How to go about securing the best policy for your insurance in Canada.
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Smokers and Life Insurance: Do You Have Enough Coverage? + MORE Oct 30th
Considering the number of smoking-related deaths annually, one would think smokers would be wise to take out sufficient life insurance – but many don’t, causing potential financial problems for their families, according to research from UK-based Confused.com.
The gap between the amoun.... More »
Rising rates are good news for near-retirees seeking longevity insurance + MORE Jun 29th
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 inv.... More »
How life insurance can shave your capital gains tax + MORE Sep 24th
Q: My husband and I bought life insurance in 2008. At that time, I was 44 and a non-smoker, and he was 46 but a former smoker. Each of us is insured for $250,000. The monthly premiums have been a total of $142.50 since we took out the policy—$58.90 for me, and $83.60 for him. In 2018, when my hus.... More »
CMHC Insurance Now Covers Only 50% of New Mortgages + MORE Jun 12th
The federal government’s plan to play a reduced role in Canada’s housing market is clearly starting to take hold.
Driven by a series of measures to tighten mortgage lending criteria and reduce taxpayer exposure, the Canada Mortgage and Housing Agency reports that it’s now insuring a scant 50 .... More »
Do you need mortgage life insurance? Aug 27th
Q: I am a single, 70-year-old with a reasonable mortgage of $115,000. I have no family and no dependants. I find that the life insurance on my mortgage is too expensive. Do I need mortgage life insurance anyway? What for?—Katerina
A: I’m glad that you noticed the life insurance you’re paying.... More »
How to buy a car at public auction
– moneysense.ca
(Image courtesy of suphakit73 / FreeDigitalPhotos.net)Crunch your numbers
Know what type of vehicle you want and how much you’re willing to spend. Don’t forget to factor in the closing costs. A 10% buyer’s premium (usually capped between $200 and $500) often applies on top of registration fees. Then there’s the cost of temporary plates, towing and/or insurance to drive the car off the block. “Buyer’s remorse happens so it’s important to be prepared,” says Dean Kirk, sales manager for Adesa-LVG Auctions. Compare prices for similar cars at websites such as canadianblackbook.com to estimate fair market value.
Don’t commit too soon
Some auctions feature an online catalogue in advance but it’s best to visit the cars during the “staging” period in the days before the auction. You can start the vehicles but you can’t test drive them. Collisions and other major problems must be disclosed so read over documentation carefully. If you can get your mechanic or gearhead cousin to join you, even better…
Personal finance editor Adam Mayers has been testing a tracking device that rewards good driving with an insurance discount. The tradeoff may be hard for many people.
