March 2026 - Femi Financial

what happens to your bank account when you die

31 Mar 26

When You Die What Happens To Your Bank Account?

What happens to your bank account when you die? When you die, your bank account does not immediately pass to your family or loved ones. The bank normally freezes the account as soon as it receives notification of your death. This is done to protect the money and avoid fraud.…

30 Mar 26

Overcontribute To Registered Retirement Savings Plan

Overcontribution to an RRSP in Canada occurs when you contribute more money to your Registered Retirement Savings Plan than the CRA allows. While the government provides a tiny buffer of $2,000 above your limit without penalty, everything above that results in a 1% penalty tax per month on the excess…

26 Mar 26

Maximum Contribution To RESP

Saving for a child’s education can seem like one of life’s most difficult financial problems, but in Canada, the Registered Education Savings Plan (RESP) makes it much simpler and smarter. With a RESP, your contributions grow tax-free, and the government provides additional assistance through subsidies that can greatly increase your…

25 Mar 26

What Is a Registered Disability Savings Plan (RDSP)?

A Registered Disability Savings Plan (RDSP) is a savings plan recognized with the Canadian government that assists people with disabilities in achieving long-term financial independence. It is offered to those who qualify for the Disability Tax Credit (DTC) and allows funds to grow tax-free over time. Contributions can be made…

23 Mar 26

What Is A Life Income Fund In Canada?

In Canada, retirement planning entails more than just saving money; it also entails ensuring that your savings will provide a consistent income once you retire. Life Income Funds (LIFs) are a key tool for this. A LIF is a sort of retirement account that allows you to convert your locked-in…

22 Mar 26

What Happens to Investments After Death in Canada

When someone dies in Canada, their investments are not immediately transferred to their loved ones. What happens next is determined by the type of investments they owned, whether they named beneficiaries, and how their estate was set up. For families, this procedure can be complicated and burdensome, especially when taxes,…

21 Mar 26

What Is an IN TRUST FOR (ITF)?

A trust fund may seem like something only wealthy families have, but that’s not necessarily true. An informal trust is a simple way for someone to manage money or assets on behalf of another person without complex legal documents. This happens often in everyday life for example, when parents save…

17 Mar 26

Infinite Banking life Insurance

Infinite banking life insurance is a cash flow tool that uses a certain type of whole life insurance that enables you to save, grow, and access cash. The concept may seem like a scam in the beginning, but once you understand the basic concept, it’s simple. It’s just like using your own…

critical illness and disability insurance

16 Mar 26

Difference Between Illness And Disability Insurance

Critical Illness Insurance And Disability Insurance Severe illness or injury can change your life in a moment. Apart from the impact on your health, it can also affect your finances. This is why many people today look to insurance for protection. But not all health insurances are the same. It is often confusing…

15 Mar 26

Life Insurance For Heart Conditions

Getting life insurance can be stressful if you have a heart condition. But don’t worry, it’s still possible. Many insurers offer policies for people with heart issues. Of course, your medical history and health will affect the details of the policy, like premiums and approval. This guide will tell you…