Family & Personal Details
Basic info to determine your coverage period
Income & Spending
How much income needs to be replaced
Annual amount your survivor would receive
Total of all regular household costs including housing
Advanced options
Advanced Income Settings
Debts & Final Expenses
Liabilities to clear on death
Pay off mortgage on death
Modest — $15k
Standard — $25k
Complex — $40k
Children's Education
Funding for dependents' post-secondary education
Local — $60k
Standard — $100k
Away/Private — $150k
Assets & Existing Insurance
Resources already available to your survivors
Chequing, savings, GICs
Held jointly with right of survivorship (JTWROS) ?In Canada, assets held in joint tenancy with right of survivorship (JTWROS) pass directly to the surviving joint holder outside the estate. They bypass probate entirely, which can save significant probate fees. Common for spousal bank accounts and investment accounts.
Includes RRSP, RRIF, LIRA, LIF
RRSP/RRIF/LIRA/LIF has named beneficiary ?If a beneficiary is designated directly on the account (not just in your will), registered accounts bypass probate and are paid directly to the beneficiary. This is standard practice — most financial institutions ask for this at account opening. If unsure, check with your advisor or institution.
TFSA has named successor holder or beneficiary ?A successor holder (spouse only) inherits the TFSA directly — tax-free and bypasses probate. A named beneficiary also bypasses probate but the account is collapsed. Either designation removes the TFSA from the probatable estate. If neither is named, the TFSA falls into the estate.
Do not use retirement savings for coverage ?When enabled, RRSP/RRIF/LIRA/LIF and TFSA balances are excluded from available assets — preserving them for your survivor's retirement. Most financial planners recommend keeping retirement savings intact, especially if the survivor is under 50 and has limited pension income.
Not counted as liquid asset by default
Home held jointly with right of survivorship ?Most married/common-law couples hold their home in joint tenancy with right of survivorship (JTWROS). On death, ownership passes automatically to the surviving joint holder — bypassing probate entirely. This is the most common arrangement in Canada for the family home.
$0
Override with manual estate value
Recommended Coverage
$0
Coverage Needs
Emergency Buffer
$0
Debt Payoff
$0
Final Expenses
$0
Income Replacement
$0
$0
Education Funding
$0
$0
Estate Reserve
$0
Total Needs
$0
Available Offsets
Available Assets
-$0
Existing Insurance
-$0
Net Insurance Need
$0
How Assumptions Affect Your Result
| Conservative 3% real return |
Moderate 4% real return |
Aggressive 5% real return |
|---|
How this calculator works:
- Income Replacement: Uses a present-value annuity to calculate the lump sum needed to replace the annual income gap over the dependency period, assuming a real (inflation-adjusted) rate of return.
- Two-Phase Spending: If children are present, spending drops ~12% after children become independent, reducing Phase 2 income replacement needs.
- Tax Estimation: Simplified combined federal/provincial marginal tax brackets estimate after-tax survivor income.
- Education Funding: Costs are inflation-adjusted to when the youngest child turns 18. Existing RESP savings are projected forward with investment growth.
- Asset Availability: Registered accounts (RRSP, TFSA) are reduced by a 50% retirement preservation factor when a spouse exists. Non-registered investments are reduced by 25% for capital gains tax. RRSP without a spouse is reduced to 30% (heavy tax on deemed disposition).
- Estate Reserve: A minimum $7,500 estate settlement cost is always included (legal, accounting, tax filing, admin). Probatable estate is auto-calculated from your inputs, excluding assets that bypass probate (JTWROS accounts, registered accounts with named beneficiaries, TFSAs with successor holders, and life insurance). Provincial probate fees are calculated on the probatable amount, plus a 5% reserve for estates over $500,000.
Default assumptions: 6% nominal return, 2% inflation (4% real return), 3% education inflation, 5% RESP growth. All can be adjusted in the Advisor panel.
Limitations: This is a planning estimate. It does not account for disability insurance, critical illness coverage, business succession needs, or detailed tax planning. Consult a licensed advisor for a personalized recommendation.
If you would like help reviewing these results or discussing how they apply to your situation, our team would be pleased to provide a personalized review and guidance.