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Canadian Mortgage Debt Improving: CMHC Q3 Report + MORE Dec 1st
Canada Mortgage and Housing Corporation (CMHC) has released their 3rd quarter results, and they indicate Canadian home buyers are doing a better job of managing their mortgage debt. The Crown corporation, which offers mortgage loan insurance and securitization guarantee programs, finds the new ave.... More »
Mortgage insurance calculator Jun 4th
CMHC insurance calculator
If you’re buying a home and have a down payment of less than 20%, you’ll need to purchase mortgage default insurance, also known as mortgage loan insurance or CMHC mortgage insurance (named after the Canada Mortgage and Housing Corporation, one of the three mort.... More »
Canadian snowbirds in flux as insurance firms deny them COVID coverage — but there is a solution + MORE Jul 14th
Canadian insurers are refusing to provide travel health insurance to snowbirds hoping to travel south this winter. However, some U.S. insurers are willing to step in..... More »
Cost Management Strategies for Canadian Group Benefit Plans May 12th
The cost of providing comprehensive benefits continues to rise. Managing group benefits effectively is critical for employers in Canada. The need to find balance between offering appealing group insurance to employees and maintaining financial sustainability is not easy.
Here are some innovative co.... More »
TFSA contribution room calculator + MORE Nov 5th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
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Tax-free savings account 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 e.... More »
Insurers won’t demand genetic tests
– thestar.com
Insurance companies won’t tell prospective customers they need genetic testing — but will expect them to disclose tests they’ve already had.Balance sheets: Canadian vs. U.S. households
– moneysense.ca
The latest Allianz Global Wealth Report has some of the most interesting comparisons of Canadian vs. American balance sheets we’ve seen in a while.Overall, the insurance and asset management firm ranked Canadians the 8th richest in the world in terms of net per capital financial assets, behind Switzerland, the U.S., Belgium, Netherlands, Japan, Sweden and Taiwan. We’d be higher on that list if it weren’t for our debt levels, Allianz suggests.
“Although financial assets made a relatively speedy recovery in the aftermath of the crisis, achieving annual growth averaging 8.1 per cent per annum over the past five years, the financial situation of Canadian households is anything but sustainable,” the report reads.
“Macroeconomic shocks like rising interest rates, a labour market slump or falling house prices could pose a serious threat to the solvency of highly-indebted households.
These graphs from the same report just how insatiable Canadians’ appetite for debt is, especially when compared to the U…
How to get out of a bad car loan
– moneysense.ca
Getty ImagesQ: “I bought a Nissan Versa for $17,500. Because I have a poor credit rating, the dealer charged me 29% interest on my car loan. When the loan is finally paid off, the car will have cost me $34,000. I want to sell, but I think the car maybe worth less than the loan. What can I do?”—M. Fisher, Ottawa
A: You can pay off a consumer loan early with little penalty. So arrange a better financing deal with another lender—and get someone to co-sign if you have to. Then use the second loan to pay off the first. Or, sell the Versa and buy a cheaper car. But if what you owe on the Versa is more than its trade-in value, you’ll have to pay the difference by adding that amount to the new car loan. Also cancel any existing loan insurance and replacement value coverage directly with the providers and get a refund.
George Iny is the president of the Automobile Protection Association. Send him your automotive questions at ask@moneysense.ca.
The post How to get out of a bad car loan appeared first on MoneySense.
