How to go about securing the best policy for your insurance in Canada.
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Fairfax gets pension-fund backing on largest deal + MORE Mar 11th
The Toronto-based insurance and investments company is to add another $500-million (U.S.) in capital from Alberta Investment Management Corp. toward its acquisition of Allied World Assurance
.... More »
Canada’s best credit cards for travel insurance + MORE May 27th
These days, nearly all credit cards include some kind of travel insurance. Like purchase protection, it’s an easy add-on to entice customers, but savvy Canadians know that not all insurance is created equal. Most travellers really only need to consider a few kinds of coverage: emergency medical, t.... 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 »
How to choose a financial advisor in Canada Mar 8th
Do you know what to look for when choosing a financial advisor? This person will be giving you advice on important things like insurance, money management and investing, so it’s worth taking the time to screen candidates carefully before you hire a financial advisor.
The terms “financial advi.... More »
Fairfax increases stake in Torstar with $11.8 million private stock deal + MORE Nov 11th
TORONTO _ Fairfax Financial Holdings Ltd. (TSX:FFH) has paid nearly $11.8 million to increase its holding of Torstar Corp.’s non-voting shares to 40.6 per cent.
The Toronto-based financial company now owns about 28.9 million class B shares of Torstar (TSX:TS.B), owner of the Toronto Star, the .... More »
Tontine: Retirement plan of the future?
– moneysense.ca
(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 why experts like finance professor Moshe Milevsky have dubbed them a form of “longevity insurance.”
But a more effective “retirement annuity” could be an almost-forgotten structure that originated in Europe in the 17th century. It’s called the tontine, a relatively unknown concept in modern times, although it has from time to time featured in various Hollywood movies (notably the novel and movie The Wrong Box).
A tontine is a seemingly morbid concept that involves the pooling of investments such that those who die end up subsidizing those who keep living. And Milevsky believes it’s time the financial industry or even governments stepped in to breathe new life into the concept.
The idea is presented in a just-published Cambridge University Press book entitled King William’s Tontine: Why the Retirement Annuity of the Future Should Resemble its Past…
Hybrids that pay you back
– moneysense.ca
Hybrids help you cut down on trips to the gas station, but rarely actually save you money due to their higher sticker price. Below, we crunched the numbers to find out if any actually would save enough in gas purchases over five years to make up for the difference in cost between the hybrid and conventional versions of the same vehicles. What did we find out about hybrid fuel efficiency? The Ford Fusion Hybrid SE was the only car that came out ahead. The hybrid version provides you with nearly $1,900 of savings after five years, and would continue to save you money even if gas prices dropped as low as 82¢/L. Neither the Toyota Prius nor the Honda Accord Hybrid managed to break even at five years. Of those two, the Prius is more cost-efficient, but it wouldn’t make economic sense to buy unless gas prices topped $1.53/L.
Assumptions: 20,000 km driven/year; 60% city/40% highway; gas, $1.35 litre. Insurance costs based on 28-year-old with clean driving record. Depreciation costs assume 20% in 1st year and 10% in each subsequent year…
