All about Canadian insurance. Learn the ins and outs and get the latest news.
Latest News
6 times when a GIC is a smart investment choice + MORE Mar 13th
A guaranteed investment certificate (GIC) may seem like your grandfather’s kind of savings product. After all, his generation was fond of similar investment tools, like government savings bonds and treasury bills, and benefited from periods where interest rates were high enough to make these low-r.... More »
Life Insurance Rates and Health Conditions Apr 9th
Most life insurance plans are medically underwritten, which means that the insurance company has an underwriter look at your medical history (as well as conducting an interview with a medical practitioner) to evaluate your overall health condition. This evaluation determines what health class an ap.... More »
Fort McMurray fire: Home insurance and clean up tips + MORE May 10th
(Ryan Remiorz/The Canadian Press via AP)
The fires raging through northern Alberta have galvanized a province and moved a country. The images are horrific. The stories are both inspirational and heartbreaking. It’s a story close to my heart (despite the almost 4,000 kilometres that separate me fr.... More »
Prospective home buyers feel the heat over new mortgage rules, but all hope is not lost, industry leaders say Jul 10th
Mortgage default insurance is mandatory on down payments between five and 19.99 per cent, and as of July 1 it will be even harder to qualify through the national housing agency. But don’t panic just yet..... More »
Fairfax increases stake in Torstar with $11.8 million private stock deal + MORE Nov 11th
TORONTO _ Fairfax Financial Holdings Ltd. (TSX:FFH) has paid nearly $11.8 million to increase its holding of Torstar Corp.’s non-voting shares to 40.6 per cent.
The Toronto-based financial company now owns about 28.9 million class B shares of Torstar (TSX:TS.B), owner of the Toronto Star, the .... More »
How to make money from your car
– moneysense.ca
With the cost of car ownership rolling in at about $10,000 per year in Canada, it can’t hurt to consider money-making opportunities for your four wheels. No doubt you’ve already heard of Uber, but here are four other clever ways to generate income from your vehicle with little to no inconvenience. Based on our conservative estimates, you could shave more than $3,400 off the annual cost of your vehicle. As always, do your due diligence when entering into any contractual obligations and double-check your insurance liabilities. (And they say cars are bad investments.)
The post How to make money from your car appeared first on MoneySense.
Canadian Mortgage Debt Improving: CMHC Q3 Report
– ratesupermarket.ca
Canada Mortgage and Housing Corporation (CMHC) has released their 3rd quarter results, and they indicate Canadian home buyers are doing a better job of managing their mortgage debt. The Crown corporation, which offers mortgage loan insurance and securitization guarantee programs, finds the new average buyer credit score and debt service ratio are on an uptick.
Improving Credit Scores for Canadian Home Buyers
CMHC found the average credit score for transactional homeowner loans in the third quarter was 747. This is an excellent score and shows that homeowners are doing a good job of managing their debts. Maintaining a good credit score is important if you plan to borrow money for a major purchase like a home, and generally the better the score, the better your mortgage rate. According to Equifax and TransUnion, Canada’s two credit monitoring agencies, a score of 600 to 749 is considered good, while a credit score of 750 and above is great.
Buyers Better Able to Handle Mortgage Debt
CMHC also found the average gross debt service (GDS) ratio for transactional homeowner loans in the third quarter was 25…
How to invest conservatively without bank GICs
– moneysense.ca
Q: We are maxed out on our RRSPs and TFSAs and our remaining funds are in joint GICs (Guaranteed Investment Certificates). Due to our age, we are risk adverse and like to maintain GICs. However, the bank rates for GICs are relatively low and more importantly, the banks are covered under the Canadian Deposit Insurance Corporation (CDIC) for only $100,000.This means that we have to spread our funds over various institutions – and this is becoming cumbersome.
We recently heard about credit unions covered by the Deposit Guarantee of Manitoba. Their GICs rates are more appealing and their limits are unlimited.
1. How safe or risky are the credit unions covered by the Deposit Guarantee of Manitoba?
2. Are there any other avenues to take?
3. Typically, what do corporations, business and/or private people do with their money if they have large sums of money to invest (more than $100,000)?
–Jack
A: Yours is a good problem to have, Jack. Although having too much money is better than the alternative, it never ceases to amaze me how the wealthy worry about money too – just in a different kind of way…
