There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
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No health insurance? Here’s how to keep dental costs from bankrupting you May 24th
Should you get dental health insurance? (Likely no) Can you haggle over prices with your dentist? (Yes!). The Star spoke to experts about strategies for keeping costs in check..... More »
What DCPD insurance means to you Jan 19th
Direct compensation property damage, or DCPD, has nothing to do with your house and everything to do with your wheels. Part of the no-fault auto insurance system, it is a mandatory component of car policies in Ontario, Quebec, Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island. The bi.... More »
Want life insurance? You may want to track your fitness, says John Hancock Sep 20th
John Hancock, one of the oldest and largest North American life insurers, will stop underwriting traditional life insurance and instead sell only interactive policies that include optional fitness tracking through tools including wearable devices and smartphones, the company said on .... More »
What COVID-19 Has Taught Us About Insurance & Preparedness + MORE Aug 15th
During these unprecedented times, we know that many of you may be feeling stressed, overwhelmed, and maybe even a little paranoid about the future. We also understand that due to COVID-19, your worldview may have changed when it comes to the stability of your job, health, and home.
While Baker &.... More »
Does a Higher Home Insurance Deductible Mean More Savings? + MORE Jun 28th
Home insurance can sometimes be tricky. You know you need a home insurance policy, but how do you find the right deductible amount? On the one hand, you want low monthly payments. On the other, you don’t want a high payment to make if something happens and you have to file a claim. But, what’s .... More »
An ode to the Canada Savings Bond
– moneysense.ca
In the 1980s you could have put your money into a Canada Savings Bond (CSB) and reasonably expected to walk away with a tidy return a decade later. If you did the same with a CSB today you’d be lucky if your money keeps up with inflation.
It’s of little surprise then that the Federal Government decided to kill off the once popular program. At its peak Canadians stowed away $53 billion in CSBs in a single year—almost $100 billion in today’s dollars. That was 1987/88; now the program is lucky to pull in $5 billion.
The only lingering question some ask now is perhaps why they didn’t act sooner. KPMG gave Ottawa the grim prognosis for the Canada Savings Bond program two years ago. At the time, the consultancy reported that there was little economic grounds to justify the existence of the CSB.
Why? In a word: competition. Back in 2015 KPMG pointed to a proliferation of CDIC (Canada Deposit Insurance Corp.) insured alternatives to CSBs, such as GIC and other products from the private sector…
Cost of Mortgage is Going Up: CMHC Hikes Mortgage Insurance Premiums
– ratesupermarket.ca
Note: Mortgage insurance premium increases go into effect on March 17th, 2017.
If you’re applying for a mortgage with a small down payment, be prepared to pay a little more every month for default insurance.
The Canadian Mortgage and Housing Corporation recently announced it will increase the premiums for ‘mortgage default insurance’ (also called mortgage loan insurance) effective March 17, 2017.
“We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, CMHC’s senior vice-president for insurance.
Mortgage default insurance is required for anyone buying a home in Canada with a down payment of 20 per cent or less. However, the cost varies depending on how much you actually put down. Right now, anyone with a down payment between five and 10 per cent pays an extra 3.6 per cent on top of their regular mortgage payments. Come March 17, this will go up to four per cent.
The changes are necessary to “contribute to financial stability,” according to Mennill…
Slightly fewer Canadians received employment insurance benefits in January, with the number of beneficiaries down 0.3 per cent from December. On an annual basis, the number of EI beneficiaries was up 3.7 per cent.
