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Latest News
Is a vacation home a good investment? + MORE Sep 21st
The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or a winter home for a snowbird.
Sometimes, emotions are the motivat.... More »
If my flight is delayed or cancelled, can insurance offered by my credit card help cover the cost? Aug 4th
Medical insurance is typically the first thing that comes to mind when someone mentions travel insurance. But you could get a lot more out of your credit card..... More »
When are credit-card rewards worth paying an annual fee? Aug 4th
For the last decade or so, Jim and Willina Collins have enjoyed a regular bonus by using their no-fee cash-back credit card to pay for many of their expenses, including holiday flight and accommodation bookings, gasoline, vehicle repairs, and insurance on their vehicles (the couple have a car and a .... More »
The best credit cards for seniors in Canada in 2024 Aug 28th
What are the best credit cards for seniors in Canada? That was a question we recently received from a reader, and while credit cards are more about an individual’s unique spending habits and the benefits they find most useful in a credit card than age, we still thought we could help. With this in .... More »
The biggest car insurance myths, according to experts Oct 31st
The auto insurance world is rife with misconceptions, experts say, and not knowing fact from fiction could end up costing drivers thousands of dollars.
There are several reasons why insurance myths exist, said Steven Harris, licensed insurance broker and LowestRates.ca expert. “(Insurance.... More »
OPC Report: Equifax Failed to Protect Consumers and Information
– ratesupermarket.ca
Equifax Canada and U.S.-based parent Equifax Inc. failed to “implement appropriate security safeguards given the volume and sensitivity of the personal information held by Equifax Inc.,” according to the Office of the Privacy Commissioner of Canada (OPC).
In May 2017, Equifax suffered a security breach affecting an estimated 19,000 Canadians, who had their social insurance numbers and other identifying information stolen. This attack was not publicly disclosed until September 2017, nor were Canadian consumers immediately notified of the breach, despite their data being stored on servers in the U.S. In addition, remedies offered by Equifax to U.S. users of Equifax, such as a credit freeze, were not offered to Canadians.
In the investigation report published today, the OPC found that Equifax’s safeguards failed to include “basic information security practices,” and were “indicative of long-term systemic issues.” Crucially, Equifax Canada relied on the policies and practices of parent company Equifax Inc…
3 rules for maximizing charitable donations in your will
– moneysense.ca
Q. We are preparing our wills and have been advised that charitable donations are credited at 100% in the year of death, and can be used to reduce or eliminate the amount of tax owed for that year. How do we word this in our will so our executor understands our wishes, especially when they may not know the amount of tax the estate will owe? Any advice you can provide would be greatly appreciated.
— Mary
A. The tax rules for charitable deductions change frequently, so there is no guarantee any will instructions prepared in 2019 will be tax-appropriate in the future when your will is read.
You have many charitable options available to you when making your will, and it’s best to consult a lawyer to ensure you’re properly informed before making any decisions. (Your favourite charity may be able to recommend lawyers who can help you.) For example, Mary, to help you achieve your goal of maximizing tax deductions on your charitable donations, you could donate specific real estate, insurance policies or financial instruments as gifts…
— Mary
A. The tax rules for charitable deductions change frequently, so there is no guarantee any will instructions prepared in 2019 will be tax-appropriate in the future when your will is read.
You have many charitable options available to you when making your will, and it’s best to consult a lawyer to ensure you’re properly informed before making any decisions. (Your favourite charity may be able to recommend lawyers who can help you.) For example, Mary, to help you achieve your goal of maximizing tax deductions on your charitable donations, you could donate specific real estate, insurance policies or financial instruments as gifts…
Ontario Budget 2019: What’s in it for You?
– ratesupermarket.ca
The Ontario government has now tabled its 2019 provincial budget. It’s not the slash and burn budget many critics were expecting, but there are significant cuts to services in this province. This includes, indigenous affairs, children’s services and support for homeless and low income Ontarians.
The Progressive Conservative government adds, they will unable to balance the books for the province for another five years. In their own press release, the province says, “The 2019 Ontario Budget introduces no new taxes and, along with measures announced to date, will allow the government to provide a projected $26 billion in much-needed relief to individuals, families and businesses over six years, and eliminate the deficit.” The PC government plans to reduce the deficit by $1.4 billion in the 2019-20 fiscal year, lowering it to $10.3 billion
But what does this mean to regular Ontarians and their bottom line? Here are six key takeaways that affect your personal finances.
Auto insurance
The government says it is giving drivers more choice when deciding which auto insurance coverage suits their needs…
