There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
Latest News
Condo maintenance fees: How much is too much? Jun 29th
Condos are a popular choice for many first-time homebuyers owing to their lower price point and access to amenities such as gyms and pools. But as well as a mortgage, condo owners are responsible for monthly maintenance fees that support operating costs for the building, among other aspects, and it&.... More »
Anne T. Donahue: How I Stopped Romanticizing the Millennial Obsession With Productivity Jun 5th
In November 2019, I got in a car accident. Driving home to Cambridge, Ont. from Toronto one evening, I crashed into a car that had, seconds before, crashed into somebody else. All parties involved were lucky: No injuries were life-altering. My insurance would help me replace my totalled car, and the.... More »
Before you buy, here’s how to compare home insurance Aug 8th
Home insurance is important, but no one loves paying for it. That’s why people like to open their browsers and search for “cheap home insurance” and “how to save on home insurance.”
Any insurance professional will tell you that there’s no easy answer for cheap and full coverage,.... More »
Everything you need to know about your car insurance deductible + MORE Mar 12th
If you just bought a new vehicle or are reviewing your insurance coverage needs, you may have questions about your deductible. Questions like: How does a car insurance deductible work? Do I need one? Will my premiums be affected? And, how much will it cost me? Once you understand the basics, you can.... More »
Top financial innovations of the last 25 years Feb 29th
To mark MoneySense’s 25th anniversary, we dove into the top innovations that have changed personal finance since this magazine was founded in 1999. From new registered accounts and investment products to online services and developments in artificial intelligence, these are some of the biggest.... More »
CHMC explores cutting red tape for self employed borrowers
– moneysense.ca
OTTAWA — The national housing agency is exploring ways to make it easier for entrepreneurs and new immigrants to buy a home by cutting some of the red tape required to prove they can afford to pay the mortgage.
“Right now, under our mortgage insurance policies, you have to be able to document income to get mortgage insurance, to a level of specificity that discriminates against new Canadians, because they can’t do that,” Evan Siddall, the CEO of the Canada Mortgage and Housing Corp., said in a wide-ranging interview with The Canadian Press.
READ: Should you use RRSPs to pay down the mortgage?
“It discriminates against entrepreneurs, as well, because they can’t prove their income as well, so we’re looking at our own policies to try and make sure that there is more equity in our mortgage insurance programs,” he said.
Anyone who wants to buy a home in Canada without a down payment of at least 20 per cent of the purchase price is usually required to get mortgage loan insurance from the CMHC, which requires a smaller down payment of five per cent on a home worth up to $500,000…
“Right now, under our mortgage insurance policies, you have to be able to document income to get mortgage insurance, to a level of specificity that discriminates against new Canadians, because they can’t do that,” Evan Siddall, the CEO of the Canada Mortgage and Housing Corp., said in a wide-ranging interview with The Canadian Press.
READ: Should you use RRSPs to pay down the mortgage?
“It discriminates against entrepreneurs, as well, because they can’t prove their income as well, so we’re looking at our own policies to try and make sure that there is more equity in our mortgage insurance programs,” he said.
Anyone who wants to buy a home in Canada without a down payment of at least 20 per cent of the purchase price is usually required to get mortgage loan insurance from the CMHC, which requires a smaller down payment of five per cent on a home worth up to $500,000…
Bring back the $10,000 TFSA
– macleans.ca
Federal Finance Minister Bill Morneau, left, with Prime Minister Justin Trudeau (Jake Wright/CP)For those who pay attention to what politicians are up to on taxes, consider that since 2015, the focus has mostly been on raising them. From Atlantic Canada to Alberta, British Columbia and federally, new brackets were invented and other rates raised; in addition, new and higher taxes are yet to come including a federal carbon tax.
Even the new Progressive Conservative government of Brian Pallister in Manitoba, elected last year on opposition to a sales tax increase by the previous government, is toying with new taxes, including a carbon tax and higher taxes on insurance products.
One rare exception to this flurry of higher tax activity was in 2016 when the federal government dropped the rate for one middle income bracket, to 20.5 per cent from 22 per cent.
Middle-class Canada takes a hit
Regrettably, as the Fraser Institute discovered last week, that change wasn’t enough to offset the removal of many boutique tax credits…
