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Canada’s Best Visa Credit Cards 2022 Apr 13th
When consumers shop for a new credit card, they typically look at the ability to collect points, the insurance coverage offered, fees and interest rates on unpaid balances—not at the credit card company itself. But if you already have an account with RBC, CIBC, Scotiabank or any other Visa issuers.... More »
Egan: Bank tells senior who got stuck in Antarctica he's too old for credit card's travel insurance + MORE Jun 3rd
Robin Farquhar has one of those wonderful-sounding travel credit cards, ScotiaGold Passport Visa, that comes with six types of insurance coverage — everything from burglary to lost luggage to cancelled flights. As a longtime Bank of Nova Scotia customer, imagine his reaction, a year ago, .... More »
What’s your RRSP contribution limit? Feb 19th
If you’re like many Canadians, you’re hoping you’ve paid enough tax for 2017 and may even be looking forward to a hefty tax refund cheque. You can help ensure that happens by knowing the details of your Registered Retirement Savings Plan (RRSP), what sets them apart, you.... More »
Founder of Chinese company with billions in B.C. assets gets 18 years for fraud May 11th
Anbang Insurance Group's extensive B.C. holdings — including Vancouver's Bentall Centre and the largest retirement and care home company in the province — is now controlled by the Chinese government..... More »
How does a reverse mortgage work in Canada? Sep 1st
More than ever, Canadians are relying on reverse mortgages—a “don’t-pay-till-you-die” option to borrow up to 55% of the appraised value of your home—and the trend is turning conventional wisdom about debt and retirement on its head. While past generations fought hard to avoid debt in their.... More »
Investor sentiment worsens to levels not seen since crisis
– moneysense.ca
TORONTO – One of Canada’s biggest insurance and financial services companies says nervousness among Canadian investors has risen to levels not seen since the financial crisis.Manulife Financial (TSX:MFC) says that Canadian investors have lost confidence in mutual funds, exchange-traded funds and balanced mutual funds over the past six months.
It also suggests that housing is seen as a less attractive investment, while confidence in fixed income investments has stayed about the same.
The report is based on Manulife’s semi-annual index of investor sentiment, which dropped to 16 in December from 19 last May.
Investors: Don’t do dumb stuff when it gets hard »
The index is based on investor views on a range of asset classes as well as their confidence in these areas.
Regionally, investors in Ontario and the Atlantic provinces were the most optimistic with a score of 20, while Quebec ranked lowest at nine. Alberta was second lowest at 14.
The skittishness among investors comes as stock markets have taken a beating and Canadians head toward the RRSP contribution deadline on Feb…
Hunting for a lower mortgage rate could cost you
– moneysense.ca
OTTAWA – Homebuyers tend to shop around for the best mortgage rate they can find when first purchasing a property.
But when renewal time comes around, chasing the best rate might not save enough to offset the costs of moving lenders.
Frank Napolitano of Mortgage Brokers Ottawa says the cost of moving a mortgage at renewal time will depend on the type it is.
For example, on a standard mortgage, the costs of moving may be minimal and the lender who is taking over the loan may be willing to absorb them.
However, on a collateral mortgage, the fees will be more.
Documents required to get the best mortgage rate »
A standard mortgage is registered for the actual amount of the loan, while a collateral mortgage allows a home to be used as security for more than one loan. The downside is that changing lenders with a collateral mortgage entails paying both discharge fees and new registration fees.
“With a collateral mortgage you can’t just move the mortgage from one institution to another without incurring either legal fees or title insurance fees,” Napolitano says…
But when renewal time comes around, chasing the best rate might not save enough to offset the costs of moving lenders.
Frank Napolitano of Mortgage Brokers Ottawa says the cost of moving a mortgage at renewal time will depend on the type it is.
For example, on a standard mortgage, the costs of moving may be minimal and the lender who is taking over the loan may be willing to absorb them.
However, on a collateral mortgage, the fees will be more.
Documents required to get the best mortgage rate »
A standard mortgage is registered for the actual amount of the loan, while a collateral mortgage allows a home to be used as security for more than one loan. The downside is that changing lenders with a collateral mortgage entails paying both discharge fees and new registration fees.
“With a collateral mortgage you can’t just move the mortgage from one institution to another without incurring either legal fees or title insurance fees,” Napolitano says…
