How to go about securing the best policy for your insurance in Canada.
Latest News
The Power of Positivity: a Q&A With Onlia’s Fernand Vartanian Oct 27th
What’s new in the world of insurance?
Over the last few years, drivers in Ontario have been eligible for discounts or incentives based on safe driving behaviour. Recent regulatory changes mean that now some providers of pay-as-you-drive policies could increase a customer’s premium if the trac.... More »
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 »
What DCPD insurance means to you Jan 19th
Direct compensation property damage, or DCPD, has nothing to do with your house and everything to do with your wheels. Part of the no-fault auto insurance system, it is a mandatory component of car policies in Ontario, Quebec, Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island. The bi.... More »
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Dating dilemma: When to talk about finances Mar 16th
When it comes to popular first-date conversation topics, credit scores and debt levels aren’t at the top of the list. Even committed couples may find it hard to broach financial topics like retirement planning or estate planning. But as the cost of living goes up and people try to plan for the fut.... More »
Financial Support for Seniors During COVID-19
– ratesupermarket.ca
The COVID-19 pandemic has impacted Canadian students, workers, parents, children, seniors, and everyone in between. Financial uncertainty continues to be a large area of concern, although many have been impacted in other ways too. The Government of Canada has responded to the financial needs of Canadians through their COVID-19 Economic Response Plan. The health of seniors is a top priority; however, their financial well-being is also important and has not been forgotten amongst the volatility of the pandemic. The Canadian government has provided financial relief for them as well.
Some seniors may be eligible for more government support, depending on their circumstances. Here are a few of the available financial resources.
Minimum withdrawal reduction for RRIFs
A Registered Retirement Income Fund (RRIF) is an arrangement between an individual and a carrier that is registered with the government. The carrier could be an insurance company, bank, or trust company. Property is held within the RRIF, which may have been transferred from an RRSP, another RRIF, or another source…
CMHC tightens mortgage rules in latest response to COVID-19
– moneysense.ca
On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic.
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a higher credit score to qualify for CMHC insurance, and will require a homebuyer to use their own, and not borrowed, funds for their down payment.
COVID-19 “has exposed long-standing vulnerabilities in our financial markets, and we must act now to protect the economic futures of Canadians,” said Evan Siddall, CMHC’s President and CEO.
CMHC provides insurance that protects lenders if homeowners default on their mortgage. If a buyer has a down payment of less than 20% of the purchase price, mortgage default insurance is required, and is paid by the homeowner. Some properties, including those with a purchase price of $1 million or more, are not eligible for CMHC insurance.
Siddall says the new rule changes will stabilize housing markets by reducing demand and putting a damper on “unsustainable housing price growth…
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a higher credit score to qualify for CMHC insurance, and will require a homebuyer to use their own, and not borrowed, funds for their down payment.
COVID-19 “has exposed long-standing vulnerabilities in our financial markets, and we must act now to protect the economic futures of Canadians,” said Evan Siddall, CMHC’s President and CEO.
CMHC provides insurance that protects lenders if homeowners default on their mortgage. If a buyer has a down payment of less than 20% of the purchase price, mortgage default insurance is required, and is paid by the homeowner. Some properties, including those with a purchase price of $1 million or more, are not eligible for CMHC insurance.
Siddall says the new rule changes will stabilize housing markets by reducing demand and putting a damper on “unsustainable housing price growth…
