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The best credit cards in Canada for 2024 Apr 5th
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The best credit cards in Canada for 2024
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BMO Ascend World Elite Mastercard review Dec 10th
The BMO Ascend World Elite Mastercard is just one card in BMO’s premium lineup. It offers a points-based rewards program through BMO Rewards, 5x the points on travel purchases, flexible redemption options, and usually a large welcome bonus. We’ll break it all down below so that you can decide if.... More »
Can you get affordable car insurance after a DUI? Feb 8th
Impaired driving is a serious offence and the leading criminal cause of death and injury in Canada. Under the country’s Criminal Code, it is illegal to operate a vehicle while impaired by the use of drugs, alcohol or both. The penalties for driving under the influence (DUI) include substantial fin.... More »
What is tenant insurance? Oct 3rd
Tenant insurance, also known as renter’s insurance, is one of the costs of adulting that seems to have no payback. But the reality is that you likely can’t afford not to have tenant insurance. The cost of a policy (which can range from $15 to $30 a month) is a small price to pay when you conside.... More »
Want life insurance? You may want to track your fitness, says John Hancock Sep 20th
John Hancock, one of the oldest and largest North American life insurers, will stop underwriting traditional life insurance and instead sell only interactive policies that include optional fitness tracking through tools including wearable devices and smartphones, the company said on .... More »
OSFI’s New Mortgage Rules: Why Homebuyers Should Apply Now
– ratesupermarket.ca
Effective Jan. 2018, all Canadians applying for a new mortgage will be subject to a stricter set of rules before approval, including a stress test to assess if they could still make mortgage payments in the event interest rates rise. The new guidelines are published in the Residential Mortgage Underwriting Practices and Procedures document, released this week by the Office of the Superintendent of Financial Institutions Canada (OSFI).
In the past, stress tests were only limited to insured borrowers – meaning those with less than 20 per cent down. Borrowers with less than 20 per cent down are required by law to purchase mortgage insurance, provided usually though the Canada Mortgage and Housing Corporation (CMHC). While the borrower pays the premium – which can add thousands of dollars to the cost of buying a home – the insurance actually protects the lender if the borrower defaults on the loan.
Borrowers who put more than 20 per cent down, on the other hand, do not require mortgage insurance…
The gig economy is here – and we aren’t ready
– theglobeandmail.com
Overhauling Canada’s social-insurance system won’t be an easy task, but labour-markets rends increasingly suggest it will be necessary in the near future
