There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
Latest News
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 »
CPP payment dates in 2025, and more to know about the Canada Pension Plan Oct 7th
In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too..... More »
Compare high-risk auto insurance quotes for Ontario Feb 8th
The cost of auto insurance—which is required for drivers in Canada—can vary widely. Why? Because it’s all about risk. How risky your car is—is it prone to safety issues that could cause an accident? Is it a car-thief magnet? How risky your neighbourhood is—whether you live in an urban or r.... More »
Better Coverage, Lower Cost: Find the Right Health and Dental Plan Oct 19th
When Was the Last Time You Reviewed Your Plan?
If it’s been a while, you could be missing out on new discounts, waived waiting periods, and enhanced coverage options. Whether you’re self-employed, between jobs, transitioning to retirement, or simply looking for better value, now’s the perfect.... More »
How does rent from a family member or common-law partner get taxed? Jan 28th
A client of mine told me (Ontario) that his girlfriend moved in and is paying $1,000 per month towards household costs. They won’t be common-law for 3 years in Ontario. Would this count as tax free?—Hans
There are a few considerations here for your client, Hans. I will break them down. .... More »
How does a reverse mortgage work in Canada?
– moneysense.ca
More than ever, Canadians are relying on reverse mortgages—a “don’t-pay-till-you-die” option to borrow up to 55% of the appraised value of your home—and the trend is turning conventional wisdom about debt and retirement on its head. While past generations fought hard to avoid debt in their golden years, data from the Office of the Superintendent of Financial Institutions (OSFI)—the federal government agency that supervises and regulates banks, insurance companies, and trust and loan companies—confirms that reverse mortgages are on the rise in Canada, with over $8.2 billion in reverse mortgage debt outstanding at the end of June 2024 (the most recent data available at press time). That’s 18.3% higher than the same month last year, and 39.3% higher than two years ago.
If you’re considering a reverse mortgage as a way to fund or boost your retirement income, there’s a lot to consider. This explainer will take you through the ins and outs of reverse mortgages.
How does a reverse mortgage work?
While a conventional mortgage advances you funds in order to buy a house, a reverse mortgage is just the opposite: It advances you funds from the house you already own…
