Most people buy insurance for their house, car, and other expensive possessions without much deliberation. However, for those who rely on employment and/or professional income, earning the money could be among the greatest financial assets they have. The presence of a disability could affect earning potential suddenly. According to Statistics Canada, in 2022, one in … Read more
The purchase of Life Insurance is mostly done for one purpose, and that is to provide a death benefit to those left behind. But there are situations whereby some types of Participating Whole Life Insurance may gain extra value during decades of being used. This extra value can be gained through the use of Paid-Up … Read more
Being self-employed in Canada comes with flexibility, control, and the ability to build a business on your own terms. It also means taking responsibility for financial protections that many employees receive through workplace benefit programs. Health coverage, dental care, disability insurance, business liability protection, and Life Insurance may all need to be arranged independently. That … Read more
Why has Ozempic caused such heated discussions in Canada? Weight management properties have made this prescription medicine very controversial in terms of Health Insurance. Is there insurance approval if a doctor prescribes Ozempic for weight loss purposes? It’s more complicated than just presenting a prescription. Insurance providers and provincial drug programs consider various factors. They … Read more
Funerals may result in financial obligations on top of an array of other duties such as grieving, dealing with legal documents, estate management, and even household chores. There is more to the bill than just a burial or cremation. Transportation, service fees, caskets and urns, cemetery fees, announcements, flowers, permits, and a memorial event may … Read more
A first home purchase in Canada usually takes several years of careful saving. The savings account where the money will be kept is crucial, but equally important are the assets in which they will be invested. A First Home Savings Account has a number of useful tax advantages, but keeping all the contributions in a … Read more
Savings may seem impossible, as groceries, rent, commuting, childcare, and insurance premiums consume most of the family’s monthly budget. Most Canadian families are aware that they need to have an emergency fund, yet creating the space for that in their budget is not always easier than figuring out the reasons why. Starting a savings program … Read more
The costs associated with settling an estate can differ widely throughout Canada since laws regarding probate, court costs, Estate Administration Tax, and succession law depend largely on the provincial or territorial jurisdiction. For instance, in Ontario, there is no Estate Administration Tax levied on the first $50,000 of the estate, but everything above it is … Read more
The Canadian healthcare system is referred to as being universal; however, this term does not imply that all medical services are available for free or that everyone gets the same level of access to care. Each province and territory has its own public Health Insurance program; thus, conditions for eligibility, health card regulations, wait times, … Read more
Most Canadian small firms prefer offering their employees employee benefits; however, it is not an easy process for such organizations to make the decision whether to opt for the Health Spending Account, Group Insurance plan or both. The significance of this decision lies in the fact that most of the companies that form the labour … Read more