Today’s economy requires making sound financial decisions. Saving and investing for retirement is one of those choices. The sooner you start, the better position you will be in later. Canadians who utilize a Registered Retirement Savings Plan (RRSP) understand that they are making long-term plans for their Golden Years. What about savings for short-term goals, such as a car or a home or even to supplement an RRSP? A Tax-Free Savings Account (TFSA) can propel you further in your financial goals.
Whether you are driving for a business trip, a family vacation or a romantic retreat, a road accident is something you never want to experience, but it is the most important possibility to be prepared for. While you may consider yourself a safe driver, it does not make your vehicle immune to collisions or damages that can occur due to the negligence of other drivers, tough road conditions or harsh weather.
In Alberta, the law requires you to inform the authorities about any collision where people have been injured, or the damage to another vehicle, bike, pedestrian or other objects such as street signs or light poles exceeds $2,000. If you damage any traffic control devices or parking meters, then reporting the incident is mandatory, irrespective of the cost of damage. If you can continue using your vehicle safely, you may want to drive to the nearest district police office to report the incident. However, if your vehicle is immobilized, or people are injured, call 911 and let the police arrive on the scene to file an onsite report.
Like several cities across the world, ride share services such as Uber have become increasingly popular in the province of Alberta. The unique opportunity offered by Uber cuts across demographics and touches people from all walks of life. Some have earned such tremendous recognition and popularity that their brand names are now used as verbs!
Whether you wish to make some extra cash with the freedom to operate beyond your regular job, or you want a flexible career where your personal vehicle is your office and you are your own boss, being a ride share driver is a lucrative option for many individuals. However, being a ride share driver means that you are providing commercial rides in your personal vehicle and historically, there was no personal or commercial insurance policy that could cover and compensate the passengers you ply from one place to another. However, the province of Alberta has now approved personal insurance coverage for ride share that typically allows:
- $2M in Third Party Liability coverage
- Standard Accident Benefits
- $1,000 deductible for comprehensive and collision coverage.
In the last few years, residents of Alberta have seen a fair share of natural disasters, including, wildfires, storms and floods that have wreaked havoc in the lives of the affected communities. In fact, a study conducted by KPMG on behalf of the Canadian Institute of Actuaries suggests that water damage accounts for almost 48% of the overall Canadian home insurance claims. Theft and fire contributed 18% and 4% of the claims respectively, while the remaining 30% comprised of other losses.
It’s the peak of summer and your weekends are packed with a host of backyard barbecue parties. At your last weekend’s party, one of the guests ventured into your garage and ended up injuring his leg after tripping over a loosely stored ladder. A few days later, you are greeted with an unpleasant surprise in the form of a notice informing you that your guest fractured his leg and is suing you for thousands of dollars in damages. It looked like a minor accident, and he wandered around your property by himself, unescorted. Then why are you being held accountable? While it may not seem fair and you may think you are not at fault, you still need to be prepared for such situations. This is where personal liability insurance comes in.