you excel, the more you earn. John, who came from retail at first, was a little wary of being paid on commission for the first time but accepted the challenge and is very pleased with the results. Nevertheless, by the end of his first year, he had doubled his income—the result of tireless effort and commitment. This story isn’t unique. For that reason, a lot of advisors tend to find that the more they put into their business, the more they get out of it, and when you love what you do, those kinds of results can be very rewarding for those who go all in from the very beginning. Take Lara, for example, a former retail worker whose initial concerns about commission-based earnings quickly dissipated as she discovered the potential of her new role. During her first year, Lara beat her income goals, making more than she had in any other position. This is the success story that many insurance advisors experience when they utilize their skills and work ethic to earn more. The payoff of that direct effort-to-reward relationship makes this career path financially lucrative and highly satisfying.

                                Autonomy in Work Schedule

                                One of the most spoken benefits of becoming an insurance advisor. This is the case with Maheera, a mother of two, who decided to work in this area of ​​the industry as it allowed her, through time management, to reconcile work and family life. She would schedule around them in a way that honoured her personal commitments, and she did not go to meetings whenever she did not feel like it. The ability to lean away from the grind and have total autonomy is invaluable to anyone who wants to have a work-life balance while still knocking down career goals. The flexible scheduling was appealing to Michael, a father of three who wanted to become an insurance advisor. The autonomy to schedule client meetings around his children’s school events and his wife’s work hours has been invaluable. Stories like Michael show that becoming an insurance adviser allows the right kind of work-life balance, one that helps our family priorities remain our top priorities.

                                Continuous Professional Development

                                In the world of insurance, the learning never ends. Not only do you get to learn a new insurance product for each meeting, but you also learn new ways to communicate and problem-solve. Having been an insurance advisor for over ten years, Tom understands the importance of automatic training sessions and certification courses to keep him relevant in the industry continuously. You can expand your skill set through these types of lifelong professional development opportunities that will keep you in peak condition. Julia, an immigrant who was rebuilding her career in Canada, found the insurance industry’s commitment to continuous learning especially beneficial. Through various training programs, she gained certifications that enhanced her resume and boosted her confidence in advising her clients effectively. This commitment to professional growth is a significant draw for many who wish to remain competitive and knowledgeable in their field.

                                Job Security

                                The demand for insurance advisors remains stable even in uncertain economic times. Due to this reason, insurance will always remain in demand as people always need insurance, be it for health, life, property, or travel. Advisor Emily reached a sense of security during an economic downturn, understanding that her work creates a lot of stability and well-being in people’s lives when they suffer the most. This trait of job security is what draws many into the field and even keeps them in it. In the midst of a recession, Robert quickly realized that insurance was a recession-resistant business. Unlike several of his peers, he was certain about his job as an insurance advisor, which was a quick source of income and job stability because the demand for insurance services was constant. This is a great example of the insurance sector being a tried and tested safe industry for those in search of job security.

                                Making a Real Impact

                                They offer guidance and comfort. James has experience working through complex critical illness claims with a family he is advising. He was deeply thanked by them, and that played a role in his current attitude towards his work. If you want a career that changes lives, becoming an insurance advisor could be the right choice for you. Insurance advisor Emma remembers helping a young family going through a critical illness. Their financial lifeline came via the insurance coverage she had worked with them to select. It gave her a sense of purpose, and she loved the experience of changing people’s lives. Her story is a testament to the meaningful difference an insurance advisor can make, as she not only provided financial guidance but was able to be there in a critical time in their life.

                                Networking Opportunities

                                This career offers vast opportunities to meet new people and build a professional network. Linda, an extrovert, thrives in environments where she can interact with different personalities. Her network has helped her professionally and contributed to her personal growth. Whether it’s through community events, seminars, or client meetings, the potential to expand your professional circle is immense. For someone like Jack, who thrives on meeting new people and building relationships, the role of an insurance advisor was perfect. His career has allowed him to grow an extensive network that helps him professionally and enriches his personal life. The opportunity to interact with a variety of people and industries is particularly appealing to those who value diverse experiences and connections.

                                Entrepreneurial Growth

                                A lot of insurance advisors work and operate like entrepreneurs. They build their client lists, create marketing strategies, and manage their calendars. For people like Alex, who’d long harboured dreams of starting their own businesses, that particular element was a big draw, though the risks of founding a startup still gave him pause. But thankfully, as an insurance advisor, he is able to enjoy the benefits of running his own business while operating within a system. Sandra had always dreamed of going into business for herself but was afraid of taking the plunge and the risk. This balance she found as an insurance advisor. She does all of the things any entrepreneur does—manages her client base, markets her services, strategizes about her business—but does so with the branding and resources of a larger organization. Her tale is one that actually demonstrates the entrepreneurial spirit that a career in insurance advising can breed.

                                Diversity of Clients

                                Insurance agents deal with all types of clients, making their day-to-day as unpredictable and different from the previous one as possible. One of Sofia’s uppermost hands with her clients is her passion for learning about different cultures and backgrounds. Having all these factors in mind means you are an active learner, as you always understand in more detail the particular needs of an individual client. Alex, a cultural studies major, was eager to be exposed to a wide variety of students. Every day brings new challenges and opportunities to understand a new aspect of life and what this something needs. This variety is what makes the job interesting, and it does mean that no two days are the same.

                                Supportive Industry Networks

                                As alone as you may feel, insurance advisors are not alone with multiple supportive industry networks. They have the support of some pretty strong supervisory systems in their agencies that we believe would provide the tools that they would need to then gain compliance with the appraisal requirements. Having a network of support was important for Michael, who was struggling administratively to begin with. He makes sure people are equipped with the training and resources his agency provides to answer these challenges. As an insurance advisor, Natalie felt like a deer in the headlights, bewildered by the complexity of the products when she first started. But the rigorous training and the support of her agency had her outwitting these hurdles in no time. Having a support system in the insurance industry can be incredibly beneficial for new agents, giving them the resources and guidance to thrive.

                                Advancement Opportunities

                                In the insurance industry, there are clear opportunities for career advancement for those who are dedicated. Within only a few years, Rebecca had gone from junior advisor to senior company employee. Her background is a true example of growth opportunities in the industry—sparked by the ongoing commitment and career advancement proactively due to that. Mark started in insurance with low expectations of himself, but he soon catapulted up to senior adviser, and he earned his way there with sweat. It is certainly not uncommon for those who perform and show initiative to progress rapidly in this industry, offering a well-defined career development route for ambitious talent.

                                Reasons to Consider a Career as an Insurance Advisor

                                Maria's Journey to Becoming an Insurance Advisor in Canada

                                Maria transitioned from an administrative assistant to an insurance advisor after discovering her passion for helping others during a dinner with a friend in the industry. Motivated by the potential for a rewarding commission-based salary and meaningful work, she pursued licensing and joined Canadian LIC. Despite initial challenges in building a client base and understanding complex policies, the supportive environment at Canadian LIC and mentorship from seasoned colleagues helped her succeed. Maria quickly surpassed her previous earnings and found deep personal fulfillment in providing financial security and peace of mind to her clients, affirming her career change was a perfect fit.

                                Conclusion: Joining Canadian LIC – A Step Toward a Promising Career

                                As we have seen the benefits and stories of life insurance advisors in Canada, it is evident that this career provides both personal and financial rewards. Suppose you have been searching for a career that allows you flexibility, financial growth, and the ability to contribute to others’ lives truly. In that case, an insurance career might be your destiny. And what better way to start than with Canadian LIC, a leader in the insurance brokerage industry, currently looking for motivated individuals like you to join their team? Take advantage of this opportunity and begin your journey in a career that promises not just earnings but a fulfilling professional life.

                                 

                                Find Out: How to pick the right insurance broker?

                                Find Out:Why should you use an insurance broker to purchase an insurance plan?

                                Find Out: The guide to hiring an insurance broker in Brampton

                                Find Out: The benefits of using an insurance broker

                                Get The Best Insurance Quote From Canadian L.I.C

                                Call 1 844-542-4678 to speak to our advisors.

                                Best Insurance Plans Helpline From Canadian L.I.C

                                Frequently Asked Questions About Becoming an Insurance Advisor in Canada

                                An insurance advisor evaluates the requirements of clients and then offers insurance products accordingly to secure the most important things to them. For example, Maria, who transitioned from an administrative role, helped a young couple find the perfect life insurance product to secure their children’s future, demonstrating how advisors make a real difference in people’s lives.

                                The pay of an insurance advisor can vary greatly, largely based on commissions and the number of clients served. John, who transitioned from a sales career, doubled his income in his first year as an insurance advisor through his commitment and the strong relationships he developed with his clients.

                                Yes, there are numerous insurance advisor positions available across Canada. The demand for skilled advisors is high because everyone needs some form of insurance. After seeing a job post, Samaira applied and quickly secured a position, showcasing the abundance of opportunities in this field.

                                Advisors must have at least a high school diploma, but many also pursue post-secondary courses in finance or insurance. Additionally, you must pass a licensing exam. For instance, Tom experienced another level of success through further credentialing, which deepened his understanding and demonstrated credibility to clients.

                                Most job openings can be found on online job boards, company websites, or through networking in industry events. Linda found her current role through a professional networking event for insurance professionals, highlighting the importance of staying connected within the industry.

                                Effective communication, empathy, and strong analytical abilities are crucial. Alex, a successful insurance advisor, attributes his success to his ability to listen to clients and understand their needs deeply, ensuring he can offer the best advice possible.

                                Of course, there are many insurance advisors who work part-time on this job, and it is a position with lots of flexibility. It was easier for Emily to choose it as she was offered a part-time insurance advisor position when she was just giving birth and had two young kids.

                                At first, it may be even more challenging to find clients and understand the principles of each insurance policy and deal. Michael admits that initially, he felt stressed out by a lot of policies and conditions offered by the agency, but soon, he figured out everything with the support of his colleagues and became confident in his job.

                                Yes, it is. These are not just words of those who speak – one of the advisors revealed the story of Emily who said that even during the recession people continued paying for insurance.

                                Obviously, to get to the next level, you have to educate yourself, build relationships with clients, and produce results. In some years, Rebecca grew from a junior advisor to a manager.

                                Many successful advisors choose this place of work to start their career avenue. Canadian LIC is known for providing people who work for them with enough education and support, and it values its employees as well.

                                You might specialize as an insurance advisor in different types, namely life, health, auto, and property insurance. In the end, specialization is about focus, which is required to become an expert on something. For instance, after specializing in health insurance, Sophia became a prime advisor within her community, guiding many families on how to plan their health coverage adequately.

                                Commissions are typically based on the percentage of the premium of the policy the client buys, though they can be linked to other performance metrics. At first, Jack was concerned about earning commissions, but he soon realized that with several bonus strategies and a developing list of clients, his earnings showed a substantial increase based on nothing other than his hard work.

                                Canadian LIC provides comprehensive support, including training programs, marketing tools, and administrative assistance to help you focus on advising clients. When Nadia joined Canadian LIC, she was particularly impressed with the mentorship she received from experienced advisors, which helped her quickly gain confidence and build her own client base.

                                The insurance business can be tough and ruthless, but it also encourages support and innovation. Carlos found that he could stand out in a crowded market by offering personalized service and following up consistently. His approach not only won him loyal clients but also referrals, which are invaluable in this business.

                                Sure, many successful insurance advisors come from other professions. One example is Rachel, who used to be a teacher but is now an insurance advisor. Her natural gift for education helped her explain complex insurance concepts in simple terms to her clients, making her transition smooth and successful.

                                One of the most challenging aspects is keeping up with the fast-evolving insurance regulations and market conditions. Sam, who has been in the field for over five years, emphasizes the importance of continuous learning and adapting to maintain expertise and provide the best advice to clients.

                                Networking is an essential part of the insurance industry, providing avenues for new opportunities and client referrals. Industry conferences and seminars attended by Angela have expanded her professional circles widely and immensely contributed to her career development and client onboarding.

                                In addition to the financial gains, the satisfaction of knowing you are aiding families in their quest to achieve security and peace of mind is beyond price. David tells a heartfelt story about how he was able to help a widow plan for a financial future well beyond what she ever imagined following the sudden death of her husband, reminding us of the value and satisfaction that can be derived from one’s career in helping others.

                                This can range from utilizing social media, asking for referrals, and hosting insurance education sessions, among other things. Recent marketing graduate Olivia leveraged digital skills to find new clients both online and in her local area, promoting her services with a high-quality, professional portfolio.

                                Ethics are important for the long term. Be upfront with your clients about products and commissions. Ben, an advisor with a strong ethical foundation, has earned a reputation for honesty and integrity. This has helped him build trust and loyalty among his clients, ensuring a sustainable career.

                                Our FAQs attempt to clarify and encourage potential advisors to enter this rewarding profession. Please let us know if you have any more questions or need help. Let us assist you in starting a rewarding new career as an insurance advisor.

                                Sources and Further Reading

                                For those interested in exploring a career as an insurance advisor in Canada and want to delve deeper into the topics covered in the blog, here are several resources and further reading suggestions:

                                Insurance Institute of Canada:

                                Website: Insurance Institute of Canada

                                This site provides comprehensive information on career paths, educational programs, and certifications necessary for insurance professionals in Canada.

                                Canadian Association of Insurance Brokers (CAIB):

                                Website: CAIB

                                CAIB offers resources for insurance brokers and advisors, including training, networking opportunities, and updates on industry standards.

                                Financial Services Commission of Ontario (FSCO):

                                Website: FSCO

                                FSCO regulates insurance agents in Ontario and provides resources on licensing and compliance, valuable for those starting in Ontario.

                                These resources will help you understand the educational requirements, day-to-day duties, and long-term opportunities within the field of insurance advising, providing a solid foundation for those considering this career path.

                                Key Takeaways

                                Your Feedback Is Very Important To Us

                                  1. Personal Details

                                  Full Name:


                                  2. Feedback Questions










































                                  The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

                                  Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

                                  How Will the New Measures Announced in 2024’s Budget Impact You?

                                  When you’re looking over your family budget and trying to figure out all the crazy deductions that take money out of your paycheck, insurance payments are at the top of the list. At some point, you may have thought about lowering the benefits of your health insurance in order to save money, or you may have felt the negative effects of rising healthcare costs that your current health insurance plan doesn’t fully cover. In homes across the country, people tell this story as they try to find a balance between the need for full coverage and the cost. Now, a new measure promises to rebalance the landscape of insurance and investments. But how does that relate to you? We’re going to dig in more into these changes, exploring what they could mean for your personal and financial life. We will break it down for you so that you can handle these changes with confidence and clarity. These changes range from better health insurance to changes to the tax code. 

                                  How will the new measures announced in 2024's budget impact you?

                                  By Harpreet Puri, April 30, 2024, 7 Minutes

                                  How Will the New Measures Announced and Budget Impact You

                                  When you’re looking over your family budget and trying to figure out all the crazy deductions that take money out of your paycheck, insurance payments are at the top of the list. At some point, you may have thought about lowering the benefits of your health insurance in order to save money, or you may have felt the negative effects of rising healthcare costs that your current health insurance plan doesn’t fully cover. In homes across the country, people tell this story as they try to find a balance between the need for full coverage and the cost. Now, a new measure promises to rebalance the landscape of insurance and investments. But how does that relate to you? We’re going to dig in more into these changes, exploring what they could mean for your personal and financial life. We will break it down for you so that you can handle these changes with confidence and clarity. These changes range from better health insurance to changes to the tax code. 

                                  The 2024 Budget Breakdown: Impact on Your Personal Finance

                                  stability and offering relief to people and families. Discover the main changes and see how they may impact your wallet.

                                  Revamping Health Insurance: Enhancing Coverage and Reducing Costs

                                  One of the most significant announcements is the rollout of the first phase of the National Pharmacare Act. With this move, the government is set to introduce universal single-payer health coverage for most prescription medications, including diabetes medications and contraceptives. Here’s how this could benefit you:

                                  Housing Affordability: Opening Doors to New Opportunities

                                  Housing continues to be a pressing issue, and the 2024 budget addresses this with several initiatives:

                                  Simplifying Capital Gains: What Investors Need to Know

                                  The budget proposes changes to the capital gains tax that are likely to impact investors significantly:

                                  Empowering Through Education: A Focus on Trades and Apprenticeships

                                  The government is injecting funds to support apprenticeship and training programs, recognizing the importance of skilled trades:

                                  Environmental Initiatives: Steering Towards a Greener Future

                                  The budget also underscores the government’s commitment to environmental sustainability with measures aimed at accelerating the transition to a green economy:

                                  Get The Best Insurance Quote From Canadian L.I.C

                                  Call 1 844-542-4678 to speak to our advisors.

                                  Best Insurance Plans Helpline From Canadian L.I.C

                                  National Defense and Intelligence: Securing Tomorrow

                                  The budget earmarks a substantial increase in funding for national defense and intelligence—a crucial step in enhancing Canada’s readiness and response capabilities. Here’s what you need to know:

                                  Childcare Centres: Supporting Young Families

                                  The government has recognized the need to support young families further by facilitating better childcare services. This aspect of the budget could directly impact many families:

                                  Supporting the Trades: Building a Skilled Workforce

                                  In a strategic move to bolster the skilled trades workforce, the budget introduces measures aimed at training and apprenticeship opportunities:

                                  Disability Supports: Enhancing Quality of Life

                                  The 2024 budget also addresses the needs of individuals with disabilities through various supportive measures:

                                  Cracking Down on Auto Theft: A Safety Initiative

                                  Auto theft has become a significant concern across many communities. The 2024 budget introduces new measures to tackle this issue:

                                  Alternative Minimum Tax (AMT) Amendments: A Fairer Tax System

                                  The Alternative Minimum Tax (AMT) is designed to ensure that individuals and entities that benefit from preferential tax treatment pay at least a minimum amount of tax. Here’s what the new budget proposes:

                                  Employee Ownership Trusts (EOT): Promoting Employee Stakeholding

                                  Employee Ownership Trusts have been recognized as a valuable tool for business succession and employee engagement. The budget introduces several supportive measures:

                                  Summarizing the Key Budget Proposals and their Implications from the 2024 Federal Budget

                                  Category Budget Proposal Implication of Change
                                  Housing – Secondary suite lending program – Facilitates aging in place, optimizes space, generates income
                                  – $40,000 low interest loans to convert space – Enables refinancing, access to home equity
                                  – $7,500 for new unit for seniors/disabled – More housing units for vulnerable populations
                                  – $600 Million for homebuilding innovation – Builds 3.9 million homes by 2031, scales up modular homes
                                  – $6 Billion Canada Housing Infrastructure Fund – Requires provincial buy-in, includes infrastructure for waste management
                                  – $15-billion top-up to Apartment Construction Loan Program – Accelerates construction, provides relief for first-time homebuyers
                                  – Mortgage changes, 30 yr. mortgages – Improves affordability and access to housing
                                  – Canadian Renters’ Bill of Rights, $1 billion loans, $477 million contributions, $1.5 billion fund – Protects renters, preserves rent prices, improves credit scores
                                  – Home Buyers Plan: $60,000 from RRSP, delayed RRSP payback – Enhances home purchase affordability
                                  Capital Gains – 2/3 inclusion rate from June 25, 2024; $250,000 threshold – Increases need for tax planning, affects property and investment sales
                                  – $1.25 Million exemption for businesses, phased incentives – Supports business growth, requires strategic investment planning
                                  AMT Amendments – 80% charitable donations credit, EOTs exempt – Encourages charitable giving, supports employee-owned businesses
                                  Healthcare – National Pharmacare Act, mental health funds, dental plan – Universal coverage for specific meds, supports mental health, integrates health professionals
                                  National Defence – $8.1 billion funding, $2.4 billion for AI development – Enhances military and technological capabilities
                                  Childcare Centres – $1 billion loans, $60 million grants, $48 million for educator loans – Expands and improves childcare availability and affordability
                                  Energy Transition – $607.9 million for Zero Emission Vehicles program – Promotes use of cleaner energy technologies
                                  Employee Ownership Trusts – Tax exemptions for transfers, AMT exemption – Facilitates business succession, encourages employee stakeholding
                                  Disability Supports – New Canada Disability Benefit, expanded deduction – Provides income support and tax relief for disabled individuals
                                  Auto Theft – Criminal Code amendments, regulate theft devices – Aims to reduce auto thefts and associated costs
                                  Supporting the Trades – $10 million for trades program, $90 million for apprenticeships – Encourages careers in trades, supports workforce development

                                  Coming to the end

                                  The plan outlined in the 2024 Federal Budget affects every aspect of daily life, from health and housing to investments and the environment. Understanding these changes can make quite a difference to your financial landscape. Awareness and proactiveness will let you extract as much benefit from this opportunity presented through these new measures. And it’s time you talked to a financial advisor for further discussion on the subject, tailoring it to your necessities and aspirations. As we navigate through these updates, remember that our aim is to enhance your quality of life and financial well-being. We are here to help you make sense of the updates and how these changes in the budget could translate into things that benefit you, specifically, turning complexity into simplicity. Stay tuned, stay informed, and let’s thrive together in this evolving economic environment.

                                   

                                  FAQs about the 2024 Federal Budget

                                  The National Pharmacare Act, introduced in the 2024 budget, aims to provide universal single-payer health coverage for most prescription medications, including diabetes medications and contraceptives. This means reduced costs for these medications, potentially lowering your out-of-pocket healthcare expenses significantly.

                                  The 2024 budget introduces several measures to support first-time homebuyers, including the provision of 30-year mortgages, which can make monthly payments more affordable. Additionally, there are up to $40,000 in low-interest loans available for converting existing spaces into secondary suites, providing a potential income source or more affordable housing options.

                                  The budget increases the capital gains inclusion rate to two-thirds for individual gains over $250,000, effective from June 25, 2024. This means that if you sell assets like property or stocks and the gains exceed $250,000, a higher portion of those gains will be taxable. This change primarily affects high-earning individuals and investors.

                                  To support young families, the 2024 budget allocates $1 billion in loans and $60 million in grants to build or renovate childcare centers. Additionally, there is a $48 million provision to extend student loan forgiveness for early childhood educators, which aims to improve the quality and availability of childcare services.

                                  An Employee Ownership Trust (EOT) is a trust established to hold a controlling stake in a company on behalf of its employees. The 2024 budget encourages the use of EOTs by exempting them from the Alternative Minimum Tax (AMT) and allowing a tax exemption on the first $10 million of capital gains realized on sales to EOTs, making it a more attractive option for business succession planning.

                                  The 2024 budget significantly increases funding for national defence and intelligence, allocating an additional $8.1 billion over the next five years. It also invests $2.4 billion to enhance Canada’s AI capabilities, aiming to improve national security and operational efficiency in sectors like healthcare, agriculture, and clean technology.

                                  The budget introduces the new Canada Disability Benefit, which provides up to $200 per month for eligible individuals with a Disability Tax Credit certificate. It also expands the Disability Supports Deduction to include more eligible expenses, aiding in financial relief for those with significant medical and disability-related costs.

                                  Under the revised AMT regulations in the 2024 budget, individuals can claim 80% of the Charitable Donation Tax Credit when calculating their AMT, up from the previous 50%. This change encourages more generous charitable giving by making it more tax-effective.

                                  The 2024 budget introduces specific measures to help senior homeowners age in place, including up to $40,000 in low-interest loans to convert existing spaces into rental units. This can enable seniors to generate additional income by renting out part of their homes, which can help cover living expenses and maintain their independence longer.

                                  For corporations and trusts, the budget increases the capital gains inclusion rate to two-thirds for all capital gains, up from the previous half. This means that a larger portion of the capital gains realized by these entities will now be subject to tax, which could impact their investment strategies and bottom lines.

                                  The 2024 budget allocates $200 million to boost the adoption of artificial intelligence in healthcare. This investment will enhance medical diagnostics, improve patient care efficiencies, and support the development of personalized medicine, thereby transforming the healthcare landscape in Canada.

                                  In order to address rising auto theft rates, the budget proposes amendments to the Criminal Code to introduce new offences and an aggravating factor if a young person is involved in the crime. It also aims to regulate the sale, possession, distribution, and import of devices used to steal cars, which should help reduce the incidence of these crimes.

                                  The budget’s provisions for extending student loan forgiveness for early childhood educators are designed to retain and attract more professionals to the field. This measure will likely improve the quality and availability of childcare by alleviating some financial burdens faced by educators and making careers in early childhood education more appealing.

                                  The budget introduces and expands measures to support the government’s energy transition strategies, including a significant investment in the Incentives for Zero Emission Vehicles (ZEV) program. These initiatives aim to reduce Canada’s carbon footprint and promote the adoption of cleaner technologies, benefiting the environment and potentially lowering energy costs for consumers.

                                  The 2024 budget includes funding to encourage more Canadians to explore and prepare for careers in skilled trades. This includes a $10 million investment in the Skilled Trades Awareness and Readiness Program and $90 million to help create apprenticeship placements, which are vital for building a skilled workforce and supporting industries critical to Canada’s economy.

                                  The Canadian Renters’ Bill of Rights, introduced in the 2024 budget, aims to protect the rights of renters by ensuring fair and transparent renting practices. This includes measures to improve renter credit scores for timely payments and mechanisms to preserve affordable rent prices, which will provide more security and stability for renters across the country.

                                  Sources and Further Reading

                                  Government of Canada – Department of Finance

                                  Website: Canada’s Department of Finance

                                  Overview: The official website where the federal budget is published, offering detailed documents and summaries that outline all fiscal measures and policy decisions made.

                                  Parliament of Canada – Budget Documents

                                  Website: Budget 2024 Documents

                                  Overview: Access to all the documents related to the 2024 budget as presented by the Finance Minister to Parliament. This includes speeches, economic statements, and financial outlooks.

                                  The Canadian Tax Foundation

                                  Website: Canadian Tax Foundation

                                  Overview: A non-profit organization that provides analysis and commentary on Canadian tax and fiscal policies, including in-depth reviews of annual federal budgets.

                                  Canadian Centre for Policy Alternatives

                                  Website: CCPA

                                  Overview: A progressive think-tank focused on economic and social policy research. Their alternative federal budget provides a different perspective on how fiscal policies could be structured.

                                  Bank of Canada – Monetary Policy Reports

                                  Website: Bank of Canada

                                  Overview: While not specific to the federal budget, the Bank of Canada’s reports and analyses provide essential context on the economic conditions and monetary policies that influence budget decisions.

                                  CBC News – Budget Coverage

                                  Website: CBC News

                                  Overview: CBC News offers comprehensive coverage and expert analysis of the federal budget, including implications for various sectors and demographics.

                                  Globe and Mail – Federal Budget Analysis

                                  Website: The Globe and Mail

                                  Overview: Detailed articles and financial commentary that dissect the components of the federal budget and discuss its potential impacts on Canadians.

                                  Financial Post

                                  Website: Financial Post

                                  Overview: Offers news and expert opinions on Canada’s economic policies, including sector-specific impacts of federal budget measures.

                                  By consulting these sources, readers can gain a richer understanding of the 2024 Federal Budget’s scope and the nuances of its policies. These resources are crucial for anyone looking to make informed decisions or to critique the budget’s approach to addressing Canada’s economic challenges.

                                  Key Takeaways

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                                    The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

                                    Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

                                    Who Pays for Mortgage Insurance in Canada?

                                    Mortgage Insurance is an essential aspect of the home buying process in Canada, providing protection for both lenders and borrowers in the event of default. But who exactly pays for Mortgage Insurance, and what factors influence its cost? Here, in this blog, we will get the answers to these questions.

                                    Who Pays for Mortgage Insurance in Canada?

                                    By Canadian LIC, February 8, 2024, 8 Minutes

                                    Who Pays for Mortgage Insurance in Canada

                                    Mortgage Insurance is an essential aspect of the homebuying process in Canada, especially for those making a down payment of less than 20%. It plays a critical role in enabling homeownership for many Canadians by allowing lenders to approve high-ratio mortgages. But what many homebuyers don’t realize is that mortgage insurance in Canada primarily protects the lender, not the borrower, in case of loan default. Despite this, it’s the borrower who is responsible for paying the premium, raising the common question: who pays mortgage insurance, and why?

                                    Understanding what is mortgage insurance premium is, how it’s calculated, and who provides it is crucial before you commit to a mortgage. Whether you’re considering private mortgage insurance in Canada through mortgage insurance companies in Ontario, like Canada Guaranty or Sagen, or federally backed options like CMHC, knowing the difference is essential. You might also wonder, “is mortgage insurance tax deductible in Canada?” or “does mortgage insurance go towards principal?” These are important questions every borrower should address.

                                    In this blog, we’ll explain how to calculate mortgage insurance on a conventional loan, who bears the cost, how it fits into your mortgage payments, and ways to reduce or even eliminate mortgage insurance over time. We’ll also discuss borrowers’ mortgage insurance, financed mortgage insurance, and mortgage critical illness insurance — to help you make better-informed decisions on your path to homeownership. Whether you’re a first-time buyer or refinancing, understanding how Canadian mortgage insurance works can save you money and prevent future surprises.

                                    Let’s dive into everything you need to know about mortgage insurance providers in Canada, including costs, conditions, and cancellation options, so you can secure your home with full confidence.

                                    Let’s Understand Mortgage Insurance

                                    Mortgage Insurance in Canada serves a similar purpose to its counterparts in other countries: to protect lenders in the event of borrower default. This insurance provides lenders with the assurance that their investment is safeguarded, enabling them to offer loans to borrowers with lower down payments, typically less than 20% of the home’s purchase price.

                                    Find out how you can save money on Mortgage Insurance here

                                    Who Pays for Mortgage Insurance?

                                    Pays for Mortgage Insurance

                                    Contrary to common misconceptions, Mortgage Insurance often needs to be clarified among potential home buyers. Here, we break down the complicated dynamics of who shoulders the burden of Mortgage Insurance costs, shedding light on the roles of both borrowers and lenders.

                                    Beneficiary Dynamics:

                                    Mortgage Insurance primarily serves as a safety net for lenders, shielding them from financial risks associated with borrower default.

                                    While lenders reap the benefits of protection, it’s the borrowers who bear the responsibility of funding Mortgage Insurance premiums.

                                    Financial Responsibility:

                                    Borrowers are entrusted with the task of covering the premiums linked with Mortgage Insurance, a commitment integrated into their monthly mortgage payments.

                                    The amount of the down payment, the type of mortgage, and the specific standards set by insurers are just some of the things that affect these premiums, which are kind of like a security fee.

                                    Integration into Monthly Payments:

                                    Mortgage Insurance costs seamlessly meld into borrowers’ monthly mortgage payments, contributing to the overall financial outlay associated with homeownership.

                                    The amalgamation of Mortgage Insurance premiums alongside principal, interest, taxes, and other pertinent expenses facilitates a comprehensive understanding of the financial obligations tied to homeownership.

                                    Variable Premiums:

                                    The fluid nature of Mortgage Insurance premiums renders them subject to variability, influenced by many factors that come naturally to the borrower’s financial profile and the mortgage arrangement.

                                    Getting a Mortgage Insurance quote is one of the most important things that borrowers can do to understand how these premiums work. It gives them useful information about how much the premiums will cost based on their specific situation.

                                    Impacting Factors:

                                    The size of the down payment emerges as a vital determinant, with larger down payments typically correlating with diminished premiums owing to reduced mortgage lender risk.

                                    The type of mortgage, whether conventional or insured through entities like CMHC or private insurers, also influences insurance costs, with insured mortgages often incurring higher premiums due to enhanced mortgage lender protection.

                                    Getting Around Difficulties: 

                                    To get around the confusion of Mortgage Insurance, you need to have a deep understanding of how it works financially. This will allow borrowers to make smart choices that are in line with their financial goals.

                                    Borrowers can get useful information about the expected costs, like Mortgage Insurance quotes, which helps them make smart financial decisions and plans.

                                    Types of Mortgage Insurance in Canada

                                    Types of Mortgage Insurance in Canada

                                    Canada Mortgage and Housing Corporation (CMHC):

                                    • The Canada Mortgage and Housing Corporation (CMHC) is a federal agency responsible for housing policy and Mortgage Insurance in Canada.
                                    • CMHC offers Mortgage Insurance to lenders, providing them with protection against borrower default.
                                    • Borrowers with down payments below 20% are typically required to obtain CMHC Mortgage Insurance, as mandated by federal regulations.
                                    • CMHC insurance enables lenders to extend financing to a wider range of borrowers, including those with smaller down payments.

                                    Private Insurers: Genworth Canada and Canada Guaranty:

                                    • In addition to CMHC, private mortgage insurers such as Genworth Canada and Canada Guaranty also offer Mortgage Insurance in Canada.
                                    • Similar to CMHC insurance, private Mortgage Insurance protects lenders in the event of borrower default, mitigating the risk associated with smaller down payments.
                                    • Private insurers play a vital role in the Canadian mortgage market, offering competitive insurance options to borrowers and lenders alike.
                                    • Borrowers may have the option to choose between CMHC insurance and private insurance, depending on their preferences and lender requirements.

                                    Mandatory Requirement for Borrowers with Down Payments Below 20%:

                                    • Mortgage Insurance is mandatory for borrowers in Canada who make down payments below 20% of the property’s purchase price.
                                    • This requirement is in place to protect lenders against the increased risk associated with smaller down payments.
                                    • By obtaining Mortgage Insurance, borrowers demonstrate their commitment to fulfilling their mortgage obligations, thereby instilling confidence in lenders to extend financing.

                                    Protecting Lenders and Facilitating Homeownership:

                                    • Mortgage Insurance, whether provided by CMHC or private insurers, serves a crucial role in the Canadian housing market.
                                    • By safeguarding lenders against default risk, Mortgage Insurance enables them to offer financing to a broader spectrum of borrowers, including first-time homebuyers and those with limited savings for a down payment.
                                    • Additionally, Mortgage Insurance promotes financial stability by reducing the likelihood of lender losses in the event of borrower default, thus contributing to the overall health of the housing market.

                                    Understanding the various types of Mortgage Insurance available in Canada is essential for prospective homebuyers seeking to explore the complexities of the mortgage process. By familiarizing themselves with options offered by institutions such as Genworth Canada and Canada Guaranty, borrowers can make the right decisions that are in line with their financial goals and circumstances.

                                    In order to explore Mortgage Insurance options tailored to their needs, borrowers are encouraged to consult with reputable insurance experts. By leveraging these resources, borrowers can embark on their homeownership journey with confidence, knowing they have access to comprehensive insurance solutions that can protect both lenders and borrowers.

                                    Remember, Mortgage Insurance is not just a requirement; it’s a way that promotes accessibility to homeownership for many Canadians.

                                    Calculating Mortgage Insurance Costs

                                    Calculating Mortgage Insurance Costs

                                    Calculating the costs associated with Mortgage Insurance is an essential step in the homebuying process. To explain this aspect further, let’s break down the factors influencing Mortgage Insurance costs and how borrowers can obtain personalized quotes.

                                    Size of the Down Payment:

                                    The size of your down payment plays a significant role in determining Mortgage Insurance costs. Generally, larger down payments result in lower insurance premiums, as they reduce the lender’s risk.

                                    Loan Amount:

                                    Mortgage Insurance premiums are typically calculated as a percentage of the loan amount. As the loan amount increases, so do the insurance costs. This means that borrowers with larger loan amounts may face higher premiums.

                                    Percentage of the Loan Amount:

                                    Mortgage Insurance premiums are usually expressed as a percentage of the loan amount. This percentage varies depending on factors such as the borrower’s creditworthiness and the type of Mortgage Insurance chosen.

                                    Impact of Down Payment on Premiums:

                                    Smaller down payments often result in higher Mortgage Insurance premiums. This is because a smaller down payment translates to a higher loan-to-value (LTV) ratio, which increases the lender’s risk and, consequently, the cost of insurance.

                                    Obtaining a Mortgage Insurance Quote:

                                    Obtaining a Mortgage Insurance quote is essential for borrowers seeking clarity on Mortgage Insurance costs. Lenders and insurers can provide personalized quotes based on the borrower’s financial profile and the specific details of the mortgage.

                                    Personalized Assessment:

                                    Lenders and insurers consider various factors when providing Mortgage Insurance quotes, including the borrower’s credit score, income, and employment history. By providing accurate information, borrowers can receive a more accurate assessment of their insurance costs.

                                    Transparency and Clarity:

                                    Getting a Mortgage Insurance quote offers transparency and clarity regarding the costs associated with homeownership. It allows borrowers to budget effectively and make the perfect decisions about their mortgage options.

                                    Comparing Quotes:

                                    Borrowers must compare quotes from multiple lenders and insurers to ensure they get the best possible deal. By exploring different options, borrowers can identify cost-effective solutions that fit their financial goals.

                                    Factors Influencing Mortgage Insurance Costs

                                    There are a number of things that affect how much your mortgage protection insurance will cost in Canada. These include:

                                    A Deeper Look: Overlooked Mortgage Insurance Considerations in Canada

                                    While much is said about who pays mortgage insurance in Canada, there are lesser-known aspects of borrowers’ mortgage insurance that can significantly impact financial planning, especially for those seeking private mortgage insurance in Canada or navigating through mortgage insurance providers in Canada beyond CMHC. One such area is the integration of mortgage critical illness insurance. Unlike standard loan mortgage insurance, this add-on can provide lump-sum payouts to cover your mortgage if you’re diagnosed with a severe illness. It’s not mandatory but it can be life-changing.

                                    A common question among homeowners is: “Is mortgage insurance tax-deductible in Canada?” Generally, the answer is no — mortgage insurance premiums paid on high-ratio mortgages are not tax-deductible in Canada for personal residences. However, in very specific cases involving rental properties, you may be able to claim part of it. Always consult a tax advisor for clarity.

                                    Also misunderstood is “does mortgage insurance go towards principal?” The answer is no. Whether paid upfront or as financed mortgage insurance, it protects the lender, not the homeowner’s equity. Understanding this distinction is crucial when budgeting.

                                    For those wondering how to calculate mortgage insurance on a conventional loan, Canadian mortgage insurance companies in Ontario and beyond generally base it on your loan-to-value ratio (LTV), loan size, and down payment. Lower down payments mean higher mortgage insurance rates in Canada.

                                    Want to know how to eliminate mortgage insurance? In most cases, reaching 20% equity lets you apply for cancellation. Yes — you can cancel mortgage insurance in Canada, especially if you’re with private insurers. This can lead to long-term savings, so it’s worth re-evaluating as your mortgage matures.

                                    For buyers comparing mortgage insurance companies Canada or asking what is mortgage insurance premium exactly, the answer lies in the insurer’s model — CMHC or private — and your financial profile. The Canadian mortgage insurance landscape offers multiple paths, and knowing the right questions can help optimize your strategy.

                                    Wrapping It All Up

                                    In the end, knowing who pays for Mortgage Insurance and how much they will pay is very important for Canadian home buyers. Exploring the pitfalls of mortgage protection insurance can help borrowers make the most informed choices for their fiscal health and history.

                                    Borrowers should consult trusted lenders and insurers to get more insight into the complex Mortgage Insurance world and obtain customized quotes. Those who use these tool can be sound in the knowledge that they actually comprehend what Mortgage Insurance is and what it involves before they begin the process of buying a house.

                                    Keep in mind that Mortgage Insurance is not just an expense – it is a valuable tool that allows many Canadians to achieve home-ownership. Pursue mortgage insurance alternatives that are right for your needs and situation as the first step toward finally buying a home.

                                    Find Out: Everything About Mortgage Insurance in detail

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                                    FAQs about Mortgage Insurance in Canada

                                    Mortgage Insurance is a policy that protects lenders in case borrowers default on their mortgage payments. It’s necessary for borrowers with down payments below 20% to mitigate the risk for lenders and facilitate access to financing.

                                    Although Mortgage Insurance primarily benefits lenders, borrowers are responsible for paying the insurance premium. These premiums are typically included in the borrower’s monthly mortgage payments.

                                    In Canada, Mortgage Insurance is primarily provided by the Canada Mortgage and Housing Corporation (CMHC), as well as private insurers such as Genworth Canada and Canada Guaranty. Depending on their preferences and lender requirements, borrowers may choose between CMHC insurance and private insurance.

                                    Mortgage Insurance works by providing protection to lenders in case borrowers default on their mortgage payments. Borrowers pay insurance premiums, which are included in their monthly mortgage payments. If the borrower defaults, the insurer reimburses the lender for a portion of the outstanding loan amount, reducing the lender’s financial risk.

                                    The Mortgage Insurance premium is typically not tax-deductible in Canada. However, borrowers should consult with a tax professional to understand their individual tax implications related to homeownership and Mortgage Insurance.

                                    Mortgage Insurance covers lenders in case borrowers default on their mortgage payments. If the borrower defaults, the insurer reimburses the lender for a portion of the outstanding loan amount, reducing the lender’s financial risk. Mortgage Insurance essentially compensates lenders for the down payment the borrower didn’t make if foreclosure occurs.

                                    Mortgage Insurance is typically required when borrowers make down payments below 20% of the property’s purchase price. This requirement is mandated by federal regulations and is intended to protect lenders against the increased risk associated with smaller down payments.

                                    No, borrowers with down payments above 20% are not required to have Mortgage Insurance. However, some lenders may still require it as an added precaution.

                                    Mortgage Insurance costs are typically calculated as a percentage of the loan amount. Factors such as the size of the down payment, the type of mortgage, and the insurer’s requirements influence the premiums.

                                    Yes, borrowers can request to cancel Mortgage Insurance once they have accumulated at least 20% equity in their home. This typically involves contacting the lender and providing evidence of the increased equity.

                                    While Mortgage Insurance is a common requirement for borrowers with down payments below 20%, some borrowers may opt for alternative financing options, such as piggyback loans or assistance programs for first-time homebuyers.

                                    Borrowers can obtain a Mortgage Insurance quote by consulting with reputable brokers. These quotes are personalized based on the borrower’s financial profile and the specific details of the mortgage.

                                    If a borrower defaults on their mortgage, the insurer will reimburse the lender for a percentage of the amount owed. However, the borrower remains responsible for any outstanding debt and may face legal consequences for defaulting on the mortgage.

                                    No, Mortgage Insurance premiums are not tax-deductible in Canada. However, borrowers should consult with a tax professional to understand their individual tax implications related to homeownership.

                                    Typically, Mortgage Insurance is not transferable when refinancing a mortgage. If you refinance your mortgage, you may need to obtain new Mortgage Insurance if your loan-to-value ratio exceeds 80%.

                                    Borrowers generally pay for Mortgage Insurance until they reach at least 20% equity in their home. However, the specific duration may vary depending on the type of Mortgage Insurance and lender requirements.

                                    In most cases, borrowers have some flexibility in choosing their Mortgage Insurance provider. However, some lenders may have preferred insurers or specific requirements regarding Mortgage Insurance.

                                    In addition to the insurance premiums, borrowers may incur other fees related to Mortgage Insurance, such as application fees or administrative fees. It’s essential to review the terms and conditions of the Mortgage Insurance policy to understand any additional costs.

                                    Mortgage Insurance typically does not cover job loss or financial hardship. Its primary purpose is to protect lenders in case of borrower default. However, some Mortgage Insurance policies may offer optional coverage for specific circumstances, so borrowers should inquire about available options.

                                    While Mortgage Insurance is typically required until borrowers reach 20% equity, some lenders may allow borrowers to request cancellation earlier under certain conditions. It’s essential to check with the lender or insurer for specific guidelines on cancelling the Mortgage Insurance.

                                    Mortgage Insurance premiums are added to the borrower’s monthly mortgage payments, increasing the total amount due each month. Borrowers should factor in these additional costs when budgeting for homeownership.

                                    Mortgage Insurance itself does not directly impact credit scores. However, failing to pay Mortgage Insurance premiums or defaulting on the mortgage can negatively affect credit scores and overall financial health.

                                    No, Mortgage Insurance is specific to each mortgage loan and property. If you sell your home and buy a new one, you’ll need to obtain new Mortgage Insurance for the new mortgage.

                                    Borrowers can consult with mortgage lenders, insurance providers, or financial advisors to learn more about Mortgage Insurance options and requirements specific to their circumstances. Additionally, government housing agencies such as the Canada Mortgage and Housing Corporation (CMHC) provide valuable resources and information on Mortgage Insurance in Canada.

                                    Mortgage Insurance typically does not cover death. Its primary purpose is to protect lenders in case borrowers default on their mortgage payments. However, some Mortgage Insurance policies may offer optional coverage for specific circumstances, such as death or disability. Borrowers should inquire about available options and coverage details with their insurer.

                                    Mortgage Insurance typically stops once borrowers reach at least 20% equity in their home. At this point, borrowers may request to cancel Mortgage Insurance, and it may also automatically terminate as per the lender’s or insurer’s guidelines. Additionally, some Mortgage Insurance policies may have specific termination provisions based on equity milestones or other factors.

                                    The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

                                    Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

                                    Is Term Insurance Better Than a Money Back Policy?

                                    Not many people know this, but 60% of Canadians are underinsured when it comes to Life Insurance. That’s right, a significant portion of the population may not have adequate financial protection for their loved ones. In today’s world where financial security is of utmost importance, the choice between different types of insurance policies becomes a very important thing to consider. So, let’s find out the answer to the question: Is Term Life Insurance Better than Money Back Insurance Policies in Canada? We’ll explore the facts, dissect the numbers, and uncover the key differences between these two insurance options to find the answer.

                                    Is Term Insurance Better Than a Money Back Policy?

                                    By Harpreet Puri,,  January 31, 2024, 11 Minutes

                                    Is Term Insurance Better Than a Money Back Policy?

                                    Not many people know this, but 60% of Canadians are underinsured when it comes to Life Insurance. That’s right, a significant portion of the population may not have adequate financial protection for their loved ones. In today’s world where financial security is of utmost importance, the choice between different types of insurance policies becomes a very important thing to consider. So, let’s find out the answer to the question: Is Term Life Insurance Better than Money Back Insurance Policies in Canada? We’ll explore the facts, dissect the numbers, and uncover the key differences between these two insurance options to find the answer.

                                    Let’s Find Out About Money Back Insurance Policy

                                    A Money Back Insurance Policy, also known as a Money Back Term Life Insurance Policy, is a type of Life Insurance that combines protection and savings. Find out more in detail about it here. Here’s how it works:

                                    Premium Payments: When you purchase a Money Back Insurance policy, you pay regular premiums for a specified term, which can vary depending on the policy’s terms and conditions.

                                    Death Benefit: At the time of the policyholder’s death during the term, the beneficiary receives a death benefit, which is the sum assured. In the event of your unexpected death, this will protect your loved ones financially.

                                    Survival Benefit: The unique feature of Money Back Insurance policies is the survival benefit. If the policyholder survives the policy term, they get a part of the sum assured at timely intervals throughout the term. These intervals can be yearly or at predefined intervals.

                                    Pros of Money Back Insurance Policy

                                    Financial Security: Money-back policies give your loved ones financial security in case you die by giving them both Life Insurance and a guaranteed payout.

                                    Liquidity: The regular survival benefits can serve as a source of liquidity, helping you meet various financial goals or expenses during the policy term.

                                    Maturity Benefit: In the case you outlive the policy term, you receive the remaining sum assured as a lump sum, providing a financial cushion for retirement or other long-term needs.

                                    Let’s Find Out About Term Life Insurance Policy

                                    Term Life Insurance, on the other hand, is a straightforward Life Insurance policy that provides coverage for a specified term. Find out more in detail about it here. Here’s how it works:

                                    Premium Payments: As with money back policies, you pay regular premiums for the chosen term. However, Term Life Insurance does not offer any survival benefits or savings components.

                                    Death Benefit: The death benefit, which is the sum assured, is given to the beneficiary if the policyholder dies during the insurance term. Term Life Insurance Policy provides pure financial protection and does not offer any maturity benefits.

                                    Pros of Term Life Insurance Policies

                                    Affordability: Term Life Insurance premiums compared to Money Back Insurance policies are lower making them a cost-effective choice for pure Life Insurance coverage.

                                    High Coverage Amounts: You can choose a higher sum assured with Term Life Insurance, ensuring your loved ones are well-protected financially.

                                    Simplicity: Term Life Insurance is easy to understand and does not involve complex survival benefits or savings components.

                                    Find out why you should buyTerm Life Insurance here

                                    Which One Is Better for You?

                                    AspectTerm Life InsuranceMoney Back Life Insurance
                                    PurposePure protection for a specified term.Combines protection and savings.
                                    PremiumsLower premiums for higher coverage.Higher premiums due to the savings component.
                                    Coverage AmountFixed death benefit amount.Fixed death benefit amount.
                                    Survival BenefitsNo survival benefits; and no payout if you outlive the term.Regular survival benefits are paid during the policy term.
                                    Savings ComponentNo savings or cash value component.Includes a savings component with cash value.
                                    Maturity BenefitNo maturity benefit; coverage ends at the term’s expiration.A lump sum maturity benefit is paid if the policyholder survives the term.
                                    AffordabilityAffordable premiums for maximum coverage.Higher premiums due to added savings features.
                                    Financial GoalsIdeal for providing pure financial protection to beneficiaries.Suitable for individuals with financial goals who need periodic payouts.
                                    Tax ImplicationsThe death benefit is generally tax-free in Canada.Tax implications may vary depending on the policy’s structure.
                                    FlexibilityLimited flexibility; no changes once the policy is in force.Some flexibility in adjusting premium payment terms and sum assured.
                                    ComplexitySimple and straightforward coverage.Includes complexities such as survival benefits and savings.
                                    Suitable CandidatesThose seeking maximum coverage within budget constraints.Individuals with a mix of insurance and savings goals.
                                    Beneficiary PayoutLump sum death benefit paid to beneficiaries.Periodic survival benefits are paid to the policyholder during the term, with the remaining sum assured paid to beneficiaries at maturity or in the event of the policyholder’s death.

                                    The choice between Money Back Insurance policies and Term Life Insurance depends on your financial goals and priorities. Let’s go deep into the specific scenarios where each type of insurance policy shines:

                                    Choose Money Back Insurance Policy If:

                                    AspectMoney Back Insurance Policy
                                    Why Choose It?If you want a combination of Life Insurance and savings.
                                    Benefits of Savings Component– Provides financial protection in case of untimely demise.
                                     – Accumulates savings over the policy term.
                                    Financial GoalsSuitable for individuals with future financial goals such as:
                                     – Funding a child’s education.
                                     – Purchasing a home.
                                     – Planning for retirement.
                                    Periodic PayoutsOffers regular survival benefits to policyholders during the term.
                                    Flexibility in Financial PlanningHelps meet specific financial goals by providing periodic payouts.
                                    Examples of UseUseful for covering educational expenses or maintaining a lifestyle without depleting savings.
                                    Premium PaymentsGenerally comes with higher premium payments compared to Term Life Insurance.
                                    Comfort with PremiumsSuitable if you have a stable financial situation and can manage higher premiums.
                                    Financial EvaluationIt’s essential to assess your budget and ensure premium payments align with long-term financial capabilities.
                                    Advice from Insurance AdvisorDiscuss your financial situation with a trusted insurance advisor to determine affordability.

                                    You want a combination of Life Insurance and savings.

                                    Money Back Insurance policies are designed for individuals who seek a dual benefit of financial protection and savings accumulation. These policies offer a unique blend of security and financial growth. With a Money back Term Life Insurance, you not only protect your family in case you die too soon, but you also save money over the term of the policy.

                                    This savings component can be beneficial if you have future financial goals, such as funding your child’s education, purchasing a home, or planning for your retirement. The regular survival benefits provided by money back policies can serve as a valuable source of liquidity to meet these milestones.

                                    You need periodic payouts to meet financial goals.

                                    One of the main advantages of Money Back Insurance policies is their ability to provide periodic payouts, also known as survival benefits. These payouts can be similar to your specific financial goals and can be especially helpful during different life stages.

                                    For example, if you aim to cover your child’s educational expenses every few years or want to take a family vacation without depleting your savings, the survival benefits from a money back policy can be a reliable source of income precisely when you need it.

                                    You are comfortable with higher premium payments.

                                    Money Back Insurance policies generally come with higher premium payments compared to Term Life Insurance. This is because they offer both Life Insurance coverage and a savings component. If you have a stable financial situation and can comfortably manage the higher premiums, a money back policy may be the right choice for you.

                                    However, assessing your budget and ensuring that the premium payments are the same as your financial capabilities in the long term is essential. Discussing your financial situation with a trusted insurance advisor can guide you in figuring out if you can comfortably afford a Money Back Insurance policy or not.

                                    Choose Term Insurance If:

                                    – Prioritize affordability for maximum coverage.

                                    AspectTerm Life Insurance
                                    Why Choose It?– Prioritize affordability for maximum coverage.
                                     – Primary goal is to provide financial protection for your family.
                                     – Do not require survival benefits or savings components.
                                    Benefits of Savings ComponentNo savings component.
                                    Financial GoalsIdeal for individuals looking for cost-effective maximum coverage.
                                     Suitable for those focused on providing pure financial protection.
                                     A simpler option for individuals without specific savings goals.
                                    Periodic PayoutsNo periodic payouts; only a death benefit.
                                    Flexibility in Financial PlanningLimited flexibility; straightforward coverage.
                                    Examples of Use– Providing financial security to your family.
                                     – Covering debts and financial responsibilities.
                                     – Ensuring beneficiaries receive a lump sum.
                                    Premium PaymentsLower premiums for affordable coverage.
                                    Comfort with PremiumsIdeal for those with a limited budget.
                                     Suitable for individuals seeking cost-effective coverage.
                                    Financial EvaluationOffers a simple and clear financial solution.
                                     Provides straightforward protection.
                                    Advice from Insurance AdvisorConsult with an advisor to determine the appropriate coverage.
                                    You prioritize affordability for maximum coverage.

                                    If your primary concern is to secure maximum coverage at an affordable cost, Term Insurance is an excellent choice. Term Insurance policies typically come with lower premiums compared to money back policies because they focus solely on providing Life Insurance coverage without the added savings component.

                                    This affordability makes it possible for you to allocate your budget effectively, ensuring that your family receives an adequate death benefit in case of your unexpected passing. Term Insurance can be a desirable option for those looking to maximize their coverage within a limited budget.

                                    Your primary goal is to provide financial protection for your family.

                                    Term Insurance is a very simple and pure form of Life Insurance that provides financial protection for your family at the time of your demise. It doesn’t involve the complexities of savings or survival benefits. If your primary goal is to make sure that your loved ones are financially safe in your absence, Term Insurance is the ideal choice.

                                    By opting for Term Insurance, you can rest assured that your beneficiaries will get the full sum assured as a tax-free lump sum, offering them the financial support they need during a difficult time.

                                    You do not require survival benefits or savings components.

                                    Let’s say you already have other ways to save or spend money to reach your long-term financial goals. In this case, you may not need the extra savings that Money Back Life Insurance policies offer. In that case, Term Insurance simplifies your insurance needs. With Term Insurance, you receive straightforward coverage without the complexity of managing savings and survival benefits.

                                    Hence, the decision between Money Back Insurance policies and Term Insurance hinges on your unique financial situation, goals, and preferences. Carefully evaluating your priorities and discussing with a reputable insurance brokerage in Canada, can help you make the right choice.

                                    Regardless of the policy you choose, having Life Insurance is an essential step to take toward securing your family’s financial future. It’s a responsible decision that offers mental peace and makes sure that the ones you love are protected no matter what life may bring.

                                    Find out if you get money back from term life insurance here

                                    The End

                                    In Canada, both Money Back Life Insurance policies and term policy have its own benefits to offer. Your choice should be as per your financial objectives, budget, and long-term planning. It’s very important to consult with a reputable insurance brokerage in Canada to help you make the right decision based on your individual needs.

                                    Remember, the best insurance policy is one that meets your unique requirements and provides mental peace at the same time.

                                    Get The Best Insurance Quote From Canadian L.I.C

                                    Call 1 844-542-4678 to speak to our advisors.

                                    Best Insurance Plans Helpline From Canadian L.I.C

                                    FAQs

                                    No, Term Life Insurance, will not give any money back if you outlive the policy term. It’s pure protection coverage that pays out only if you pass away during the policy term. If you survive the term, there is no payout.

                                    The primary difference is that Term Life Insurance provides pure Life Insurance coverage for a specified term without any savings or survival benefits, whereas Money Back Insurance policies combine Life Insurance with a savings component, offering periodic payouts (survival benefits) during the policy term.

                                    It depends on your interests and financial goals. If you want Life Insurance and savings at the same time, have clear financial goals that can be met with regular payouts, and don’t mind paying higher premiums, Money Back Insurance might be a good choice. If affordability and maximum coverage are your main concerns and you primarily want to provide financial protection for your family, term life policy is a better choice.

                                    Yes, you can often switch between insurance policies, but it depends on your insurance provider and the terms of your existing policy. Keep in mind that such switches may involve changes in premiums, coverage, and policy terms. It’s essential to consult with your insurance advisor before making any changes to ensure they suit your current financial needs.

                                    Generally, yes. Money Back Insurance policies tend to have higher premium payments because they offer both Life Insurance coverage and savings components. Term Life Insurance plans, on the other hand, are known for their affordability, as they focus solely on providing Life Insurance coverage without additional features.

                                    Yes, you can use the survival benefits from a money back policy for various purposes, such as education expenses, vacations, or other financial goals. The flexibility of these payouts allows you to tailor them to your specific needs throughout the policy term.

                                    The death benefit from a Life Insurance policy is generally not taxable in Canada. However, for the savings component (the survival benefits), whether they are taxable or not can depend on several factors, including the specific terms of your policy and how the payouts are structured. It’s advisable to consult with a tax professional for personalized guidance.

                                    Yes, some individuals opt for a combination of both types of insurance to meet their varying financial needs. This approach allows you to have pure Life Insurance coverage (Term Insurance) for maximum protection and a money back policy to address savings and financial goals. Discussing your unique situation with an insurance advisor can help you determine if this strategy is suitable for you.

                                    When selecting an insurance brokerage, consider factors such as their reputation, experience, customer service, the range of insurance products they offer, and whether they have advisors who can understand your unique needs and provide tailored recommendations. Choosing a trusted brokerage is essential to ensure you receive the best guidance for your insurance decisions.

                                    Yes, Money Back Insurance policies are suitable for individuals with specific financial goals. The survival benefits offered by these policies can be used to fund various objectives, including education expenses. Make sure to discuss your goals with your insurance advisor to choose a policy that meets your objectives.

                                    Age restrictions can vary among insurance providers and policy types. Generally, individuals can purchase Term Life Insurance and Money Back Insurance policies at various ages, but the availability and terms may differ. It’s advisable to check with insurance providers to determine the age limits for specific policies.

                                    Yes, both Term Life Insurance and money back life Term Life Insurance policies typically allow you to customize the coverage amount (sum assured) and the policy term to meet your specific needs. You can work with your insurance advisor to determine the appropriate coverage and terms based on your financial situation and goals.

                                    Missing premium payments can have different consequences depending on your policy and insurance provider. Some policies may offer a grace period during which you can make late payments without policy lapse, while others may lead to policy termination. It’s essential to review the terms of your policy and communicate with your insurance provider if you encounter difficulties with premium payments.

                                    Money Back Insurance policies typically include a savings component, but they are not investment products. The insurance company usually manages the savings component and may offer guaranteed returns or bonuses. If you are interested in investment opportunities, you may consider other financial products, such as mutual funds or individual investments, in addition to your insurance policy.

                                    Yes, you can usually change the beneficiaries of your insurance policy after purchase. Insurance providers typically allow policyholders to update beneficiary designations by submitting a formal request. It’s important to keep your beneficiary information up to date to ensure that your intended beneficiaries receive the benefits at the time of your death.

                                    In Canada, the death benefit received from a Life Insurance policy is generally not taxable. However, tax treatment may vary for the savings or investment component of Money Back Insurance policies. It’s advisable to consult with a tax professional or financial advisor to get to know the specific tax implications of your insurance policy.

                                    Surrendering a Money Back Insurance Policy before the end of the term may result in a lower payout compared to the maturity benefit. Insurance providers typically impose surrender charges and fees, which can reduce the amount you receive. It’s essential to carefully figure out the financial implications before deciding to surrender the policy and discuss alternatives with your insurance advisor.

                                    Remember that insurance decisions are significant financial choices, and it’s essential to gather all the information you need and consult with a knowledgeable insurance advisor to make the best decisions that fulfill all your financial goals and priorities.

                                    The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

                                    Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

                                    Top 40 Under 40

                                    This new age and young corporation is poised to set new standards of customer service, compliance, and team recognition through product knowledge, technology and sustainability. The Top 100 Magazine recently had the pleasure of speaking with this talented and dynamic couple. The conversation was both exhilarating and visionary.

                                    Top 40 Under 40

                                    By Candian LIC, April 21, 2021, 4 Minutes

                                    Top 40 Under 40

                                    This new age and young corporation is poised to set new standards of customer service, compliance, and team recognition through product knowledge, technology and sustainability. The Top 100 Magazine recently had the pleasure of speaking with this talented and dynamic couple. The conversation was both exhilarating and visionary.

                                    What brought about the formation of the Company?

                                    Since Harpreet had been in the business since 2010, and my Canadian education and skills were directed towards technology platforms and business modelling, we decided it was time to set off on our own.

                                    Consequently, Canadian L.I.C. was founded in 2018 and deals with some of the biggest names in the business such as Manulife, BMO, RBC, IA Financial Group, Equitable, and Foresters, to name a few. The brokerage provides financial advice and insurance as well as investments and asset management solutions for individuals, families, and businesses. Solutions offered by the brokerage use individual insurance and investment products in addition to combinations of them to secure and grow clients’ portfolios as well as to protect their livelihoods.

                                    Elaborate on your company’s current portfolio of clients?

                                    The company’s visionary approach to clients intricately engages with them over their life cycle and phases of needs. Often commencing with young married couples, the company facilitates setting up their mortgage protection plans.  Then, once they have children, needs analysis and solutions extend to education plans and life insurance policies. Further on in the life cycle, the focus shifts to retirement and assisting the couple with both long-term and short-term goals and what is needed to achieve them. A client’s business environment not only encompasses estate planning by the brokerage, but the team of experts also work with client’s attorneys on buy-sell agreements and other similar matters. Whether individuals, families, or businesses, Canadian L.I.C. clients are guided every step of the way.

                                    What motivated you as founders?

                                    The combination of skills between Harpreet and I, firmly lead us to believe that setting up a Brokerage was the right step. Whereas I had skills in business modelling, leadership, strategy, technology, team building and scalability; Harpreet had exemplary Industry product knowledge, related skills in sales and advisory services, and an award-winning performance and recognition background spanning ten years. Together, it was the right mix to commence a new age Corporation through innovative business models.

                                    Tell us more about your work life balance

                                    Both of us had a comfortable partnership in business and our personal environments, taking it in turns to give the required family time to our children while pursuing our advanced Canadian education and certifications. We excelled in our individual career tracks before finally deciding that the time was right to consolidate our skills and commence the Brokerage.

                                    What is your Winning Edge?

                                    Harpreet’s recognition in the industry kept her on the competitive edge of awards such as Million Dollar Round Table (MDRT), while my leadership and visionary talents have the company already competing for the Top 6 Producers in Ontario with a current ranking of #5* despite being a young brokerage founded only two years ago.

                                    We both know that product knowledge and needs analysis with consultative selling is the key to team success with technology being a critical enabler for quality, consistency, and scalability. Much of our resources are deployed in making this happen in the organization’s daily work environment.We both know that product knowledge and needs analysis with consultative selling is the key to team success with technology being a critical enabler for quality, consistency, and scalability. Much of our resources are deployed in making this happen in the organization’s daily work environment.

                                    In furtherance, we have enhanced our motivational and life goal aspirations by becoming a LICENSEE to Grant Cardone’s repository of infinite tips to a successful career.  Motivational and directional speakers such as Grant Cardone are one of the many methodologies that Canadian L.I.C. embodies in their work culture. This and the strong will to excel sets Canadian L.I.C. apart from other brokerages. The company’s DNA is built around putting all the moving parts together in an innovative people and technology package with product knowledge and motivation as the nucleus. A compelling business outlook indeed!

                                    Get The Best Insurance Quote From Canadian L.I.C

                                    Call 1 844-542-4678 to speak to our advisors.

                                    Best Insurance Plans Helpline From Canadian L.I.C

                                    What are your future Plans?

                                    The company intends to obtain licenses for other provinces and extend its footprints across Canada. COVID slowed down these plans in the short term, but the next few years will see the Brokerage progress on a national scale.

                                    *Data provided by MGA, one of the contests run by a leading insurance company

                                    Contact:

                                    Pushpinder Puri, CEO │Harpreet Puri, CEO, FA

                                    Canadian Leading Insurance Company, Inc.

                                    2969 Bovaird Drive E., Unit 2

                                    Brampton, ON L6S 0C6

                                    Website

                                    www.canadianlic.com

                                    www.pushpinderpuri.com

                                    www.harpreetpuri.com

                                    Facebook:  www.facebook.com/CanadianLICinc

                                    LinkedIn: www.linkedin.com/in/candianlicinc/

                                    LinkedIn: www.linkedin.com/in/harpreetpuricanadianlic/

                                    YouTube: https://www.youtube.com/channel/UC3-Pe7_cA73lhVkFKThksLg   

                                    Get The Best Insurance Quote From Canadian L.I.C

                                    Call 1 844-542-4678 to speak to our advisors.

                                    The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

                                    Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

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