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This Year’s Best Credit Cards for Travel Perks Dec 10th
For the avid traveler, there are a few things you can’t go without – your passport, travel insurance, and a good travel rewards credit card.
Those who travel pretty often already know – the opportunity to gain rewards with a good travel credit card are hard to resist. You can easily earn deep.... More »
Home insurance isn’t immune to inflation. Here’s how experts say you can lower those costs Jul 19th
Simply shopping around to different companies and double checking the coverages you actually need can save you cash at renewal time.... More »
Every mortgage calculator you will ever need Jun 13th
Owning a home can be a powerful wealth-building tool, but it can also be expensive when you account for mortgage payments, property taxes, insurance premiums, utilities and maintenance.
To get a clear picture of how a home purchase impacts your finances, you’ll need to determine how much you ca.... More »
Canadian banks hacked and the insurance claim you can't make: CBC's Marketplace consumer cheat sheet Jun 4th
CBC's Marketplace rounds up the consumer and health news you need from the week, including customer data hacked at two Canadian banks, taking car insurance companies to court and the provinces with the best cellphone plans..... More »
The best travel insurance credit cards in Canada for 2024 Nov 16th
If you’re one of the nearly 80% of Canadians planning a trip outside your province or territory this year, you’re going to want to use a travel credit card with solid insurance.
Top 3 cards for travel insurance
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An annuity that pays off —if you live long enough
– moneysense.ca
(By Khongtham /Shutterstock.com)The “tontine” is a centuries old idea that seems poised for revival in time to prevent the tsunami of retiring Canadian baby boomers from outliving their money. Finance professor and author Moshe Milevsky thinks a new form of longevity insurance proposed this week by the CD Howe Institute is “a great idea.”
One of the problems of the decline of Defined Benefit pension plans in the private sector is that the alternatives do not provide the same sort of “mortality credits” that DB plans provide: in effect, those who die early subsidize those with longer lifetimes. RRSPs and TFSAs also lack this feature.
MORE: How to retire at 55 with $586,000
Add in extended longevity and chronically low interest rates and the proverbial warning about seniors eating cat food is again becoming current. About the only place DB plans are thriving is in the public sector, so it’s ironic that the public sector is being asked to come to the rescue of the next generation of impoverished seniors…
Can I cancel my mortgage life insurance? It’s too costly
– moneysense.ca
Q: My daughter and her husband did not earn enough, so my wife and I decided that we would help them by putting her name on the mortgage for the purchase of a new-build condo in Hamilton, Ontario. We opted to go with RBC and the mortgage was approved at a rate of 2.65%. In order to get the mortgage, however, my wife, who is currently 64-years-old, my daughter and I had to agree to purchase mortgage life insurance. We pay around $315 per month each, for a total monthly payment of $945. This is in addition to the monthly mortgage payment of $1,485. My question is whether or not this mortgage life insurance is mandatory or can I cancel it?
—Masood K.
A: Masood, first, let me congratulate you and your family. Getting into the housing market can be tough for younger adults and it’s nice to know that you were willing to help your daughter and her husband out. Plus, Hamilton, Ontario is a growing city and it appears poised for growth over the next decade.
Now, in relation to your question if the mortgage life insurance is mandatory…
Federal deficit through first eight months of fiscal year totals $9.1 billion
– canadianbusiness.com
OTTAWA _ The federal government’s deficit for the first eight months of the current fiscal year was smaller than a year earlier as revenue growth outpaced increases in spending.
According to the latest fiscal monitor, Ottawa rang up a deficit of $9.1 billion for the period from April to November, compared with a shortfall of $12.7 billion in the same months of the previous fiscal year.
The monthly report says revenues were up $8.8 billion, or 4.8 per cent, as an increase in tax revenues was partially offset by a decrease in employment insurance premium revenues.
Program spending increased up $5.8 billion, or 3.2 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses.
Public debt charges were down $500 million, or 3.0 per cent, largely due to a lower average effective interest rate.
The government’s fall economic update projected a spending shortfall of $18.4 billion for the financial year ending March 31, down from the $25…
According to the latest fiscal monitor, Ottawa rang up a deficit of $9.1 billion for the period from April to November, compared with a shortfall of $12.7 billion in the same months of the previous fiscal year.
The monthly report says revenues were up $8.8 billion, or 4.8 per cent, as an increase in tax revenues was partially offset by a decrease in employment insurance premium revenues.
Program spending increased up $5.8 billion, or 3.2 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses.
Public debt charges were down $500 million, or 3.0 per cent, largely due to a lower average effective interest rate.
The government’s fall economic update projected a spending shortfall of $18.4 billion for the financial year ending March 31, down from the $25…
