How to go about securing the best policy for your insurance in Canada.
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The best travel insurance credit cards in Canada for 2024 Jan 4th
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The best travel insurance credit cards in Canada for 2024
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How to choose a financial advisor in Canada Mar 8th
Do you know what to look for when choosing a financial advisor? This person will be giving you advice on important things like insurance, money management and investing, so it’s worth taking the time to screen candidates carefully before you hire a financial advisor.
The terms “financial advi.... More »
A guide to the best robo-advisors in Canada for 2019 + MORE Feb 28th
It wasn’t long ago that robo-advisors were thought of as a newfangled millennial-made idea for investing-inept 20- and 30-somethings. Now, though, all sorts of Canadians, including high net-worth boomers and new-to-saving youngsters are pouring money into these easy-to-use and low-cost online oper.... More »
How to avoid the underwater mortgage + MORE Mar 19th
(John Lund/Getty Images)
Q: I’ve read a lot about the possibility of first time home buyers ending up with an underwater mortgage? I’m not sure what this is, but it doesn’t sound good. Can you explain what an underwater mortgage is and how to avoid it?
— Trying to be responsible, Calgary.... More »
Do I need flood insurance? Jun 4th
Flood insurance is still pretty new to Canada—it was only introduced in 2015. And while only 19% of Canadians live in flood-prone areas, like along the coasts or in the Maritimes, the Government of Canada reports that floods are the most common natural hazard here, causing over $1 billion in damag.... More »
Can you lose all your money in a TFSA?
– moneysense.ca
Q: I never thought of the TFSA as an investment, because I use my RRSP to invest. I use my TFSA as a savings account but does that mean the money isn’t protected? Could I lose all that money?
—Maria Vasilescu, Kitchener, Ont.
A: If you hold cash or GICs in your Tax-Free Savings Account (TFSA), it is covered by the Canada Deposit Insurance Corporation for up to $100,000 in the event that your bank fails. If the money is invested in mutual funds, ETFs or stocks, it is not covered. But that isn’t the risk I would be worrying about. Instead, focus on what types of investments you hold, regardless of whether they are in your TFSA or your RRSP. If the purpose of the TFSA money is to save money, say for a new car or a house down payment, keep it in something really low-risk like GICs or cash. If the purpose is to invest long-term for your retirement, a diversified portfolio will move up and down over time, but it isn’t likely to go to zero. Unless, perhaps, a meteor hits planet earth and then we will all have bigger problems to worry about…
—Maria Vasilescu, Kitchener, Ont.
A: If you hold cash or GICs in your Tax-Free Savings Account (TFSA), it is covered by the Canada Deposit Insurance Corporation for up to $100,000 in the event that your bank fails. If the money is invested in mutual funds, ETFs or stocks, it is not covered. But that isn’t the risk I would be worrying about. Instead, focus on what types of investments you hold, regardless of whether they are in your TFSA or your RRSP. If the purpose of the TFSA money is to save money, say for a new car or a house down payment, keep it in something really low-risk like GICs or cash. If the purpose is to invest long-term for your retirement, a diversified portfolio will move up and down over time, but it isn’t likely to go to zero. Unless, perhaps, a meteor hits planet earth and then we will all have bigger problems to worry about…
Are you covered by health insurance in Canada?
– moneysense.ca
In late summer, sisters Sherri Thomas and Ann-Marie Morley and their mother Cynthia Portland did what thousands of Canadians do each year and went on a road trip. Their vacation included a family wedding in New Brunswick and sightseeing in P.E.I. But instead of taking the more direct route through Maine from their homes in Cambridge, Ont., they drove the long way around through Quebec. The reason? They weren’t prepared to travel in the U.S., even for a day, without travel health insurance. Though in good shape, Blewett is 90 and age is a pivotal factor when insurers set premiums. “The cost would have been prohibitive,” says Tietz. “We figured, we’d stay in Canada. That way, we’re covered.” (Names have been changed to protect privacy.)
Actually, not necessarily. Universal health care, it turns out, may not mean what many Canadians think it does. William Shung, a senior insurance advisor with LSM Insurance Services in Markham, Ont., says few Canadians appreciate the importance of having insurance for travel within Canada…
Actually, not necessarily. Universal health care, it turns out, may not mean what many Canadians think it does. William Shung, a senior insurance advisor with LSM Insurance Services in Markham, Ont., says few Canadians appreciate the importance of having insurance for travel within Canada…
