Insurance policy getting you down? There are always sound insurance alternatives.
Latest News
What is short-term disability insurance? Sep 17th
Short-term disability (STD) insurance provides income for someone over a short period of time if they can’t work because they’re ill or injured, have been in an accident, or are in the hospital. STD insurance is often offered by employers as part of their workplace benefits package. It’s not .... More »
Great-West Life websites hit with outage after IT upgrade Jun 28th
Various Great-West Life websites have been offline for several days following what the company calls a routine IT upgrade, but the benefits and insurance giant says it has not been the victim of a hack, and customers are able to file claims as normal..... More »
The ISIS Threat in the U.S. Nov 23rd
Plus, student protests move to Princeton and an insurance giant prepares to leave ObamaCare..... More »
What to do when you get laid off Oct 15th
At 7.1%, Canada’s unemployment rate is the highest it has been in four years and people in a variety of sectors have been feeling the pinch. A job loss is difficult for a lot of reasons. On top of the personal feeling of rejection, there can be many decisions to make involving legal, tax, insuranc.... More »
Want to save money as a renter? Don’t cheap out on these 5 things Jan 3rd
Whether you’re building your savings account or getting a rush from buying items on sale, there’s something deeply satisfying about saving money.
But determining when saving is truly worth it is an important part of managing your money. While some deals do save you cash upfront, you mig.... More »
Warren Buffett’s Berkshire Hathaway conglomerate reports 4 per cent decline in 1Q profit
– canadianbusiness.com
OMAHA, Neb. – Warren Buffett’s company says its first-quarter profit slipped nearly 4 per cent largely because of an accounting charge in its insurance units.
Berkshire Hathaway Inc. earned $4.71 billion, or $2,862 per Class A share, during the first three months of 2014. That’s down from $4.89 billion, or $2,977 per Class A share, a year earlier.
Berkshire’s revenue increased nearly 4 per cent to $45.45 billion from $43.87 billion in the same period last year.
Berkshire says its insurance underwriting profits fell to $461 million from $901 million a year earlier because of a deferred charge related to some retroactive insurance policies.
More than 30,000 people are expected to attend Berkshire’s shareholders meeting in Omaha, Nebraska, on Saturday.
The post Warren Buffett’s Berkshire Hathaway conglomerate reports 4 per cent decline in 1Q profit appeared first on Canadian Business.
Berkshire Hathaway Inc. earned $4.71 billion, or $2,862 per Class A share, during the first three months of 2014. That’s down from $4.89 billion, or $2,977 per Class A share, a year earlier.
Berkshire’s revenue increased nearly 4 per cent to $45.45 billion from $43.87 billion in the same period last year.
Berkshire says its insurance underwriting profits fell to $461 million from $901 million a year earlier because of a deferred charge related to some retroactive insurance policies.
More than 30,000 people are expected to attend Berkshire’s shareholders meeting in Omaha, Nebraska, on Saturday.
The post Warren Buffett’s Berkshire Hathaway conglomerate reports 4 per cent decline in 1Q profit appeared first on Canadian Business.
Berkshire quarterly profit hurt by weather, insurance
– theglobeandmail.com
Results released a day before Buffett and vice-chairman Charlie Munger welcome tens of thousands of shareholders to company’s annual meeting in Omaha
New Mortgage Rules Make it Tougher to Buy a 2nd Home
– ratesupermarket.ca
The Canadian Mortgage and Housing Corporation (CMHC) has once again moved to crimp the residential mortgage market, introducing changes that will soon make it more difficult for many Canadians to obtain government-financed secured mortgages.
Starting May 30, CMHC will no longer insure mortgages for self-employed Canadians unless their income is formally validated by a third party. More importantly, it’s not going to provide insurance for existing homeowners looking to purchase a second property.
As it stand now, homebuyers in Canada are legally required to purchase mortgage insurance if they don’t put down 20 per cent of the price of the home up front. Buyers pay for the insurance, but it’s the lender that’s actually the beneficiary since the insurance covers the company’s losses if the homeowner defaults.
Fewer Options for Second Home Purchases
This latest change marks the fourth time the government – in an effort to dampen what it believes to be excessive speculation in the housing market – has tightened mortgage rules over the past few years…
Private mortgage insurers opt not to match CMHC’s cuts
– theglobeandmail.com
Genworth, Canada Guaranty modify second-home insurance
Is term life insurance worth the cost?
– moneysense.ca
Q: My wife and I are 66 and we’re in good health. Does it make sense to take out term life insurance carrying an annual premium of $6,000 to cover the tax on our substantial registered investments when we die?—Jim Semple, Regina
A: Insurance is a crucial part of a financial plan. While it can be a tool in estate planning, its best use in my opinion is to protect your family from an unexpected calamity. The latter doesn’t seem to apply to you because your investments are substantial. Besides, upon the death of either you or your wife your RRIF assets will roll over without tax to the other. As an estate planning strategy it may be an expensive way to shield your beneficiaries from tax.
Matthew Ardrey, a financial planner with fee-based firm T.E. Wealth, suggests comparing the “return” on the insurance policy with what you’d be able to save in a TFSA. “If they both live until age 90, that will be 25 years of premiums or $150,000. If they took that same $6,000 per year and saved it in a TFSA with a rate of return of 5%, they would have about $300,000 at age 90 payable to the other beneficiaries without tax…
A: Insurance is a crucial part of a financial plan. While it can be a tool in estate planning, its best use in my opinion is to protect your family from an unexpected calamity. The latter doesn’t seem to apply to you because your investments are substantial. Besides, upon the death of either you or your wife your RRIF assets will roll over without tax to the other. As an estate planning strategy it may be an expensive way to shield your beneficiaries from tax.
Matthew Ardrey, a financial planner with fee-based firm T.E. Wealth, suggests comparing the “return” on the insurance policy with what you’d be able to save in a TFSA. “If they both live until age 90, that will be 25 years of premiums or $150,000. If they took that same $6,000 per year and saved it in a TFSA with a rate of return of 5%, they would have about $300,000 at age 90 payable to the other beneficiaries without tax…
