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CPP payment dates in 2025, and more to know about the Canada Pension Plan + MORE Jan 3rd
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 »
Manitoba Crown corporations, communications jobs need trimming: premier + MORE Dec 29th
Manitoba’s Crown corporations, especially their communications departments, seem next in line for Premier Brian Pallister’s cost-cutting efforts.
In a year-end interview with The Canadian Press, Pallister touted his 2016 measures to reduce spending in government — cutting the number of.... 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 »
Should you buy life insurance for children? + MORE Jul 25th
Q: About a year ago our 18-month-old had a liver transplant. We worry he won’t be eligible for life insurance when he’s older and are considering a whole life policy for him while he’s young. Is this wise?
—Jenny Reid, Fredericton, NB
A: The first thing you need to do is ask your insurance.... More »
How to win using annuities in retirement + MORE Nov 11th
The good news is most of us can expect to live longer. The bad news is that the decline of defined-benefit pensions, along with chronically low interest rates, makes it harder for us to avoid outliving our money.
For those without workplace defined-benefit pensions, annuities can offset that risk b.... More »
Warren Buffett’s Berkshire Hathaway conglomerate reports 4 per cent decline in 1Q profit
– canadianbusiness.com
OMAHA, Neb. – Warren Buffett’s company says its first-quarter profit slipped nearly 4 per cent largely because of an accounting charge in its insurance units.
Berkshire Hathaway Inc. earned $4.71 billion, or $2,862 per Class A share, during the first three months of 2014. That’s down from $4.89 billion, or $2,977 per Class A share, a year earlier.
Berkshire’s revenue increased nearly 4 per cent to $45.45 billion from $43.87 billion in the same period last year.
Berkshire says its insurance underwriting profits fell to $461 million from $901 million a year earlier because of a deferred charge related to some retroactive insurance policies.
More than 30,000 people are expected to attend Berkshire’s shareholders meeting in Omaha, Nebraska, on Saturday.
The post Warren Buffett’s Berkshire Hathaway conglomerate reports 4 per cent decline in 1Q profit appeared first on Canadian Business.
Berkshire Hathaway Inc. earned $4.71 billion, or $2,862 per Class A share, during the first three months of 2014. That’s down from $4.89 billion, or $2,977 per Class A share, a year earlier.
Berkshire’s revenue increased nearly 4 per cent to $45.45 billion from $43.87 billion in the same period last year.
Berkshire says its insurance underwriting profits fell to $461 million from $901 million a year earlier because of a deferred charge related to some retroactive insurance policies.
More than 30,000 people are expected to attend Berkshire’s shareholders meeting in Omaha, Nebraska, on Saturday.
The post Warren Buffett’s Berkshire Hathaway conglomerate reports 4 per cent decline in 1Q profit appeared first on Canadian Business.
Berkshire quarterly profit hurt by weather, insurance
– theglobeandmail.com
Results released a day before Buffett and vice-chairman Charlie Munger welcome tens of thousands of shareholders to company’s annual meeting in Omaha
New Mortgage Rules Make it Tougher to Buy a 2nd Home
– ratesupermarket.ca
The Canadian Mortgage and Housing Corporation (CMHC) has once again moved to crimp the residential mortgage market, introducing changes that will soon make it more difficult for many Canadians to obtain government-financed secured mortgages.
Starting May 30, CMHC will no longer insure mortgages for self-employed Canadians unless their income is formally validated by a third party. More importantly, it’s not going to provide insurance for existing homeowners looking to purchase a second property.
As it stand now, homebuyers in Canada are legally required to purchase mortgage insurance if they don’t put down 20 per cent of the price of the home up front. Buyers pay for the insurance, but it’s the lender that’s actually the beneficiary since the insurance covers the company’s losses if the homeowner defaults.
Fewer Options for Second Home Purchases
This latest change marks the fourth time the government – in an effort to dampen what it believes to be excessive speculation in the housing market – has tightened mortgage rules over the past few years…
Private mortgage insurers opt not to match CMHC’s cuts
– theglobeandmail.com
Genworth, Canada Guaranty modify second-home insurance
Is term life insurance worth the cost?
– moneysense.ca
Q: My wife and I are 66 and we’re in good health. Does it make sense to take out term life insurance carrying an annual premium of $6,000 to cover the tax on our substantial registered investments when we die?—Jim Semple, Regina
A: Insurance is a crucial part of a financial plan. While it can be a tool in estate planning, its best use in my opinion is to protect your family from an unexpected calamity. The latter doesn’t seem to apply to you because your investments are substantial. Besides, upon the death of either you or your wife your RRIF assets will roll over without tax to the other. As an estate planning strategy it may be an expensive way to shield your beneficiaries from tax.
Matthew Ardrey, a financial planner with fee-based firm T.E. Wealth, suggests comparing the “return” on the insurance policy with what you’d be able to save in a TFSA. “If they both live until age 90, that will be 25 years of premiums or $150,000. If they took that same $6,000 per year and saved it in a TFSA with a rate of return of 5%, they would have about $300,000 at age 90 payable to the other beneficiaries without tax…
A: Insurance is a crucial part of a financial plan. While it can be a tool in estate planning, its best use in my opinion is to protect your family from an unexpected calamity. The latter doesn’t seem to apply to you because your investments are substantial. Besides, upon the death of either you or your wife your RRIF assets will roll over without tax to the other. As an estate planning strategy it may be an expensive way to shield your beneficiaries from tax.
Matthew Ardrey, a financial planner with fee-based firm T.E. Wealth, suggests comparing the “return” on the insurance policy with what you’d be able to save in a TFSA. “If they both live until age 90, that will be 25 years of premiums or $150,000. If they took that same $6,000 per year and saved it in a TFSA with a rate of return of 5%, they would have about $300,000 at age 90 payable to the other beneficiaries without tax…
