All about Canadian insurance. Learn the ins and outs and get the latest news.
Latest News
Uninsured auto insurance 101: What you need to know Dec 9th
Uninsured motorist coverage is used to protect you if you’re involved in an accident with someone who does not have valid insurance, or even if you’re left behind in a hit-and-run scenario.
We know what you’re thinking: Isn’t every vehicle required to have insurance in Canada?
Yes, but the.... More »
Losing ground: Why Canada’s grip on U.S. real estate is slipping Oct 30th
In the aftermath of the financial crisis, Canadian pension funds, insurance companies and investment firms began a near-decade-long U.S. commercial real estate spending spree that has been unmatched by any country. Until now.
.... More »
$100 to protect your home from a lightning strike + MORE Jul 1st
It’s beautiful and alluring. It can also be devastating. According to the U.S.-based Insurance Institute, lightning strikes rarely destroy a home, but they can cause quite a bit of damage. In 2009, the average homeowner insurance claim damage, due to lightning was US$4,324. But add up and thos.... More »
Tontine: Retirement plan of the future? + MORE May 31st
(Andy Roberts/Getty Images)
Advances in life expectancy coupled with the decline of employer-sponsored defined benefit pension plans has greatly raised anxiety levels about seniors outliving their money.
Life annuities have long been touted as one possible remedy for prolonged longevity, which is wh.... More »
Ottawa sitting on $730M in uncashed tax refunds, other benefits
– moneysense.ca
MONTREAL – Ottawa is sitting on a stockpile of more than $730 million in uncashed tax refunds and other government cheques, according to Public Works Canada.
Many Canadians eagerly await their pension, employment insurance and child-tax benefits, but the department says that 3.2 million cheques issued over the past five years have never been cashed for a variety of reasons such as cheques being lost, not delivered or recipients moving without registering a new address.
The largest amount held is $149 million in tax refunds owed to 338,000 recipients.
There are also more than 1.5 million cheques, worth a total of $420 million, that have remained unclaimed issued under various programs, including $40.1 million in Ontario Trillium Benefit/Ontario Sales Tax credits and $32 million in British Columbia Low Income Climate Action Tax credits. The Receiver General for Canada issues payments for almost 30 programs on behalf of all provincial governments except Manitoba.
Other outstanding payments include:
— $41 million for the Canada Pension Plan program…
Many Canadians eagerly await their pension, employment insurance and child-tax benefits, but the department says that 3.2 million cheques issued over the past five years have never been cashed for a variety of reasons such as cheques being lost, not delivered or recipients moving without registering a new address.
The largest amount held is $149 million in tax refunds owed to 338,000 recipients.
There are also more than 1.5 million cheques, worth a total of $420 million, that have remained unclaimed issued under various programs, including $40.1 million in Ontario Trillium Benefit/Ontario Sales Tax credits and $32 million in British Columbia Low Income Climate Action Tax credits. The Receiver General for Canada issues payments for almost 30 programs on behalf of all provincial governments except Manitoba.
Other outstanding payments include:
— $41 million for the Canada Pension Plan program…
Take Control of Your Cash
– ratesupermarket.ca
They say knowledge is power – and that’s especially true when it comes to your finances. A healthy credit score, solid assets and everyday frugal know-how can pay off in spades… so, are you as informed as you should be on the state of your money?
This week’s MoneyWise is all about taking control, whether you’re whipping your credit score into shape or shaving dollars off your grocery bill. Read on to get caught up.
Applying for a Mortgage? How to Improve Your Credit Score Now
Planning to enter the housing market? Even if your home-buying dreams are six months to a year off, you need to act now to ensure you’re in tip-top shape to apply for a mortgage. That means looking into – and fixing – any red flags that may be lingering on your credit score. Read on to learn more about what affects your score, and how to take action.
Read Jaclyn’s Blog | How to Improve Your Credit Score Now
Why I Switched Banks for my TFSA and Home Insurance
When Ally Bank was purchased and shut down by RBC last year, Sean Cooper faced a choice – should he house his tax -free savings account with the acquiring lender (and take a resulting cut to his interest earnings), or should he shop around for a better deal? Despite the hassle of moving his money, he chose the latter…
This week’s MoneyWise is all about taking control, whether you’re whipping your credit score into shape or shaving dollars off your grocery bill. Read on to get caught up.
Applying for a Mortgage? How to Improve Your Credit Score Now
Planning to enter the housing market? Even if your home-buying dreams are six months to a year off, you need to act now to ensure you’re in tip-top shape to apply for a mortgage. That means looking into – and fixing – any red flags that may be lingering on your credit score. Read on to learn more about what affects your score, and how to take action.
Read Jaclyn’s Blog | How to Improve Your Credit Score Now
Why I Switched Banks for my TFSA and Home Insurance
When Ally Bank was purchased and shut down by RBC last year, Sean Cooper faced a choice – should he house his tax -free savings account with the acquiring lender (and take a resulting cut to his interest earnings), or should he shop around for a better deal? Despite the hassle of moving his money, he chose the latter…
Regulators take over small bank in Illinois; brings US bank failures to 14 in 2014
– canadianbusiness.com
WASHINGTON – Regulators have closed a small lender in Illinois, bringing U.S. bank failures this year to 14 after 24 closures in all of 2013.
The Federal Deposit Insurance Corp. said Friday that it has taken over GreenChoice Bank FSB, based in Chicago.
The bank, which operated three branches, had about $72.9 million in assets and $71 million in deposits as of March 31.
Providence Bank LLC, based in South Holland, Illinois, has agreed to assume all of the failed bank’s deposits.
The FDIC said that Providence Bank also agreed to buy roughly $67.7 million of GreenChoice Bank’s assets.
The failure of GreenChoice Bank is expected to cost the deposit-insurance fund $14.2 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
Only three banks went under in 2007. That jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.
In 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago…
The Federal Deposit Insurance Corp. said Friday that it has taken over GreenChoice Bank FSB, based in Chicago.
The bank, which operated three branches, had about $72.9 million in assets and $71 million in deposits as of March 31.
Providence Bank LLC, based in South Holland, Illinois, has agreed to assume all of the failed bank’s deposits.
The FDIC said that Providence Bank also agreed to buy roughly $67.7 million of GreenChoice Bank’s assets.
The failure of GreenChoice Bank is expected to cost the deposit-insurance fund $14.2 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
Only three banks went under in 2007. That jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.
In 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago…
Why I Switched Banks for my TFSA and Home Insurance
– ratesupermarket.ca
Switching banks can be a pain – but in my experience, it’s often worth the effort. In fact, I’ve had the pleasure of changing financial institutions a few times over my lifetime. Most recently, I moved my Tax-Free Savings Account (TFSA) and my home insurance to new lenders.
There were a few reasons why I decided to jump ship – here’s what I learned from the experience.
Not Taking Low-Earning Interest for an Answer
Originally, I housed my TFSA with Ally Bank – and I was a big fan. They offered competitive rates for savings accounts and TFSAs (one of the highest in Canada at 1.8 per cent), had great customer service and their TV commercials were hilarious. When I heard RBC had acquired Ally Bank my response was lukewarm; I was afraid RBC would change Ally Bank – and my worries were well founded, as they went a step further and shut it down entirely!
As a bank account holder I was given the choice of transferring my money to RBC’s low-interest savings account (offering 1…
There were a few reasons why I decided to jump ship – here’s what I learned from the experience.
Not Taking Low-Earning Interest for an Answer
Originally, I housed my TFSA with Ally Bank – and I was a big fan. They offered competitive rates for savings accounts and TFSAs (one of the highest in Canada at 1.8 per cent), had great customer service and their TV commercials were hilarious. When I heard RBC had acquired Ally Bank my response was lukewarm; I was afraid RBC would change Ally Bank – and my worries were well founded, as they went a step further and shut it down entirely!
As a bank account holder I was given the choice of transferring my money to RBC’s low-interest savings account (offering 1…
