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MoneySense Toolkit: The CMHC mortgage insurance calculator Jan 15th
CMHC insurance calculator
If you want to buy a home and have a down payment of less than 20% of the purchase price, you’ll need to purchase mortgage default insurance, often referred to as CMHC insurance or simply mortgage loan insurance.
You’re 2 minutes away from getting the be.... More »
Canada’s Best Aeroplan Credit Cards + MORE Jun 20th
Canadians have been hotly anticipating information about the changes to Aeroplan and Aeroplan-branded credit cards since Air Canada acquired the loyalty program. The good news is that the changes are finalized, and we’ve got all the details about the best Aeroplan credit cards you can apply for.
U.... More »
Gen Z Canadians face job losses—but time is on their side Feb 5th
Statistics Canada has released new employment insurance (EI) data, and it doesn’t look good for Canadian workers. In the year ending November 2025, the number of people receiving EI rose by 16.1%. Among young Canadians aged 15 to 24, the increase was 12.4%. While this group wasn’t hit the hardes.... More »
Tenant Insurance: How much is your stuff worth? + MORE Nov 11th
Tenant insurance is what stops a bad situation from becoming a true worst-case scenario. It protects you from the immediate results of a bad situation, in three very important ways: Contents, additional living expenses and liability.
Those are insurance terms, but here’s what they actually mean to.... More »
Renting vs. buying: Which is the better option? Aug 20th
The rent-versus-buy debate has long divided financial experts and aspiring home owners, with no clear winner in sight.
The traditional argument holds: While buying a home can build long-term equity and stability, renting can provide flexibility and fewer upfront costs. But as home ownership becom.... More »
What is an Insurance Grace Period?
– ratesupermarket.ca
Life gets busy sometimes. It’s not surprising you might forget to pay your insurance premium. But what does that mean for your coverage? Some insurance is optional, but some — like auto — is mandatory. So, the last thing you want is a cancelled policy.
Thankfully, you might not need to panic. You usually have time to get caught up on your missed payment by virtue of the insurance grace period. But the late payment has repercussions, and the details of those depend on your insurance contract.
Finding the Grace Period
You can find the specific grace period for your insurance outlined in your policy. According to the Insurance Bureau of Canada, a grace period is the time after a premium is overdue during which you can pay the premium without a penalty. Your policy is not suspended, nor is it cancelled during this time.
Your Rights as a Consumer
Some kinds of insurance, like auto, are closely regulated. That gives you some rights when it comes to grace periods. In Ontario, the Auto Insurance Consumers’ Bill of Rights says you have the right to keep your policy within 30 days of one or two rejected automatic payments for non-sufficient funds…
