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Watch: Climate change in Canada and the rising cost of home insurance + MORE Oct 3rd
What does climate change have to do with home insurance? Weather-related insurance claims have gone up in Canada. And that is having an impact on not only weather, but also home insurance premiums. MoneySense’s Managing Editor, Lisa Hannam, explains.
Watch: MoneySense – Home Insuran.... More »
Can an RDSP be seized by a creditor? + MORE Jun 7th
Q: My adult daughter has a Registered Disability Savings Plan. But she has a bad credit record and there are still a few creditors out there who haven’t been settled with. Do you know if an RDSP can be seized by a creditor?
— Stressed in Sarnia, Ont.
A: Sorry to break it to you, but there is no .... More »
10 travel insurance myths to stop believing now + MORE Feb 23rd
Travel insurance can be tough to understand, and if you’re not reading the fine print, you could be relying on inaccurate myths to inform your coverage decisions. Luckily, InsurEye, a Canadian insurance education site has compiled a massive list of 111 insurance myths that are out there. We’.... More »
What DCPD insurance means to you Jan 19th
Direct compensation property damage, or DCPD, has nothing to do with your house and everything to do with your wheels. Part of the no-fault auto insurance system, it is a mandatory component of car policies in Ontario, Quebec, Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island. The bi.... More »
Will an insured retirement plan save you on taxes? Apr 16th
Q: At 60, I’m in the home stretch for retirement. I’m considering an insured retirement plan as a way to add another tax-preferred source of income. What should I look out for? —Scott Windsor, Toronto
A: I love a good “cost-benefit” question. But you should know that I give a lot of weig.... More »
Canada Mortgage and Housing Corp. is raising mortgage insurance premiums for homebuyers with less than a 10 per cent down payment.
“Atrocious” Economic Conditions in Canada Expected for Q1
– ratesupermarket.ca
Bank of Canada Governor Stephen Poloz is finally letting on how negative oil’s price dive has been for Canada’s economy – in fact, he says it has been “atrocious”. In a statement made to the UK Financial Times, Poloz gave some additional insight behind January’s surprise central rate cut. He stated, ”When the oil shock came, it was clear we would no longer be able to close the output gap by 2016, but by 2017,” adding, “Since we had some firepower, we took some insurance and cut rates.”
What does this mean for our economy going forward? How should regular Canadians, many with mountains of debt, react to the Bank of Canada governor saying the economy is in distress?
Q1 Won’t Look Good
Poloz says to expect results from the first quarter of 2015 (January to March 31) to be disastrous. From real estate to unemployment, all sectors are under pressure due to oil’s pricing. States Poloz, “The first quarter of 2015 will look atrocious, because the oil shock is a big deal for us…
