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How to Save on Life Insurance + MORE Feb 20th
The brokers here at Baker & Baker Benefits have been helping Canadians get life insurance for several years now, and we enjoy passing on our knowledge and experience to the Canadian public.
In keeping with this spirit, here are some insightful tips on how to save money when buying a Canadian lif.... More »
Going on vacation? Here’s how to keep your home safe + MORE Jul 3rd
As summer kicks into high gear, many Canadians are planning to head out of town for a vacation, whether it’s a weekend at the cottage or a month-long tour of Europe. But getting that rest and relaxation can bring a new source of stress.
According to a Leger survey conducted for Allstate Insuran.... More »
Amazon, Buffett and JPMorgan join forces on health care Jan 30th
Three of corporate America’s heaviest hitters _ Amazon, Warren Buffett and JPMorgan Chase _ sent a shudder through the health industry Tuesday when they announced plans to jointly create a company to provide their employees with high-quality, affordable care.
The announcement was short on deta.... More »
Warning to caregivers: Expect a scavenger hunt + MORE Feb 25th
This story is part 3 in a series on financial caregiving for seniors. Read others in this series:
3 signs you need to take control of your parents’ finances
Caring for a parent? Get a power of attorney
Before my father was diagnosed with dementia, I had a 30,000-foot awareness of my f.... More »
SimplyCash Preferred card from American Express review Jan 16th
If you’re looking for a card that will help you earn cash back on purchases, look no further than the SimplyCash Preferred Card from American Express. With a return of 4% cash back on gas and grocery purchases—and a flat 2% back on all other purchases—it is one of the best credit cards in Can.... More »
Do I really need life insurance?
– moneysense.ca
Q: I am a single 70-year-old woman with a reasonable mortgage of about $115,000 on my home. I have no family and no dependents. On my limited budget I find life insurance on my mortgage is a cost I would rather do without. Do I need life insurance? And if so, then what for?
—Katerina, Halifax
A: You raise a good point Katerina. In general, life insurance is most necessary when you have dependents who would be impacted financially by your death. Typically, life insurance is used as a way to pay off a large debt, such as a mortgage on a home that you want to leave to your heirs. In many of these cases, a term life insurance policy is often the most inexpensive choice and the full face value of the policy pays out on the policy holder’s death. (This is also a great option for many families who often get mortgage life insurance instead, which is more expensive than term life and the payout declines as the face value of the mortgage declines.) Other popular reasons for having life insurance include: Income replacement for dependents; to pay off debt like a mortgage or a line of credit; to create an emergency fund; to cover final expenses incurred upon your death; for estate planning reasons or to leave money to a favourite charity…
Canadians face some tax changes in the new year after a busy 2016
– canadianbusiness.com
MONTREAL — Canadians will ring in the new year with a number of tax changes that will affect the bottom line of federal and provincial governments. Here’s a look at some of them:
Nationally:
The federal government is ending four child tax credits this year: arts, fitness, education and textbooks in 2017. Parents of children under the age of 16 can pre-pay 2017 arts and fitness programs to claim them on 2016 tax returns as long as total spending for 2016 does not exceed $250 and $500 limits, respectively.
It is also cancelling income splitting for families, a tax reduction measure that allowed someone to transfer up to $50,000 of income to a spouse with lower income if they had a child under 18 years of age. The tax credit for income splitting was capped at $2,000.
Offsetting those changes are the Canada Child Benefit and changes to Employment Insurance benefits introduced in 2016.
“High income earners in most provinces will pay more but for the majority of Canadians, these two changes will mean more money in their pockets,” Canadian Taxpayers Federation federal director Aaron Wudrick said Wednesday in a news release…
Nationally:
The federal government is ending four child tax credits this year: arts, fitness, education and textbooks in 2017. Parents of children under the age of 16 can pre-pay 2017 arts and fitness programs to claim them on 2016 tax returns as long as total spending for 2016 does not exceed $250 and $500 limits, respectively.
It is also cancelling income splitting for families, a tax reduction measure that allowed someone to transfer up to $50,000 of income to a spouse with lower income if they had a child under 18 years of age. The tax credit for income splitting was capped at $2,000.
Offsetting those changes are the Canada Child Benefit and changes to Employment Insurance benefits introduced in 2016.
“High income earners in most provinces will pay more but for the majority of Canadians, these two changes will mean more money in their pockets,” Canadian Taxpayers Federation federal director Aaron Wudrick said Wednesday in a news release…
Manitoba Crown corporations, communications jobs need trimming: premier
– canadianbusiness.com
Manitoba’s Crown corporations, especially their communications departments, seem next in line for Premier Brian Pallister’s cost-cutting efforts.
In a year-end interview with The Canadian Press, Pallister touted his 2016 measures to reduce spending in government — cutting the number of cabinet ministers by one-third, eliminating some civil service management jobs, and starting a value-for-money audit of programs and services.
The core government is just the beginning, he said.
“We’re starting on core but we’ll move to Crowns. And the Crowns, because of the nature of monopoly delivery systems, they’re not subject to the same checks and balances that Great West Life or Ikea has to deal with.
“So because of that, they get really big in the middle and at the top.”
Of the province’s big three Crown corporations — Manitoba Hydro, Manitoba Liquor and Lotteries and Manitoba Public Insurance — Manitoba Hydro is facing the biggest financial challenge…
In a year-end interview with The Canadian Press, Pallister touted his 2016 measures to reduce spending in government — cutting the number of cabinet ministers by one-third, eliminating some civil service management jobs, and starting a value-for-money audit of programs and services.
The core government is just the beginning, he said.
“We’re starting on core but we’ll move to Crowns. And the Crowns, because of the nature of monopoly delivery systems, they’re not subject to the same checks and balances that Great West Life or Ikea has to deal with.
“So because of that, they get really big in the middle and at the top.”
Of the province’s big three Crown corporations — Manitoba Hydro, Manitoba Liquor and Lotteries and Manitoba Public Insurance — Manitoba Hydro is facing the biggest financial challenge…
Tax changes you need to know for 2017
– moneysense.ca
MONTREAL — Canadians will ring in the new year with a number of tax changes that will affect the bottom line of federal and provincial governments. Here’s a look at some of them:
Nationally:
The federal government is ending four child tax credits this year: arts, fitness, education and textbooks.
It is also cancelling income splitting for families, a tax reduction measure that allowed someone to transfer up to $50,000 of income to a spouse with lower income if they had a child under 18 years of age. The tax credit for income splitting was capped at $2,000.
Offsetting those changes are the Canada Child Benefit and changes to Employment Insurance benefits introduced in 2016.
Nationally:
The federal government is ending four child tax credits this year: arts, fitness, education and textbooks.
It is also cancelling income splitting for families, a tax reduction measure that allowed someone to transfer up to $50,000 of income to a spouse with lower income if they had a child under 18 years of age. The tax credit for income splitting was capped at $2,000.
Offsetting those changes are the Canada Child Benefit and changes to Employment Insurance benefits introduced in 2016.
How the federal budget will affect income tax
“High income earners in most provinces will pay more but for the majority of Canadians, these two changes will mean more money in their pockets,” Canadian Taxpayers Federation federal director Aaron Wudrick said Wednesday in a news release.
Several other changes at the federal level will affect life insurance, business owners selling their companies and some mutual funds…
