Life insurance is important, as it protects your family and lets you leave them a non-taxable amount at the time of death. It is also used to cover your mortgage and your personal loans, such as your car loan. It is protection for you and your family that never sleeps.

If you don’t have health and dental insurance, dental care can be expensive. Most provincial health insurance plans in Canada do not provide coverage for routine dental exams and treatments.

An RESP is supported by the federal and some provincial governments. It helps you save money for a child’s future education. The federal government adds to your RESP savings each year through the Canada Education Savings Grants. The earlier you start saving for your child’s education, the more time that money has the potential to grow.

A TFSA allows you to set money aside in eligible investments and watch those savings grow tax-free throughout your lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.

A Registered Retirement Savings Plan (RRSP) is a savings plan registered with the Canadian federal government that you can contribute to for retirement purposes. When you contribute money to a RRSP, your funds are “tax-advantaged”, meaning that they’re exempt from being taxed in the year you make the contribution.