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

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Retirement Planning

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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A happy couple laughing and smiling in the kitchen where the woman's arm is wrapped around the man

What is a GIC in Canada good for? In return for lending your money, you receive a (usually) guaranteed rate of interest. However, you have to leave your money in the account for a specific period of time (the term). For a GIC in Canada, this is typically between a year and five years, but you can take out a GIC for shorter or longer periods (as little as 30 days and as long as 10 years). In general, the longer the term, the higher the interest rate.

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An older Asian couple punching in numbers at a table

Rapid shutdowns, volatile stock markets, slow economic recoveries and bleeding financial portfolios have wiped out a significant portion of the retirement income that many Canadians were banking on. Those who were on the verge of retirement and counting on income from investments to cover their living costs are seriously considering delaying their retirement. Those who were forced into an early retirement due to COVID-19 may be covered under CERB and Canada Recovery Benefit, but these benefits are applicable for a limited duration and are hugely insufficient to fund most retirement plans.

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A husband wrapping his arms around his wife

Preparing for retirement is no easy task. While most of us look forward to the freedom it brings, a surprising number of us aren’t prepared financially. A national survey of Canadian pre-retirees found that 56% don’t have a plan for retirement savings. Even among those that do have a plan, almost a third feel that they’re falling behind.

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A nurse or caregiver wrapping a blanket to an older man sitting down

Medical insurance options for early retirees are probably more attractive, given that they usually don’t qualify for any financial assistance before 65. Is it worth having private health insurance if you’re under 65 and spending thousands on prescription drugs? Probably, but again, it is important to do the math before signing up for any plan.

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Older African couple looking at tablet together

However, the downside of retirement freedom is having to rely on a fixed income. If that income is inadequate, the retirement dream can soon turn into a nightmare. A national survey of Canadians aged 60-plus found that almost half of them have at least one financial concern.

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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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