Insurance policy getting you down? There are always sound insurance alternatives.
Latest News
Where to find and apply for COVID-19 financial relief Oct 6th
The COVID-19 outbreak has dealt a shock to our economy, shuttering entire industries and leaving many more businesses in limbo, forcing layoffs and loss of income on many people. Fortunately, the Canadian government and several other institutions are offering financial relief for Canadians during th.... More »
Are your deposits at Canadian financial institutions safe? Mar 21st
Ask MoneySense
We live in Ontario, and in light of the current banking problems in the U.S., we are a bit concerned about our investments.
They are held at three different banks at the moment and are largely in GICs and high-interest savings accounts.
We are aware that up to $100,000 is insure.... More »
What is tenant insurance? Oct 3rd
Tenant insurance, also known as renter’s insurance, is one of the costs of adulting that seems to have no payback. But the reality is that you likely can’t afford not to have tenant insurance. The cost of a policy (which can range from $15 to $30 a month) is a small price to pay when you conside.... More »
I lost my home in a fire. Can I tap my LIRA to cover costs? Nov 19th
Q: My house was burnt in the Fort McMurray fire. I am now unemployed and my husband and I are struggling to make the mortgage payments on top of our rent payment. Our savings are now drained as well as money received from insurance—the town house was part of a condo and is being rebuilt.
We have.... More »
Losing ground: Why Canada’s grip on U.S. real estate is slipping Oct 30th
In the aftermath of the financial crisis, Canadian pension funds, insurance companies and investment firms began a near-decade-long U.S. commercial real estate spending spree that has been unmatched by any country. Until now.
.... More »
A comfortable retirement is closer than you think
– moneysense.ca
If you live like a typical Canadian then you might not have to save as much as you think for retirement.
Before determining how much Canadians need to save, it’s important to get a handle on how much they spend. A visit to Statistics Canada reveals that the average Canadian household spent $79,012 in 2013. (The most recent annual data available.) Of that amount $58,592 was devoted to consumption and $13,891 went to income taxes. The rest was spent on insurance, pensions, gifts, charity, and alimony.
In a spot of good news, most retirees can happily live on much less than they did when they were working. After all, most don’t pay nearly as much in tax and, amongst other things, they generally spend less than the average ($12,041 per year) on transportation.
Looking at different situations, the average one-person household spent $44,709 in 2013 with $34,135 devoted to consumption and $6,700 to income taxes.
On the other hand, couples with children spent an average of $112,057, consumed $81,636 worth of goods and services, and paid $21,483 in income taxes in 2013…
Before determining how much Canadians need to save, it’s important to get a handle on how much they spend. A visit to Statistics Canada reveals that the average Canadian household spent $79,012 in 2013. (The most recent annual data available.) Of that amount $58,592 was devoted to consumption and $13,891 went to income taxes. The rest was spent on insurance, pensions, gifts, charity, and alimony.
In a spot of good news, most retirees can happily live on much less than they did when they were working. After all, most don’t pay nearly as much in tax and, amongst other things, they generally spend less than the average ($12,041 per year) on transportation.
Looking at different situations, the average one-person household spent $44,709 in 2013 with $34,135 devoted to consumption and $6,700 to income taxes.
On the other hand, couples with children spent an average of $112,057, consumed $81,636 worth of goods and services, and paid $21,483 in income taxes in 2013…
Having a baby? Update your financial plan
– moneysense.ca
(Illustration by Ryan Inzana)For most people, travelling to a destination wedding in Paris would be a cause for celebration. But for new parents Marie and Alain Martin of Hamilton, Ont., the experience was quite the opposite. In fact, it was terrifying. Last spring, while en route to France, the couple found themselves gripped by panic at the persistent thought of their transatlantic flight suddenly plunging into the deep, frigid waters 45,000 feet below. Neither are nervous flyers. Instead, the two 30-year-olds were thinking of their 16-month-old daughter Emily at home in Canada.
“We had to leave her behind with our parents,” recalls Marie. “During the plane ride, all we did was worry about what would happen to her if something happened to the two of us. Those were scary moments because we realized we didn’t have our finances, wills and insurance in order.”
And since returning home safely, those feelings of financial insecurity have only continued to intensify. “We used to be able to save $30,000 a year or more before Emily was born,” says Alain…
