How to go about securing the best policy for your insurance in Canada.
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TFSA contribution room calculator Nov 20th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds .... More »
The Benefits of Donating a Life Insurance Policy to Charity + MORE May 7th
Life insurance policies cannot only be left to an individual beneficiary, but can be donated to charity. Along with the satisfaction of knowing that you are leaving money to a worthy cause, donating your policy will also have certain tax benefits.
Donating your life insurance policy can be accompli.... More »
Hurricane Scalise Jul 22nd
A GOP leader wants to scuttle even minor flood insurance reform..... More »
Canada’s best credit cards 2023 Jan 7th
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Best credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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CMHC tightens mortgage rules in latest response to COVID-19 + MORE Jun 12th
On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic.
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a hig.... More »
I lost my home in a fire. Can I tap my LIRA to cover costs?
– moneysense.ca
Q: My house was burnt in the Fort McMurray fire. I am now unemployed and my husband and I are struggling to make the mortgage payments on top of our rent payment. Our savings are now drained as well as money received from insurance—the town house was part of a condo and is being rebuilt.
We have a significant amount locked up in a LIRA and it seems ridiculous for our mortgage to go to foreclosure (as it will be soon enough) before we have a chance to sell it and get our money out when it’s finally rebuilt next year. Are there any LIRA loopholes for people who lost their homes in these fires? Can we take money out of the LIRA to help us out financially now?
—Karen
A: Karen, the Fort McMurray fire is a disaster in many ways. There was huge property damage, displacement, disruption of infrastructure, and disruption of employment. The biggest strain has to be the pace at which all of this gets solved. How do you get by financially when you have continuous living expenses while employment opportunities are suddenly limited?
I’m so sorry this has happened to you, Karen…
