How to go about securing the best policy for your insurance in Canada.
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Cost Management Strategies for Canadian Group Benefit Plans May 12th
The cost of providing comprehensive benefits continues to rise. Managing group benefits effectively is critical for employers in Canada. The need to find balance between offering appealing group insurance to employees and maintaining financial sustainability is not easy.
Here are some innovative co.... More »
Should my tenants have renters insurance? + MORE Apr 25th
Renters insurance likely isn’t on the top of your to-do list as a landlord—but it should be for your tenants. And it may deserve a nudge from you. As a property/home owner, you carry your own property insurance, but there are convincing reasons to ask your tenants to have their own policies. Fin.... More »
The best life insurance in Canada: your complete guide + MORE Dec 30th
Wondering how to get the best life insurance in Canada for you and your family? You’re not alone. The pandemic has shown Canadians that we are not invincible. In fact, 44% of us now plan to buy life insurance because of the effects of COVID-19, but not everyone is confident in understanding what l.... More »
How to choose a financial advisor in Canada Mar 8th
Do you know what to look for when choosing a financial advisor? This person will be giving you advice on important things like insurance, money management and investing, so it’s worth taking the time to screen candidates carefully before you hire a financial advisor.
The terms “financial advi.... More »
Can you get affordable car insurance after a DUI? Feb 8th
Impaired driving is a serious offence and the leading criminal cause of death and injury in Canada. Under the country’s Criminal Code, it is illegal to operate a vehicle while impaired by the use of drugs, alcohol or both. The penalties for driving under the influence (DUI) include substantial fin.... More »
I lost my home in a fire. Can I tap my LIRA to cover costs?
– moneysense.ca
Q: My house was burnt in the Fort McMurray fire. I am now unemployed and my husband and I are struggling to make the mortgage payments on top of our rent payment. Our savings are now drained as well as money received from insurance—the town house was part of a condo and is being rebuilt.
We have a significant amount locked up in a LIRA and it seems ridiculous for our mortgage to go to foreclosure (as it will be soon enough) before we have a chance to sell it and get our money out when it’s finally rebuilt next year. Are there any LIRA loopholes for people who lost their homes in these fires? Can we take money out of the LIRA to help us out financially now?
—Karen
A: Karen, the Fort McMurray fire is a disaster in many ways. There was huge property damage, displacement, disruption of infrastructure, and disruption of employment. The biggest strain has to be the pace at which all of this gets solved. How do you get by financially when you have continuous living expenses while employment opportunities are suddenly limited?
I’m so sorry this has happened to you, Karen…
