Is a personal injury settlement taxable, and can it impact OAS or GIS benefits? + MORE Aug 19th

There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
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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 »

Blue Jays break new ground by acquiring premium rental Jordan Hicks - Yahoo Canada Sports Jul 31st

Blue Jays break new ground by acquiring premium rental Jordan Hicks  Yahoo Canada SportsJordan Hicks and What's Next | Jays Talk Plus  SPORTSNETJays pay reasonable price for hard-throwing Jordan Hicks as closer insurance. And they aren’t done  Toronto StarWhat's next .... More »
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Making sense of the markets this week: April 2, 2023 Apr 2nd

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors. Freeland fires again at Canadian Banks There are several big-picture looks at the important aspects of the Canadian federal budget .... More »
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Why Offer Employee Benefits Feb 4th

What Every Small Business Owner Needs to Know The current labour market has shifted and is now in favour of the employee. Coming out of the pandemic, there are more jobs available than there are people willing to fill them. What does this mean to the average small business owner? In a nut shell, it.... More »

Video: Is tenant insurance mandatory? + MORE Nov 28th

Tenant insurance is good to have. If you’re a renter, it covers the cost of replacing your personal items after theft or damage. But coverage doesn’t stop there—tenant insurance also protects you in situations where you may be liable, such as accidental property damage or a personal injury.... More »
Q. I received a small settlement for an Ontario car accident, which my lawyer says is non-taxable, and so noT4A will be issued. If I deposit the funds into a bank account, will this one-time settlement clawback my OAS and GIS benefits?
–J
 A. I’m sorry to hear about your accident, J. Hopefully the settlement is reasonable.
 You mention that your lawyer said a T4A slip will not be issued for the settlement. A T4A tax slip is used to report pension, retirement, annuity and other income. As a rule, I would suggest caution about relying on the lack of a T4A slip as being evidence that an amount is not taxable. For example, self-employed commissions paid to an independent agent should be reported on a T4A slip, but are often not reported—although self-employment income is, of course, taxable. Whether an amount is deposited to a bank account does not impact its taxation, either (for example, cash paid for taxable employment or self-employment).
 I am currently dealing with a major Canadian insurance company that incorrectly issued a T4A slip for a client and they have to date refused to change it…

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The Best (and Cheapest) Cars to Insure in Canada
Since 2006, the U.S.-based Insurance Institute for Highway Safety (IIHS) has acknowledged the vehicles that perform the best and offer the most protection for occupants at its annual awards. The 2020 Top Safety Picks can help drivers in their car-buying decision by narrowing down the most reliable and dependable vehicles.
The IIHS Top Safety Pick+ Winners for 2020
The IIHS analyzes the top safety picks by testing the crashworthiness as well as crash avoidance and mitigation.
In simple terms:

Crashworthiness: How well a vehicle protects the driver and its occupants.
Crash avoidance and mitigation: The technology that comes standard or that can be added to a vehicle to prevent collisions or lessen the severity of a crash.

The award winners are the vehicles that come equipped with acceptable or good headlights, have advanced or superior crash prevention, as well as good ratings in other areas of vehicle safety like head restraints and roof strength.
Here are the Top Safety Pick+ award winners from the IIHS:
Top safety picks for small to midsize cars

Small car
Midsize car

2020-21 Honda Insight sedan
2020 Mazda 6 sedan

2020 Mazda 3 hatchback
2020 Nissan Maxima sedan

2020 Mazda 3 sedan
2020 Subaru Legacy sedan

2020 Subaru Crosstrek Hybrid wagon
2020 Subaru Outback wagon

 
2020 Toyota Camry sedan

For a little more style, here are the luxury car selections…

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