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ARTICLES OF INTEREST

17
Dec

What does the New Year hold for mortgage rates?

Here’s an article that I came across in the Globe and Mail that I wanted to share which talks about Bank of Canada trends and what it might mean for mortgage rates heading into 2019.  Let me know your thoughts.

Click here to read the rest of the article on the Globe and Mail website.

12
Nov

Holiday Spending Survival Guide

Are you crazy for the holidays, spending thousands of dollars on holiday gifts, lights, entertaining, food and decorations each year? If so, you’re not alone. Many Americans feel the sting of holiday spending well into the new year. If you love to celebrate the holidays but don’t love the financial pinch you experience afterward, there are several great tricks for giving and celebrating, without breaking the bank. Read more »

12
Nov

Steps to Avoid the OAS Clawback

According to the Canadian government website, Old Age Security is the largest pension program in Canada.  OAS pays a monthly income to seniors who are age 65 and over.  The amount of the payment is not based on past income but rather how long you resided in Canada after the age of 18.  If you have turned 65 you are eligible for the maximum OAS income if you have resided in Canada for at least 40 years after turning 18 AND have resided in Canada for at least 10 years prior to receiving approval for your OAS pension.  There are some exceptions for those who don’t fully qualify based on temporary absences during that requisite 10-year period.

For the last quarter of 2018, the maximum monthly OAS payment regardless of marital status is $600.85.  Don’t get too excited as, as the title suggests, the government can clawback part or all of your OAS benefit depending on your taxable income.  As of 2018, you can earn up to $75,950 in annual taxable income (up from $74,788 in 2017) without affecting your payment.  For every dollar earned over this threshold amount however, you will be taxed (referred to as an OAS recovery tax) at a rate of 15%. Once you reach taxable income in the amount of $ 123,386 the government will have fully recovered or clawed back the entire amount of your Old Age Security. Read more »

26
Sep

How health coaching can help diabetes patients

With diabetes on the rise, how well employees manage the chronic disease should be a concern for employers, Diana Sherifali, an associate professor at McMaster University’s school of nursing, told Benefits Canada‘s 2018 Healthy Outcomes conference in May.

Since diabetes often comes with other chronic conditions like cardiovascular disease, hypertension and high cholesterol, mitigating it is all the more necessary, she said. In addition, the stress of dealing with the condition can become extreme to the point of being a precursor to moderate depression, she added. Read more »

26
Sep

Life Insurance – Do You Buy, Rent, or Borrow?

Without a doubt, life insurance is valuable protection provided by your employee benefit plan, but should it be the only life insurance coverage you have?  Probably not, if you want to ensure you have sufficient long term protection to cover all your family’s financial needs should you die unexpectedly.

In a recent study conducted by the Life Insurance and Market Research Association (LIMRA), it was reported that 61% of Canadians hold some form of life insurance.  Surprisingly, it also revealed that only 38% of Canadians own an individual life insurance contract. This means that almost 40% rely solely on the life insurance provided by their employer. This can be problematic.  The disadvantages of having your employee benefit plan as your only life insurance protection include the following: Read more »