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Latest News
Do retirees need life insurance? Mar 4th
Ask MoneySense
My wife and I are both retired office workers from a large manufacturing firm. She retired at 60 and I did at 61. We are both 67 now. We have good retirement income between our pensions, LIF, OAS and max CCP, as well as about $12,000 per year in dividend income. The issue is our RRSP.... More »
Scotiabank Gold American Express Card review Jan 12th
The Scotiabank Gold Amex combines some of the best aspects of a travel card with the ability to participate in the Scene+ Rewards Program. For a modest annual fee, you’ll enjoy considerable insurance coverage, some travel perks, and the ability to earn up to 6 Scene+ points per $1 spent.
Who is.... More »
Condo maintenance fees: How much is too much? Jun 29th
Condos are a popular choice for many first-time homebuyers owing to their lower price point and access to amenities such as gyms and pools. But as well as a mortgage, condo owners are responsible for monthly maintenance fees that support operating costs for the building, among other aspects, and it&.... More »
The best travel credit cards in Canada for 2025 May 8th
To be one of the best travel credit cards in Canada on our list, the card must combine strong earn rates with perks like lounge access, no foreign transaction fees and travel insurance coverage. We’ve compiled this list of the top cards in this category to help you get started.
Best travel cred.... More »
Renting vs. buying: Which is the better option? Aug 20th
The rent-versus-buy debate has long divided financial experts and aspiring home owners, with no clear winner in sight.
The traditional argument holds: While buying a home can build long-term equity and stability, renting can provide flexibility and fewer upfront costs. But as home ownership becom.... More »
Home insurance: Are you covered for wildfires, floods and other climate-related disasters?
– moneysense.ca
In 2024, severe weather caused record-breaking property damage across Canada. Home owners and insurers are reeling from the impacts of multiple disasters, including floods in Toronto, Southern Ontario, British Columbia and Quebec; the wildfire in Jasper, Alta.; and a hailstorm in Calgary. Together, these events totalled $8.5 billion in insured losses, reports the Insurance Bureau of Canada (IBC): “For the first time in Canadian history, insured damage caused by severe weather events surpassed $8 billion.”
Those losses come on top of sky-high claims in recent years. Between 2009 and 2020, Canadian insurers spent an average of $2 billion annually on losses related to natural catastrophic events (those resulting in insured losses of $25 million or more)—more than four times the average of $422 million paid out annually from 1983 to 2008, according to the IBC. In 2022, insured damage for severe weather events reached $3.1 billion. In 2023, losses again hit $3.1 billion. As noted above, claims in 2024 eclipsed that figure, with the year-end tally at $8…
