All about Canadian insurance. Learn the ins and outs and get the latest news.
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Collision insurance: How it all works + MORE Dec 13th
Collision insurance is “extra.” It’s optional coverage that you can add on top of your basic full auto insurance, which, on its own, doesn’t cover you if you’re in an accident and you’re at fault. Many drivers opt in for collision, mainly because of the variable Canadian weather, road co.... More »
“A way to leapfrog”: AWS executive says regulated industries moving fastest on AI Jul 6th
As a wave of companies rush to embed artificial intelligence into their operations, Matt Wood has noticed the technology’s fastest adopters are businesses more typically described as slow to change.
Matt Wood, Amazon Web Services global VP of AI products (The Canadian Press / HO-Amazon Web Serv.... More »
TFSA contribution room calculator + MORE Apr 9th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
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Tax-free savings account is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like e.... More »
Is a vacation home a good investment? + MORE Sep 21st
The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or a winter home for a snowbird.
Sometimes, emotions are the motivat.... More »
Egan: Bank tells senior who got stuck in Antarctica he's too old for credit card's travel insurance + MORE Jun 3rd
Robin Farquhar has one of those wonderful-sounding travel credit cards, ScotiaGold Passport Visa, that comes with six types of insurance coverage — everything from burglary to lost luggage to cancelled flights. As a longtime Bank of Nova Scotia customer, imagine his reaction, a year ago, .... More »
How to ensure your insurance: Roseman
– thestar.com
Slipping behind on insurance payments can cost you a lot more than late fees.Auto Insurance Changes now in Effect in Ontario
– ratesupermarket.ca
As of June 1st 2016, changes have been made to your auto insurance. Most of them are minor in nature and take place within the Accident Benefits portion of your policy. This will have an impact on your insurance when you renew or buy into a new policy.
Auto Insurance Changes
Here’s what you can expect going forward:
If you are involved in a minor collision, your premium will not change if:
• The collision happened on June 1, 2016 or after that date
• There are no injuries and there is less than $2,000 worth of damage per vehicle
• None of the people involved submits an insurance claim for payment
• As the driver at fault, you pay for all damages
Disclaimer: this can apply to you as long as you only have one minor accident every three years.
Monthly premium decrease:
The maximum interest rate that a policyholder must pay for an annual policy has now been reduced from 3.0 to 1.3 per cent. Similar reductions are in place for shorter term policies.
Comprehensive coverage:
If you have comprehensive coverage on your policy, the deductible has increased from $300 to $500…
Can an RDSP be seized by a creditor?
– moneysense.ca
Q: My adult daughter has a Registered Disability Savings Plan. But she has a bad credit record and there are still a few creditors out there who haven’t been settled with. Do you know if an RDSP can be seized by a creditor?
— Stressed in Sarnia, Ont.
A: Sorry to break it to you, but there is no specific creditor-proofing for RDSPs. “It’s something the feds have identified but I haven’t heard of any actual policy proposals,” says Joel Crocker of the Planned Lifetime Advocacy Network. That being said, your daughter isn’t necessarily bereft of options to protect her savings. “One way to get creditor protection may be to purchase segregated funds in your RDSP, as these are considered insurance products and are exempt from creditor claims,” says Toronto fee-only planner Jason Heath. Keep in mind, however, that you also pay higher annual operating expenses for these types of funds, which can lower your investment returns.
The post Can an RDSP be seized by a creditor? appeared first on MoneySense.
— Stressed in Sarnia, Ont.
A: Sorry to break it to you, but there is no specific creditor-proofing for RDSPs. “It’s something the feds have identified but I haven’t heard of any actual policy proposals,” says Joel Crocker of the Planned Lifetime Advocacy Network. That being said, your daughter isn’t necessarily bereft of options to protect her savings. “One way to get creditor protection may be to purchase segregated funds in your RDSP, as these are considered insurance products and are exempt from creditor claims,” says Toronto fee-only planner Jason Heath. Keep in mind, however, that you also pay higher annual operating expenses for these types of funds, which can lower your investment returns.
The post Can an RDSP be seized by a creditor? appeared first on MoneySense.
Alumni life insurance gets a failing grade
– moneysense.ca
(Getty Images/Charlie Roy)Think twice about purchasing a “discounted” term life insurance policy from your alma mater. Why? Those exclusive rates for university grads aren’t that great of a deal, according to insurance expert Lorne Marr of LSM Insurance. While easier to apply for than standard life insurance (just a questionnaire and usually no medical tests required), the actual rates offer less value and policies are limited, he says. For starters, there are fewer personalization options and, typically, alumni life insurance policies are only offered for five-year terms, meaning your premiums would go up after that time. Also, if you’re in good health, don’t expect to receive preferred rates with an alumni policy, either. Consider a five-year term life insurance quote offered by the University of Toronto, as underwritten by Manulife: A 30-year-old woman would have to pay premiums of $12.25 per month for $245,000 of coverage. Meanwhile, a broker could get you a $250,000, 10-year term policy for $11…
