Life Insurance Calculator

This includes registered retirement savings plans (RRSP), tax-free savings accounts (TFSA), registered education savings plans (RESP), etc.

This encompasses all existing life insurance policies you hold, such as group life insurance provided by your employer, individual life insurance, or insurance covering your mortgage.

In the 2022/2023 academic year, the yearly average tuition fee for undergraduate programs in Canada was $7,873.

Tuition and additional compulsory fees

These estimates do not account for room and board costs, which could significantly increase educational expenditures

Source: Statistics Canada

While expenses differ by province, the average cost of burial is around $7,500 and for cremation, it's approximately $3,500.

This covers other significant anticipated expenses for your family, like childcare, vacations, a child's wedding etc.

Consider the portion of your income your family would need to maintain their existing lifestyle in the event of your passing. This includes all expenses, ranging from monthly phone bills to grocery costs.

You could determine this figure by considering either the number of years until your youngest child reaches 18, or the expected retirement age of your spouse or partner, or the time you anticipate paying off your mortgage