Federal deficit through first eight months of fiscal year totals $9.1 billion + MORE Jan 26th

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Founder of Chinese company with billions in B.C. assets gets 18 years for fraud May 11th

Anbang Insurance Group's extensive B.C. holdings — including Vancouver's Bentall Centre and the largest retirement and care home company in the province — is now controlled by the Chinese government..... More »

Want life insurance? You may want to track your fitness, says John Hancock Sep 20th

John Hancock, one of the oldest and largest North American life insurers, will stop underwriting traditional life insurance and instead sell only interactive policies that include optional fitness tracking through tools including wearable devices and smartphones, the company said on .... More »
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Scotiabank Passport™ Visa Infinite* Review May 19th

Attention MoneyWise readers! Sign up for the Scotiabank Passport™ Visa Infinite* Card today and for a limited time, get up to 25,000 bonus points with your first $1,000 in everyday purchases in the first three months. That’s already $250-worth of rewards! And for a limited time, get $75 IN.... More »

What’s your RRSP contribution limit? Feb 19th

If you’re like many Canadians, you’re hoping you’ve paid enough tax for 2017 and may even be looking forward to a hefty tax refund cheque. You can help ensure that happens by knowing the details of your Registered Retirement Savings Plan (RRSP), what sets them apart, you.... More »
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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 »
An annuity that pays off —if you live long enough(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…

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Can I cancel my mortgage life insurance? It’s too costly
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…

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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…

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