There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
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Your FHSA timeline: What to invest in and when Nov 29th
Before you make an offer to buy your first home, you’ll have to determine your budget and save up enough money for a down payment (typically about 20% of the home’s value). That’s probably going to be a good chunk of change—Canada’s housing market is expensive, and if you put down less tha.... More »
Buying home insurance in Canada: A beginner’s guide Feb 25th
Home Insurance
Home insurance in Canada: A beginner’s guide
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What Does Silicon Valley Bank’s Collapse Mean for Canadians? Mar 25th
The collapse of Silicon Valley Bank, or SVB, earlier this month has been sending shockwaves throughout North America’s tech and banking industries. The lender, based in Santa Clara, Calif., had clients that included start-ups like HR and payment firm Rippling and major tech companies like Roku. It.... More »
Should seniors cancel their life insurance policies? Dec 15th
Ask MoneySense
My husband is about to turn 60 and we have to make a decision to continue with a life insurance plan or to let it go.
We no longer have a mortgage, and we are in process of taking care of our own funeral arrangements, so our kids don’t have to worry about it.
I’ve been retir.... More »
Critical illness and disability insurance in Canada Sep 29th
When I bought my home and car, I also bought home and car insurance—it wasn’t even a question. (Plus, car insurance is mandatory in Canada.) If you own a home or a car, you probably also have insurance to protect your valuable asset. You might also be one of the 22 million Canadians who have lif.... More »
Cost Plus and Group Benefit Plans
– life-insurance-quotes.ca
What is Cost Plus?
Group benefit plans, also called group insurance or employee benefits, offer company employees coverage for various healthcare costs. These benefit plans commonly cover dental and prescription drug costs, and they may also cover costs resulting from vision care expenses and paramedical expenses (for example, chiropractors, massage therapists, etc.).
Sometimes, however, healthcare expenses may be incurred that are not covered by a benefits plan. Group benefit plans are highly customizable, and what one plan covers another plan may not.
Business owners in particular might want to have healthcare expenses paid for in a tax friendly manner that are not covered by the benefits plan they provide their employees.
This is where Cost Plus, a Private Health Services Plan (or PHSP), comes into play. Most (but not all) group plans have an option for Cost Plus, which is a method for business owners to use corporate pre-tax dollars to pay for expenses not covered by the group plan…
How to improve your credit score
– moneysense.ca
Moving out on your own, financing a car or landing your dream job—all of this can require having a good credit score. Your credit score indicates how trustworthy you are in the eyes of creditors, and it can range from a low of 300 to a high of 900.
A good credit score (typically in the high-600 to mid-700 range) can help you qualify for a car loan, mortgage or insurance. It can help you get the best interest rates from your lender. At times, a landlord or employer may even ask to see your credit score before accepting you as a tenant or offering you a job. For that reason, it’s important to know how credit scores work, was well as how to build or improve your own score.
Factors that impact your credit score
Young adults tend to have lower credit scores on average than older Canadians. At the time of a 2018 study by Equifax Canada, Canadians aged 18 to 25 had an average score of 692. That was lower than all other age groups—including 26-to-35-year-olds, whose average score was 697…
