All about Canadian insurance. Learn the ins and outs and get the latest news.
Latest News
How to win using annuities in retirement + MORE Nov 11th
The good news is most of us can expect to live longer. The bad news is that the decline of defined-benefit pensions, along with chronically low interest rates, makes it harder for us to avoid outliving our money.
For those without workplace defined-benefit pensions, annuities can offset that risk b.... More »
Need to cancel a trip due to COVID-19? Here’s how to get your money back Mar 15th
Most airlines and hotels are waiving cancellation fees, but collecting on travel insurance could be tough..... More »
Why adding your kids to the house title will cost you Sep 28th
Q: My parents have both of their names on their house as joint tenants. My mother has been diagnosed with dementia and is now in long term care. My dad has trusteeship and guardianship for her. He wants to put his four daughters on the title of the house. How is this done and what is the procedure.... More »
Wrestling through competing priorities Jan 2nd
(Photograph by Simon Willms)
We invited our readers in January to take an active role by writing to us and explaining in a few sentences why they needed a personalized money makeover with a MoneySense Approved Financial Advisor. We got close to 400 letters and, in the end, chose two couples and a si.... More »
Is a personal injury settlement taxable, and can it impact OAS or GIS benefits? + MORE Aug 19th
Q. I received a small settlement for an Ontario car accident, which my lawyer says is non-taxable, and so noT4A will be issued. If I deposit the funds into a bank account, will this one-time settlement clawback my OAS and GIS benefits?
–J
A. I’m sorry to hear about your accident, J. Hopefully .... More »
65% of Canadians are Wrong About Their Flood Insurance Coverage
– ratesupermarket.ca
On July 8, 2013, as much as five inches of rain fell on parts of the City of Toronto in just a few hours – more than what typically falls in an entire month. The news was filled with dramatic images of roads turned into rivers, and a GO Train stranded in the low-laying Don Valley. But for some homeowners whose basements were flooded, the real drama came days later when they realized their insurance didn’t cover “overland” flooding (i.e. water that travels over land from swollen rivers or intense rain storms).
Related Read: Should You Buy a Home Damaged by Flood?>
“Many Canadians across the country are unaware of the current state of flood protection in Canada,” says Daniel Mirkovic, president of Square One Insurance. “Water damage is the leading cause of insurance claims in Canada, but most home insurance policies specifically exclude flood damage.”
In fact, his company commissioned a survey that found that 65 per cent of Canadians think their house insurance policy includes flooding…
