Ownership:<\/span><\/p>\n Self: You own and control the policy.<\/span><\/p>\n<\/li>\n Bank: The bank owns and controls the policy.<\/span><\/p>\n<\/li>\n<\/ul>\n Premium:<\/span><\/p>\n Self: Your premiums are guaranteed at policy issue and discounts are available based on your health.<\/span><\/p>\n<\/li>\n Bank: Premiums are not guaranteed and there are no discounts available based on your health.<\/span><\/p>\n<\/li>\n<\/ul>\n Coverage:<\/span><\/p>\n Self: The coverage that you apply for remains the same.<\/span><\/p>\n<\/li>\n Bank: The coverage is tied to your mortgage balance therefore it decreases as you pay down your mortgage but the premium stays the same.<\/span><\/p>\n<\/li>\n<\/ul>\n Beneficiary:<\/span><\/p>\n Self: You choose who your beneficiary is and they can choose how they want to use the insurance benefit.<\/span><\/p>\n<\/li>\n Bank: The bank is beneficiary and only pays off your mortgage.<\/span><\/p>\n<\/li>\n<\/ul>\n Portability:<\/span><\/p>\n Self: Your policy stays with you regardless of your lender.<\/span><\/p>\n<\/li>\n Bank: Your policy is tied to your lender and if you change, you may need to reapply for insurance.<\/span><\/p>\n<\/li>\n<\/ul>\n We\u2019ve created an infographic about the difference between personally owned life insurance vs. bank owned life insurance.<\/span><\/p>\n Talk to us, we can help.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Before buying insurance from your bank to cover your mortgage, understand the difference between self owned mortgage life insurance and bank owned life insurance. The key differences are ownership, premium, coverage, beneficiaries and portability. Ownership: Self: You own and control the policy. Bank: The bank owns and controls the policy. Premium: Self: Your premiums are […]<\/p>\n","protected":false},"author":3,"featured_media":844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"\n This year\u2019s tax deadline is April 30, 2022. We\u2019ve got a list of tips to help you save on your taxes!<\/p>\n\n\n\n Claiming home office expenses<\/strong><\/p>\n\n\n\n You can claim up to $500 under the \u201cflat rate\u201d method if you worked at home due to COVID-19. To claim more, you must use the detailed method<\/a> to claim home office expenses.<\/p>\n\n\n\n Employer-provided benefits<\/strong><\/p>\n\n\n\n If your employer reimburses you for certain costs (such as commuting costs, parking, and home office equipment) due to COVID-19, the CRA will generally not consider this a taxable benefit<\/a>.<\/p>\n\n\n\n Repaying Covid-19 support payments<\/strong><\/p>\n\n\n\n If you repaid COVID-19 benefits, you can deduct the amount on your tax return either for the year you received the benefit or the year you repaid it, or you can split the deduction between both years.<\/p>\n\n\n\n Climate Action incentive can no longer be claimed<\/strong><\/p>\n\n\n\n As of 2021, this amount can\u2019t be claimed as a refundable credit; instead, you\u2019ll receive quarterly payments via the benefits system.<\/p>\n\n\n\n Disability tax credit<\/strong> (DTC)<\/strong><\/p>\n\n\n\n If you or a family member are DTC claimants, then you should review the updated criteria<\/a> for the tax credit in regards to mental functions, life-sustaining therapy and calculating therapy time.<\/p>\n\n\n\n Eligible educator school supply tax credit<\/strong><\/p>\n\n\n\n This tax credit has been increased to 25 percent for eligible supplies<\/a> (such as books and games) to a maximum of $1,000.<\/p>\n\n\n\n Tax deduction on interest payments<\/strong><\/p>\n\n\n\n You can claim a tax deduction for the interest you\u2019ve paid on any money you\u2019ve borrowed to invest. However, you can only do this if you use the money to earn investment income (for example, a rental property).<\/p>\n\n\n\n The digital subscriptions tax credit<\/strong><\/p>\n\n\n\n You can claim up to $500 as a tax credit if you have a digital subscription to a qualifying Canadian news outlet<\/a>.<\/p>\n\n\n\n Self-employed? Be sure to set aside enough for personal income tax!<\/strong><\/p>\n\n\n\n If you\u2019re self-employed, be sure you put aside enough money (we recommend 25% of your income) to pay your tax bill when the time comes. You\u2019re taxed only on your net income (total income minus expenses).<\/p>\n\n\n\n You need to plan ahead for tax changes if you want to retire<\/strong> abroad<\/strong><\/p>\n\n\n\n Planning to retire abroad? If so, you need to be aware of the tax implications and plan accordingly. If you sell your house and move, you may be considered a \u201cnon-resident<\/a>\u201d and be subject to capital gains taxes on non-registered investments (even if you have not sold them) or have your pension subjected to a withholding tax.<\/p>\n\n\n\n\n
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Tax Tips You Need To Know Before Filing Your 2021 Taxes<\/h2>\n\n\n\n
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