I see a lot of clients looking to get home insurance and when I ask them how much they want to insure for, they always say, "we only want the minimum, we don't have a lot of stuff". It's interesting when people say that because all they're focused on is how much it would cost them to buy the insurance. They never really think about how much it would really cost to replace what they own. Home insurance policies are normally set up to insure you for "replacement cost". This means that they'll get you back to where you were before the loss, never more, never less. So if your neighbor upstairs had a water leak and your 55" 4K Ultra HD TV that you bought for $2,500 3 years ago short circuits because of that, the insurance company will replace the TV with the same brand, size and model without depreciation. They're not going to say that it's 3 years old now, here's $500 to replace it. People don't realize this so they underest...
There’s a good chance that you are related to, or know someone with a disability. There are 3.8 million Canadians or 13.7% of the Canadian population aged 15 or older that are reported to having some form of disability. Canada has a good savings and benefit program in the form of government grants and bonds, but many people who qualify for the disability program are not aware that Canada has a Registered Disability Savings Plan (RDSP). While we are all probably familiar with Registered Retirement Savings Plan (RRSP) and Registered Education Savings Plan (RESP), very few have heard of the RDSP. The RDSP is a vehicle for tax-deferred growth and a “matched” savings plan for people with a severe and prolonged disability. For Canadians who qualify, the RDSP is a great way to achieve long-term financial security. Who qualifies? To qualify for the RDSP, the beneficiary of the program (the person with the disability) must meet four criteria. He or she must: - be under the age of 60...
Let's face it, our digital lives are completely intertwined with real lives. Everybody is connected digitally in one way or the other. We all have one or more of these services like e-mail, Facebook, Instagram, Twitter, LinkedIn, etc. While we all manage them personally, what happens when we pass away? Who manages them to inform your friends and family that you are no longer around and how do you want your online life to be managed so that it will be delete or deactivated so that no one can hack or impersonate you? As far as I know, there is no law in Canada allowing for the passing of your digital assets to your estate or beneficiary. Your digital assets is not the same as your physical and financial assets which can be passed on. This leaves a lot of problem for the survivors since online companies usually do not just allow anyone to get access to another person's account even if that person is deceased without going through some rigorous processes to prove death and that y...
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