PERSONAL FINANCE

Professional liability insurance, often referred to as errors and omissions insurance (E&O insurance), provides crucial protection for individuals and business owners against claims related to mistakes, negligence, or misrepresentation. In simple terms, any individual or business offering professional services should consider obtaining E&O coverage, as it safeguards against potential financial losses and lawsuits. While some may question the necessity of professional liability insurance, realizing its function can make you wish you had acquired it sooner. Understanding Professional Liability Insurance Professional liability insurance serves as a form of business insurance designed to shield individuals or companies against accusations of errors or omissions. This type of insurance is p...

Recently, I've received numerous inquiries regarding the Canada Deposit Insurance Corporation (CDIC). Many were particularly curious about my perspective on the CDIC coverage ceiling of $100,000, expressing concern that this amount seems inadequate given their substantial savings. This concern is certainly valid for individuals who have amassed considerable savings. With a large amount of money often concentrated in one banking institution, surpassing the $100,000 limit isn’t uncommon. To provide some clarity, it’s important to note that while the CDIC coverage limit stands at $100,000, this limit applies across eight distinct account categories. This means you could potentially secure deposits totaling up to $700,000 at a single financial institution (or more, if you account for multipl...

This article is sponsored by the Canada Deposit Insurance Corporation and has been reviewed and sanctioned by Moneywehave.com. A frequent inquiry I receive pertains to the safety of deposited funds should a bank experience failure. Fortunately, the Canada Deposit Insurance Corporation (CDIC) offers coverage up to $100,000. To clarify what deposit insurance entails, I've collaborated directly with CDIC, who has provided the following insights on how your funds are safeguarded. We strive diligently to amass savings for a variety of future needs—whether it's buying a home, funding our children's education, preparing for retirement, or planning a dream vacation. Often, we store these savings in banks and financial institutions throughout Canada. Have you ever considered what would happen to ...

A common inquiry I receive is about the top travel program in Canada. The answer isn't straightforward because it largely depends on individual preferences regarding point types, usage, and credit card selection. Furthermore, as loyalty programs frequently evolve, what might have been advantageous last year may no longer hold true. However, certain travel rewards programs stand out in terms of the ease of earning and redeeming points. This article provides a ranked overview of Canada's bank travel rewards programs while detailing the rationale behind the rankings. Ranking of Canada's Bank Travel Rewards Programs ProgramAverage Value of 1 PointMaximum Value of 1 PointBook Your Own TravelTransfer Partners BMO Rewards0.67 cents0.71 centsYesNone TD Rewards0.5 cents0.5 centsYes, ...

As inflation remains high, many individuals are tightening their belts when it comes to their finances. With tax season here, numerous people are on the lookout for strategies to maximize their tax refunds. Here are some essential tips to help you secure the best possible return: Understand Your Tax Deadlines Being aware of your tax deadlines is crucial, as the Canada Revenue Agency (CRA) imposes penalties for late filings if you owe taxes. Additionally, early filing leads to quicker refunds, putting money back in your hands sooner. Key dates to remember include: The typical deadline for individual tax returns is April 30, but if this date falls on a weekend, it shifts to the following Monday. This year, the deadline is May 1. Self-employed individuals have a filing extension until Jun...

Canadian Tire, a prominent name in Canada, has recently unveiled a subscription-based extension of its Triangle Rewards loyalty program named Triangle Select. While subscription loyalty programs are not uncommon, the advantages offered by Triangle Select are remarkable. Check out my review on Triangle Select below. Understanding Triangle Select Triangle Select functions as a subscription upgrade to the Triangle Rewards program. Priced at $89 annually, it offers enhanced earning rates along with various perks. To clarify, Triangle Rewards is the loyalty initiative for stores under Canadian Tire's umbrella, which encompasses brands such as: Canadian Tire SportChek Mark’s/L’Équipeur Party City Sports Experts Hockey Experts Pro Hockey Life Joining the baseline Triangle Rewards program is...

TD has introduced some of the latest technological innovations they have been developing. While certain features are still in the pilot testing phase, many new tools have already been made available to both customers and employees. After witnessing some of these tools in action and learning about their development stories, I find it commendable how TD is prioritizing technology for its future endeavors. Exploring the Metaverse I didn’t personally experience the VR tools showcased (they're perhaps more suited for a younger audience), but TD has unveiled a metaverse designed for interns to immerse themselves in the company's culture through virtual reality. Currently in its testing phase, the initiative aims to create an online environment where interns can connect with each other and inte...

Generating income online can significantly enhance your lifestyle, aligning it more closely with your interests or simply boosting your savings. Whether you prefer the comfort of working from your couch in pajamas, the flexibility to travel while working remotely, or you're on the lookout for a side gig, the internet provides numerous opportunities for Canadians. So, what are the avenues to earn money online? Let’s explore. Online Employment Options While not every job is suited for online arrangements, many are. The digital landscape has unveiled a variety of opportunities for Canadians to engage in side hustles or full-time jobs. From freelancing to tutoring to launching your own venture, the possibilities to earn extra income online are plentiful. Usually, all that’s needed is a lapto...

Have you ever considered whether a Costco Executive membership is a worthwhile investment? As a proud Canadian Costco member, I appreciate the store for its bulk savings, particularly for families, but there are additional perks linked to a Costco membership. Members can save on pharmacy purchases like prescriptions, enjoy discounted gas prices, and find significant markdowns on designer brands for various items including footwear, apparel, and toys. While many believe that the standard Costco membership, known as Gold Star membership, justifies its annual cost, the big question remains: does the Costco Executive Membership provide value for your money? The answer depends on your personal shopping habits. In this article, I aim to assist you in determining whether the Costco Executive Mem...

A bank account plays a vital role in managing daily finances. It serves as a place to store your money, deposit checks, and provide access to cash for various payments. One of the common frustrations, however, is the presence of monthly fees associated with many accounts, which seems contradictory since the purpose of a bank account is to help save money. Increasingly, financial institutions are recognizing this inconsistency and introducing no-fee bank account options. If you're searching for a no-fee account—whether from online banks, credit unions, or traditional institutions—this guide outlines my top 12 recommendations for the best no-fee bank accounts available in Canada. Tangerine Savings No monthly fees No minimum balance needed Interest rate of 1% Tangerine, which operates u...