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Scotiabank Passport™ Visa Infinite* Review May 19th
Attention MoneyWise readers! Sign up for the Scotiabank Passport™ Visa Infinite* Card today and for a limited time, get up to 25,000 bonus points with your first $1,000 in everyday purchases in the first three months. That’s already $250-worth of rewards!
And for a limited time, get $75 IN.... More »
Anne T. Donahue: How I Stopped Romanticizing the Millennial Obsession With Productivity Jun 5th
In November 2019, I got in a car accident. Driving home to Cambridge, Ont. from Toronto one evening, I crashed into a car that had, seconds before, crashed into somebody else. All parties involved were lucky: No injuries were life-altering. My insurance would help me replace my totalled car, and the.... More »
Estate planning considerations for single parents Nov 23rd
If you are a single parent, here are key questions you should consider:
1. Are your estate plan and related documents up to date? The death of a spouse or separation or divorce generally triggers a significant change in intentions on death. If you are widowed or if you no longer want your for.... More »
Why Didn't ObamaCare Work? Dec 25th
More evidence that costly government insurance hasn’t made us healthier..... More »
Scotia Momentum® VISA Infinite* Review May 15th
Attention MoneyWise readers! Sign up for the Scotia Momentum® VISA Infinite* card and, for a limited time, get $75 IN CASH via Interac e-Transfer or a gift card from RateSupermarket.ca upon approval!
Are you looking for a well-rounded, high-earning cash back credit card with travel perks and no a.... More »
OSFI’s New Mortgage Rules: Why Homebuyers Should Apply Now
– ratesupermarket.ca
Effective Jan. 2018, all Canadians applying for a new mortgage will be subject to a stricter set of rules before approval, including a stress test to assess if they could still make mortgage payments in the event interest rates rise. The new guidelines are published in the Residential Mortgage Underwriting Practices and Procedures document, released this week by the Office of the Superintendent of Financial Institutions Canada (OSFI).
In the past, stress tests were only limited to insured borrowers – meaning those with less than 20 per cent down. Borrowers with less than 20 per cent down are required by law to purchase mortgage insurance, provided usually though the Canada Mortgage and Housing Corporation (CMHC). While the borrower pays the premium – which can add thousands of dollars to the cost of buying a home – the insurance actually protects the lender if the borrower defaults on the loan.
Borrowers who put more than 20 per cent down, on the other hand, do not require mortgage insurance…
The gig economy is here – and we aren’t ready
– theglobeandmail.com
Overhauling Canada’s social-insurance system won’t be an easy task, but labour-markets rends increasingly suggest it will be necessary in the near future
