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Tax Benefits of Health Insurance Dec 6th
Personal Health Expenses
In many cases health plan related expenses can be declared as tax deductible expenses when filing
taxes. This is true for both individual plans and employee benefit plans.
According to the Canadian Revenue Agency (CRA), the premiums for a private health insurance plan that
.... More »
Canadian Dental Care Plan news: Coverage expanding on May 1 Apr 26th
How to apply for the Canadian Dental Care Plan
Starting on May 1, the Canadian Dental Care Plan (CDCP)—a federal program designed to make dental care more affordable for those Canadians without access to dental insurance—will be open to more age groups.
Here’s when you can apply fo.... More »
Ages 13 to 17: Teaching teens to budget Aug 24th
It happens so fast you could miss it. But in their teens, kids need to start moving from thinking about money in small amounts (weekly) to larger amounts (monthly). “They should start getting more money for longer periods of time, but now they also need to start taking personal responsibility for .... More »
The best travel insurance credit cards in Canada for 2023 Nov 1st
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The best travel insurance credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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Condo maintenance fees: How much is too much? Jun 29th
Condos are a popular choice for many first-time homebuyers owing to their lower price point and access to amenities such as gyms and pools. But as well as a mortgage, condo owners are responsible for monthly maintenance fees that support operating costs for the building, among other aspects, and it&.... More »
For years, low interest rates have been a boon to borrowers but a curse to older investors wanting low-risk interest income options. Now, after a decade of minuscule rates, interest rates are starting to inch back up again: another 0.5% as of June 1st. That’s good for GIC investors (guaranteed investment certificates), as we covered in my recent column on the alleged “death” of bonds.
This is also welcome news for retirees seeking so-called “longevity insurance,” even if it’s probable that the same forces at work are also depressing stock prices. In other words, the time may be fast approaching when near-retirees and full retirees start to consider annuities.
Are fixed annuities a safe investment?
I’ve written about annuities from time to time over this low-interest journey, but it never got to the point for me to pull the trigger personally and buy life annuities. It’s generally a bad time to annuitize when interest rates are low. And it’s worse in periods of high inflation…
Retirement Health Benefits
– life-insurance-quotes.ca
For many Canadians retirement is a time of change and excitement. Some have travel plans, while others have things they want to accomplish at home.
One important aspect about retirement that sometimes goes unmentioned is the loss of employee benefits and healthcare. Oftentimes those who are retiring are 65 years old and have pre-existing health conditions along with prescription drug medications.
Another consideration at retirement age is provincial healthcare which (usually) covers things like prescription drugs and some vision care costs (OHIP covers eye exams at age 65 but does not cover glasses, contact lenses, etc.). It’s important to know that these provincial healthcare plans vary from province to province, but generally speaking seniors do get more coverage than non-seniors, especially when it comes to medications.
So, if retiring Canadians who have provincial healthcare plan coverage for their medications, what is the point of getting a private, individual health insurance plan?
Why Get a Retirement Group Conversion Health Plan?
Group conversion plans are specifically designed for people who have recently lost their group benefits coverage (which happens when retiring), and acceptance is guaranteed as long as you apply within a given time period after losing that group coverage (60 or 90 days are common)…
