TFSA contribution room calculator + MORE Aug 28th

All about Canadian insurance. Learn the ins and outs and get the latest news.
Latest News

Cisco’s Fast Future Innovation Awards is Accelerating Canadian Innovation, Returning for 2022 + MORE Sep 13th

An innovative idea is like a ripple in an ocean: given the right push, it can become a tidal wave. That’s something Mathieu Lachaîne, the Chief Technology Officer of Montreal-based smart-building-technology firm Sentiom knows firsthand. Sentiom developed a cutting-edge AI-driven monitoring-and.... More »
 insurance agents

Is a vacation home a good investment? + MORE Sep 21st

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 a winter home for a snowbird. Sometimes, emotions are the motivat.... More »

“I discovered water damage in my home. Will insurance cover me?” Sep 1st

My washing machine has been leaking for years, and we only just learned of the leak and the resulting damage because of staining on our basement ceiling below. Will my home insurance cover this? —Alison Does home insurance cover water damage? The end result of water damage to your home is a.... More »
 travel insurance

Tontines in Canada: Moving from theory to practice as a solution to our retirement crisis Sep 29th

For years in his academic papers and some of his 17 published books, famed Canadian finance professor Moshe Milevsky described the history and theory behind a seemingly obscure retirement/longevity insurance structure known as the “tontine.” Milevsky, who works at the Schulich School of Busi.... More »
TFSA contribution room calculator

Find out your current tax-free savings account (TFSA) contribution limit by using this calculator. Note that in the second box below, you should not “double count” contributions that you have withdrawn and then legitimately re-contributed in the following calendar year or beyond, as this could lead to a false over-contribution warning.

TFSA 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 exchange-traded funds (ETFs), guaranteed investment certificates (GICs), bonds, stocks and, yes, plain-old cash. While you do have to abide by the set amount of contribution room each year, any gains you earn on those investments will not affect your contribution room for the current year or years to come. Plus, the income earned is tax-free (more on that below). Any resident of Canada, over the age of 18, with a valid social insurance number can open a TFSA…

Continue Reading On »

It’s not only first-time home buyers who have to adhere to Canada’s down payment rules. When buying a second property, current home owners must also meet the country’s down payment requirements, which can differ from the rules applied to single-property ownership. 

So, how much of a down payment do you need for a second home? That depends on a few factors, including whether or not you intend to live at the property. 

Down payment requirements in Canada

Every Canadian home buyer is required to have a minimum down payment when purchasing property. A down payment is the money provided up front towards the purchase of the home, and it is directly tied to the value of the property. 

When buying a home, the down payment rules in Canada are as follows:

Purchase priceMinimum down payment required$500,000 or less5% of the purchase price$500,000 to $999,9995% of the first $500,000 of the purchase price +10% of the portion of the purchase price above $500,000$1 million or more20% of the purchase price

If you’re buying a home priced under $1 million and your down payment is less than 20%, you’ll need to purchase mortgage default insurance, also known as mortgage loan insurance—which protects the lender if you can’t make your mortgage payments…

Continue Reading On »


Compare insurance quotes through - save time and money!