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CHIP Reverse Mortgage: Resources to Help You Make the Right Decision

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Retirement Planning

Senior man working on a laptop for RRIF withdrawal

Inheritance tax in Canada does not exist as such, nor is there Canadian inheritance tax on property, however some taxes usually have to be paid when someone passes away. So, is inheritance taxable in Canada? It can be, but it is not the heirs who will pay it. Let’s take a closer look at Canadian inheritance tax law.

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Thoughtful middle aged senior woman reviewing inheritance tax document

Inheritance tax in Canada does not exist as such, nor is there Canadian inheritance tax on property, however some taxes usually have to be paid when someone passes away. So, is inheritance taxable in Canada? It can be, but it is not the heirs who will pay it. Let’s take a closer look at Canadian inheritance tax law.

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Happy Senior Spouses looking at Bills on Laptop

Old Age Security in Canada is a monthly payment that you can start to receive as soon as you turn 65. Like old age pension payments, the money you receive from Old Age Security is taxable. It is designed to provide most pensioners with an amount to cover basic necessities.

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Senior Couple RRSP withdrawal calculator

RRSPs are designed to help you to save for retirement, so you’re not meant to make an RRSP early withdrawal. If you do take an RRSP early withdrawal, RRSP withdrawal rules mean you could end up paying an RRSP withdrawal penalty, which we will explore in this article, as well as how to withdraw RRSP investments.

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Senior couple RRSP deadline

The Canada RRSP contribution deadline is fast approaching. It’s a time when many people ask, what is the deadline for RRSP contributions in Canada, as they rush to make their final contributions for the tax year. But why is the RRSP deadline such a big deal?

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African American senior couple doing finances RRSP

So, when you’re wondering, what is my RRSP contribution room, you need to know that there is a max RRSP contribution limit and an RRSP deduction limit. The two sound similar but it’s important to understand the difference. If you contribute more than the RRSP contribution limit, you could face big penalties and have to submit time-consuming paperwork.

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Middle aged couple using a credit card

So, how do you get out of credit card debt? Can the elderly stop repaying credit card debt? What is the best way to consolidate credit card debt? In reality, it is not so difficult to pay off credit card debt if you follow a systematic plan and a disciplined approach.

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A senior woman working on laptop

If you’re wondering, how do I apply for CPP, we’ve got you covered. In this article, we take a look at everything you need to know to have a successful CPP application; the Canada Pension Plan application process; the qualification criteria for CPP; information you’ll need before you apply for the Canada Pension Plan; how to apply for CPP at age 60; and when is the best time for you to make your CPP application.

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Many of those people may now be wondering, do I have to pay back CERB? While the benefit helped countless furloughed workers to keep paying the bills, a lot of people may not have been aware that, as far as the CRA is concerned, CERB in Canada is taxable. However, tax is not taken off at source (before you receive it), as it is with most pay cheques, so, you may owe tax when you file in 2021.

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How it Works?

How Reverse Mortgages Work

If you're like many other 55+ Canadians, much of what you own fits into two categories - the equity in your home ...

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Reverse Mortgage Videos

Reverse Mortgage Videos

Watch these videos from HomeEquity Bank and learn more about CHIP Reverse Mortgage

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