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Latest News
Life insurance companies no longer treating marijuana use as high risk as tobacco + MORE Jul 2nd
Some of Canada's biggest insurance companies have updated their policies on marijuana use. The changes have a major impact on regular users' premiums..... More »
Canada’s best travel credit cards 2022 + MORE Jan 7th
With a good travel credit card in your name, going on a trip can suddenly become more affordable (when you are ready to travel again, of course). 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 lou.... More »
American consumers would be hurt by lumber duties, say U.S. housing groups Dec 5th
MONTREAL – The imposition of import tariffs on Canadian softwood lumber will place a heavy burden on consumers and U.S. workers, a leading American voice for free trade with Canada says.
The U.S. National Association of Home Builders says duties or volume caps on imported lumber will raise the.... More »
How much total ‘credit’ should a couple have? Aug 3rd
Q: I’m wondering how much total ‘credit’ I should have? My husband and I have a few credit cards and two Line of Credit (LOCs) between us totalling about $50,000. We don’t have a habit of maxing it out and we pay it off fairly regularly. I’m being offered another LOC f.... More »
Canadian snowbirds in flux as insurance firms deny them COVID coverage — but there is a solution + MORE Jul 14th
Canadian insurers are refusing to provide travel health insurance to snowbirds hoping to travel south this winter. However, some U.S. insurers are willing to step in..... More »
Police charge man, 19, in Heartbleed privacy breach
– macleans.ca
OTTAWA – Police have charged a 19-year-old man from London, Ont., in connection with the loss of taxpayer data from the Canada Revenue Agency website.
Stephen Arthuro Solis-Reyes was arrested at his residence Tuesday and is charged with unauthorized use of a computer and mischief in relation to data, the RCMP said Wednesday.
A search of the residence resulted in the seizure of computer equipment.
The agency was forced to shut down its publicly accessible website Friday as the world learned about the Heartbleed computer bug, a previously undiscovered global Internet security vulnerability.
Other government computer sites were also temporarily taken down over the weekend.
On Monday, the agency said 900 social insurance numbers had been compromised.
The loss was detected Friday, but the agency delayed telling Canadians about it at the request of the RCMP.
The police said the delay allowed them to pursue their investigation through the weekend and helped track down a suspect.
“The RCMP treated this breach of security as a high priority case and mobilized the necessary resources to resolve the matter as quickly as possible,” said Assistant Commissioner Gilles Michaud…
Stephen Arthuro Solis-Reyes was arrested at his residence Tuesday and is charged with unauthorized use of a computer and mischief in relation to data, the RCMP said Wednesday.
A search of the residence resulted in the seizure of computer equipment.
The agency was forced to shut down its publicly accessible website Friday as the world learned about the Heartbleed computer bug, a previously undiscovered global Internet security vulnerability.
Other government computer sites were also temporarily taken down over the weekend.
On Monday, the agency said 900 social insurance numbers had been compromised.
The loss was detected Friday, but the agency delayed telling Canadians about it at the request of the RCMP.
The police said the delay allowed them to pursue their investigation through the weekend and helped track down a suspect.
“The RCMP treated this breach of security as a high priority case and mobilized the necessary resources to resolve the matter as quickly as possible,” said Assistant Commissioner Gilles Michaud…
Mortgage Rule Update: How Will OSFI B21 Impact You?
– ratesupermarket.ca
A new round of mortgage regulations has been introduced to the Canadian Housing Market, but don’t panic – this set is much less likely to impact your ability to buy a home.
The Office of the Superintendent of Financial Institutions (OSFI) revealed the proposed regulations today for public review. They’ll remain open for comment until May 23, when a final version will be drafted and implemented. Dubbed B21, the changes target providers of mortgage default insurance, which is required by all buyers paying less than 20 per cent down on their home purchase.
The purpose of the regulations is to create consistency between mortgage insurers’ underwriting practices, and create greater disclosure and transparency.
An Additional Round of Changes
These changes are a follow up to the B20 regulations introduced last summer, the fourth in a series of changes designed to discourage risky borrowing and too-high debt ratios. Those restrictions capped amortizations at 25 years, changed TDS and GDS ratios, and limited LTVs for refinances and HELOCs…
Heartbleed bug accused charged over SIN breach – CBC.ca
– news.google.ca
CBC.caHeartbleed bug accused charged over SIN breachCBC.caThe RCMP's National Division has charged a 19-year-old London, Ont., man following the theft of 900 social insurance numbers from the Canada Revenue Agency in a web security breach linked to the Heartbleed bug. Stephen Arthuro Solis-Reyes was …RCMP arrests London man in Heartbleed SIN theftToronto StarLondon, Ont., man, 19, charged in Canada Revenue Agency Heartbleed hackSarnia ObserverRCMP says it nabbed Heartbleed hackerComputer Dealer NewsBBC News -The Globe and Mail -Calgary Heraldall 1,485 news articles »
OTTAWA – Canada’s financial regulator is looking to issue new guidelines governing high-risk mortgages in the country’s housing market.
The Office of the Superintendent of Financial Institutions has asked for comments on the guidelines that would compel mortgage insurers to do due diligence on the ability of borrowers to service their debts and also require them to tighten monitoring procedures.
But OSFI has stopped short — so far — of further tightening mortgage rules, such as requiring that low-risk mortgages also be subject to 25-year amortization periods. Currently the rule applies only to higher-risk mortgages with less than 20 per cent down payment, where insurance is mandatory.
CIBC deputy chief economist Benjamin Tal says the new guidelines, once adopted, would have only minimal impact on the market.
They would formalize what is already the practice in Canada among lenders, such as Canada’s banks.
Tal adds that OSFI and the government are no doubt monitoring the spring housing market to determine if stricter measures are needed, but are likely encouraged that the market is showing signs of cooling…
The Office of the Superintendent of Financial Institutions has asked for comments on the guidelines that would compel mortgage insurers to do due diligence on the ability of borrowers to service their debts and also require them to tighten monitoring procedures.
But OSFI has stopped short — so far — of further tightening mortgage rules, such as requiring that low-risk mortgages also be subject to 25-year amortization periods. Currently the rule applies only to higher-risk mortgages with less than 20 per cent down payment, where insurance is mandatory.
CIBC deputy chief economist Benjamin Tal says the new guidelines, once adopted, would have only minimal impact on the market.
They would formalize what is already the practice in Canada among lenders, such as Canada’s banks.
Tal adds that OSFI and the government are no doubt monitoring the spring housing market to determine if stricter measures are needed, but are likely encouraged that the market is showing signs of cooling…
Security experts believe the data breach announced by the Canada Revenue Agency on Monday could be far worse than officials are letting on. The government department revealed Monday that 900 social insurance numbers were taken from its servers during a six-hour-window after the HeartBleed exploit was publicly announced a week ago.
