How to go about securing the best policy for your insurance in Canada.
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Egan: Bank tells senior who got stuck in Antarctica he's too old for credit card's travel insurance + MORE Jun 3rd
Robin Farquhar has one of those wonderful-sounding travel credit cards, ScotiaGold Passport Visa, that comes with six types of insurance coverage — everything from burglary to lost luggage to cancelled flights. As a longtime Bank of Nova Scotia customer, imagine his reaction, a year ago, .... More »
TFSA contribution room calculator + MORE Aug 28th
TFSA contribution room calculator
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator. Note that in the second box below, you should not “double count” contributions that you have withdrawn and then legitimately re-contributed in the following.... More »
Does driving school lower insurance for Canadian drivers? Nov 16th
When you’re a new driver, insurance companies view you as being at higher risk of accidents than someone who’s been on the road for several decades. The risk of collision is highest within the first year a driver is on the road, and it decreases as drivers gain more experience. As a result, new .... More »
A Fresh Financial Start + MORE Apr 25th
It’s been a week of change for your finances, from new savings options announced in the government’s budget to a wave of price reductions for auto insurance customers. Will your piggy bank come out on top? Read on to see how these updates will affect your bottom line.
INFOGRAPHIC: The Perfect P.... More »
Insurance Fraud: The Leading Cause of High Insurance Premiums for Canadians Jul 2nd
An ever-present, growing problem in the Canadian insurance industry is fraud. What some view as a “victimless crime” can affect thousands of insured Canadians.
Insurance fraud can be well planned with a network of perpetrators working in tandem, or committed by a single person in a moment of du.... More »
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– moneysense.ca
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Senior Home Buyers Are Fuelling the Market: CMHC
– ratesupermarket.ca
In addition to providing mortgage insurance for homeowners with less than 20 per cent for a down payment, one of the Canada Mortgage and Housing Corporation’s (CHMC) roles is to monitor and analyze the country’s housing stock. The federal agency recently released two reports, the 12th annual 2014 Canadian Housing Observer and the House Price Analysis and Assessment. Here’s a closer look at some of the key findings.
Senior Spenders Leading Growth
While much attention is paid to the first-time homebuyers market (including on this blog!), it turns out that the baby boomers still lead the way in housing in Canada. According to the CMHC, “Because the probability of owning a home rises as people get older…population aging helps account for the virtually uninterrupted increase in the homeownership rate in Canada over the past four decades.” In fact, the 60- to 64-year-old age bracket – the oldest of the boomers – had the highest ratio of homeownership in the period between 2006 and 2001…
How to invest a RRIF
– moneysense.ca
(JGI/Jamie Grill/Getty Images)Q: Can you suggest a preferably low cost RRIF portfolio for a 74-year-old woman in decent health in an amount of about $500,000?—Sharon
A: I think what you really should be considering is a good value Registered Retirement Income Fund (RRIF) portfolio as opposed to a low cost RRIF portfolio, Sharon.
A low cost RRIF portfolio is easy. You can put it all in GICs and pay no fees. Or you can take the RRIF to an insurance company and buy an annuity that will pay a monthly payment for the rest of your life, meaning no more investment fees. Though both options have virtually no direct cost, they have indirect costs because you’re committing to low, albeit guaranteed returns.
Investing in stocks has a cost. There are costs that are direct as well as indirect and you need to assess what you’re getting for the price.
You can keep your direct costs down by buying exchange-traded funds (ETFs) through a discount broker. Questrade, iTrade, Qtrade Investor and Virtual Brokers offer no fee ETF purchases (you pay commissions on sale)…
