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
Do I need flood insurance? Jun 4th
Flood insurance is still pretty new to Canada—it was only introduced in 2015. And while only 19% of Canadians live in flood-prone areas, like along the coasts or in the Maritimes, the Government of Canada reports that floods are the most common natural hazard here, causing over $1 billion in damag.... 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 »
What does a fee-only financial planner do, exactly? Sep 16th
Q. How do you make money, Jason, if you don’t sell any products?
–Rob
A. Your question is a good one that I get a lot, Rob—even from people in the industry. So let me explain.
Something that I like to reinforce frequently is that I do not sell any financial products. I feel this is an import.... More »
Why your home insurance rates are rising Dec 14th
At first glance, James Arnold looks like an insurance company’s dream client. The Richmond, B.C., resident has owned his current home for more than two decades, has been with the same insurance company for almost 20 years, and in all those years had never made a claim. At least, not until recently.... More »
Inside the Trillion-Dollar Wellness Industry Oct 11th
As a health-and-wellness-industry reporter for publications like Fast Company and The New York Times, Rina Raphael spent years covering fitness, food and far-out trends. (Crystal healing, anyone?) But by her mid-30s, she realized her obsession with health was making her feel worse, not better. These.... 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…
–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…
The Best (and Cheapest) Cars to Insure in Canada
– ratesupermarket.ca
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…
