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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CPP payment dates in 2025, and more to know about the Canada Pension Plan Apr 2nd
In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too..... More »
TFSA contribution room calculator Oct 15th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds&n.... More »
Do you need long-term care insurance? Aug 12th
No offence to any of us but, as a country, we’re getting old. The average age of a Canadian in 2024 was 41.6 years, according to Statistics Canada, and by 2030, one in four Canadians will be 65 or older.
That means there’s a growing demand for health services and long-term car.... More »
TFSA contribution room calculator Nov 20th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds .... More »
Does it make sense for a young person to have life insurance? Nov 24th
Buying life insurance in your 20s can feel like an added cost to an already long list of expenses. But experts say it can safeguard loved ones if life doesn’t go as planned.
Do young Canadians need life insurance?
There can be a “very high temporary insurance need” for younger Canadians,.... More »
How Much Life Insurance is Enough?
– life-insurance-quotes.ca
A commonly asked question regarding life insurance is “how much life insurance is enough?”Simply put: the amount of coverage needed depends on the amount of debt and income loss the plan has to cover. This is determined by the total assets that can be allocated subtracted from the amount of debt/costs.
The following is an easy way to figure out the amount of coverage you need. Note that this method is an approximation. For greater accuracy please consider contacting Baker & Baker Benefits for a complimentary, no-obligation Life Insurance Needs Analysis.
Simple Life Insurance Calculation
To calculate the amount of required coverage:
1. Figure out the sum total of all financial obligations (home mortgages, funeral costs, car loans, student debt, etc.). Note that the average cost of a funeral in Canada is around $8,000 to $10,000.
2. Decide how many years of income replacement you would like (commonly people want their life insurance plan to cover 3-5 years of lost income)…
Insurance Fraud: The Leading Cause of High Auto Premiums for Canadians
– ratesupermarket.ca
An ever-present, growing problem in the Canadian insurance industry is fraud. What some view as a “victimless crime” can affect thousands of insured Canadians.
A network of perpetrators working in tandem, or a single person working in a moment of duplicity, can plan and commit insurance fraud. The constant across all fraudulent claims is their result: they drive up premiums for all insurers.
Auto Insurance Fraud and the Claims Process
Auto insurance fraud can take many forms and be carried out by any number of people in an auto claim process. Don Forgeron, President and CEO of the Insurance Bureau of Canada (IBC), at the Ontario Association of Chiefs of Police meeting on June 24, 2019, warned of the tie between criminal organizations and insurance fraud:
“Fraud can be a way for organized crime to bring in revenue and support its other operations. It can be a way for dishonest people to take advantage of unsuspecting citizens – sometimes threatening them with violence or retribution…
