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Unlocking the Annuity Puzzle: Why Canadians avoid what seems to be the perfect retirement vehicle Dec 19th
The Annuity Puzzle is about a curious phenomenon in Canada: while life annuities sold by insurance companies seem to have all sorts of compelling reasons to acquire them, more often than not, retirees shun them.
Financial planner Robb Engen recently tackled this puzzle in his Boome.... More »
What DCPD insurance means to you Jan 19th
Direct compensation property damage, or DCPD, has nothing to do with your house and everything to do with your wheels. Part of the no-fault auto insurance system, it is a mandatory component of car policies in Ontario, Quebec, Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island. The bi.... More »
Rising program expenses propel federal deficit to $21.8B + MORE May 26th
A $21.7-billion surge in federal program expenses was almost entirely responsible for the government’s expected 2016-17 deficit, according to a preliminary analysis of Ottawa’s books.
The Finance Department numbers released Friday suggest the government’s on track to run a $21.8-bi.... More »
Canada’s best travel credit cards 2020 + MORE Jan 3rd
With a good travel credit card in your name, going on a trip can suddenly become affordable. And, you can get even more value if you sign up for the right travel credit card—one that doesn’t just focus on points, but also has perks such as lounge access, amazing insurance coverage and the flexib.... More »
Your FHSA timeline: What to invest in and when Nov 29th
Before you make an offer to buy your first home, you’ll have to determine your budget and save up enough money for a down payment (typically about 20% of the home’s value). That’s probably going to be a good chunk of change—Canada’s housing market is expensive, and if you put down less tha.... More »
An ode to the Canada Savings Bond
– moneysense.ca
In the 1980s you could have put your money into a Canada Savings Bond (CSB) and reasonably expected to walk away with a tidy return a decade later. If you did the same with a CSB today you’d be lucky if your money keeps up with inflation.
It’s of little surprise then that the Federal Government decided to kill off the once popular program. At its peak Canadians stowed away $53 billion in CSBs in a single year—almost $100 billion in today’s dollars. That was 1987/88; now the program is lucky to pull in $5 billion.
The only lingering question some ask now is perhaps why they didn’t act sooner. KPMG gave Ottawa the grim prognosis for the Canada Savings Bond program two years ago. At the time, the consultancy reported that there was little economic grounds to justify the existence of the CSB.
Why? In a word: competition. Back in 2015 KPMG pointed to a proliferation of CDIC (Canada Deposit Insurance Corp.) insured alternatives to CSBs, such as GIC and other products from the private sector…
Cost of Mortgage is Going Up: CMHC Hikes Mortgage Insurance Premiums
– ratesupermarket.ca
Note: Mortgage insurance premium increases go into effect on March 17th, 2017.
If you’re applying for a mortgage with a small down payment, be prepared to pay a little more every month for default insurance.
The Canadian Mortgage and Housing Corporation recently announced it will increase the premiums for ‘mortgage default insurance’ (also called mortgage loan insurance) effective March 17, 2017.
“We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, CMHC’s senior vice-president for insurance.
Mortgage default insurance is required for anyone buying a home in Canada with a down payment of 20 per cent or less. However, the cost varies depending on how much you actually put down. Right now, anyone with a down payment between five and 10 per cent pays an extra 3.6 per cent on top of their regular mortgage payments. Come March 17, this will go up to four per cent.
The changes are necessary to “contribute to financial stability,” according to Mennill…
Slightly fewer Canadians received employment insurance benefits in January, with the number of beneficiaries down 0.3 per cent from December. On an annual basis, the number of EI beneficiaries was up 3.7 per cent.
