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
Airlines allowing flight changes over Zika virus + MORE Jan 31st
MONTREAL – Three of Canada’s largest airlines are allowing passengers to change bookings to destinations in Central and South America as well as parts of the Caribbean amid concern over the Zika virus.
The move by the Canadian carriers comes after several global airlines, including United Airlin.... More »
When to prioritize debt repayment over saving Nov 7th
In an earlier story, we introduced you to Lindsay Tithecott, a 29-year-old who is trying to pay down debt, build up savings and buy a larger condo. To help her get her finances in tip top shape, we gave her a series of financial challenges, including a rethink of her budget-busting fitness classes. .... More »
When should you sell a used car? + MORE Mar 29th
Even before that unmistakable new-car smell disappears, a new car has become a depreciating asset—it’s no longer worth what you paid for it, and it will keep losing value over time. Huge downer, right? While you can’t avoid car depreciation, you can reduce how much value your new ride loses. Y.... 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 »
Do you have to split your estate evenly between your children? Aug 24th
A will is intended to outline your final wishes. But, sometimes an estate can be contested, and the courts can overturn the terms of a will and distribute the assets differently.
A good example is that of Pascuzzi v. Pascuzzi, a case recently heard by the Supreme Court of British Columbia. .... More »
Play it safe and ask if your savings are protected
– moneysense.ca
All of us expect our savings to be safe when we deposit them at the bank. However, although it’s rare, banks and other financial institutions in Canada can fail, so you might want to make sure your savings are protected. The next time you visit your branch or meet with your financial advisor, ask about deposit insurance. It’s free and automatic to depositors at Canada Deposit Insurance Corporation (CDIC) member institutions.
CDIC is the federal Crown corporation that protects the savings of Canadians in the event their bank fails. If you have an eligible account held in Canadian dollars at a CDIC member institution, you are automatically protected up to $100,000.
Some important facts about CDIC
You don’t need to sign up—Deposit insurance is automatic for eligible deposits in Canadian dollars at CDIC member institutions.
You don’t have to pay—Member institutions pay for deposit insurance through annual premiums.
How it works
Whether you are new to the workforce or planning for retirement, it’s important to know how CDIC works so you can make informed decisions when managing your savings…
