Insurance policy getting you down? There are always sound insurance alternatives.
Latest News
TFSA contribution room calculator + MORE Apr 9th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
powered by
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 »
Where to find and apply for COVID-19 financial relief Oct 6th
The COVID-19 outbreak has dealt a shock to our economy, shuttering entire industries and leaving many more businesses in limbo, forcing layoffs and loss of income on many people. Fortunately, the Canadian government and several other institutions are offering financial relief for Canadians during th.... More »
“How can I lower my auto insurance bill during COVID-19 lockdown?” + MORE May 3rd
On April 8, 2020, the Insurance Bureau of Canada released the following statement:
To help Canadians cope with the financial impact of COVID-19, the Insurance Bureau of Canada (IBC) member companies are offering substantial consumer relief measures. For consumers whose driving habits have changed si.... More »
CMHC tightens mortgage rules in latest response to COVID-19 + MORE Jun 12th
On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic.
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a hig.... More »
Should you buy a vacation property? Aug 27th
The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or extended winter stay for a snowbird.
There are many emotion-driven reason.... More »
TD Canada Trust Hikes Prime Mortgage Rate – What’s Next?
– ratesupermarket.ca
It was a move that came as a shock to some but not was not a surprise to others. On November 1st, TD Canada Trust became the first of the big five banks in Canada to raise its prime mortgage rate from 2.7 per cent to 2.85 per cent. The news comes only two weeks after the implementation of brand-new federal mortgage rules, subjecting future homeowners to stricter measures in order to qualify for mortgage insurance, as well as a “stress test” if they are putting down less than 20 per cent on a home purchase.
In a release from TD, the bank says raising the rate is not a decision it takes lightly and they considered the full impact on customers before moving forward with the change. The release states that the bank will communicate directly with their customers whose mortgages are affected. Currently, the move only affects customers with variable rate products, not fixed-rate mortgages or lines of credit.
This Change Affects My Mortgage, so What are My Options?
If you’re affected by the rate hike or if you’re currently negotiating a mortgage with TD, this means the cost of a variable rate mortgage ultimately will increase over the long term…
