Government vs Private Auto Insurance #Canada #T2T

Did you know Canada..  I bet every time someone gets a new car at work or in the family the topic of auto insurance comes up and someone mentions that the government should operate the car insurance business.  I'd love to chat about this with you guys, what do you think?

Here's some straight up facts about Government vs Private Auto Insurance..

First of all, all insurance providers already run within a strict framework of provincial laws that are supervised by a number of government agencies, like rate review boards and both federal and provincial regulators.

The average cost to establish a government-run insurance company by province would be $300-$500 million - yikes!  Not only would there be these enormous start-up costs, but all government-run auto insurers in Canada have required taxpayer subsidies to bail them out.

With private auto insurance the rates reflect the true cost. Premiums in a competitive environment reflect the real cost of insuring a driver.

The government would offer static solutions for consumers, that would mean we lose out on multi-vehicle discounts and the like.

The private insurance industry in Canada employs almost 100,000 people, either directly or through its support of a broker workforce, that's big!

Insurance Bureau of Canada wants you to Get In the Know about Auto Insurance.  By the way, anyone ever try to tell you a red car costs more in insurance?  Well guess what, it has no impact on your car insurance premium - phew!  Visit their website to learn more about auto insurance, what it means for you, and be prepared with real facts for your next office chat.


Disclosure: Although this post has generously been sponsored by Insurance Bureau of Canada, the opinions and language are all my own, and in no way do they reflect Insurance Bureau of Canada.

15% auto insurance cut for Ontario?

Did you know Canada..  there's been a lot of talk about a possible 15% auto insurance cut for Ontario as part of the new budget from the governing Liberals.

What the insurance companies are saying though is that reducing rates without balancing out the costs for insurers could force the companies to take profits from other insurance streams and use them to fill in the 15% taken from auto.

It does seem like a big perk for the average consumer though, a 15% drop is estimated to save the average driver about $225 per year, this money could be put with other savings towards your down payment on your next vehicle!

Be sure to visit Canada's car reviews before purchasing your next vehicle for reviews, compares and builds.  This is a great way to have all the info for your insurance quote, you can even run a quick quote insurance calculator.  It's also great to find out safety ratings as part of the new changes may include requiring insurers to offer lower premiums to consumers with safe driving records - another perk!

Do you feel current insurance premiums are too high?  Is this 15% cut the answer or will we just see a jump in other insurance rates?

New $5 and $10 bills revealed today

Did you know Canada..  with help from our favourite Canadian astronaut Chris Hadfield, the new $5 and $10 polymer bills where revealed today.

Bank of Canada unveiling new $5 and $10 polymer banknotes AT 12:15 TODAY bit.ly/12g9g0M Counterfeiting down, but...

— CBC Top Stories (@CBCNews) April 30, 2013

The $5 bill features images of the Canadarm and Dextre (Canada's robotic handyman in space).  The $10 bill features a scenic train.

Check out some photos of the new bills here.  I've read not everyone is impressed with the new bills, calling them cartoon-y, and now that the polymer set is complete, how do you feel about Canada's currency?

LCBO Strike

Did you know Canada..  possible BAD news for Ontarians, LCBO workers are looking to strike!  In fact, 95% voted in favour of a strike.   The key issues are said to be increasing part-time wages and upgrades to health and safety standards.

The Liquor Control Board of Ontario is accountable to the Ministry of Finance in Ontario and regulates alcohol sales in the province.  It's also one of the world's largest single purchasers of beverage alcohol products!

Now they aren't actually going on strike yet, this vote was only if the talks break down.  The contract ended March 31st but talks are still scheduled into May (can anyone say May Two-Four! Oh no!)

The possibility of the strike is also bringing the LCBO's monopoly on liquor sales to the fore front.  The LCBO is able to dictate which products are available for sale in the province.  You'll know of course that local microbreweries, wineries and distilleries sell to the public through their store front location, but  to expand across the province they would have to guarantee minimum volume which leaves most out of luck.

How do you feel about the LCBO's control on available liquor products?

First-Time Home Buyers' Tax Credit

Did you know Canada..  I still have taxes on the brain, as many of you do I'm sure.  There are more credits not everyone knows about, like the First-Time Home Buyers' Tax Credit.

The First-Time Home Buyers' Tax Credit is part of Canada's Economic Action Plan to help Canadians purchase their first home (You must not have lived in a home owned by you or your spouse in the last five years).  This doesn't have to be a free standing home, it can also include townhouses, semis, apartments, mobile homes or condos like Sax condo.  It does have to be your principal residence though, something like a cottage would not count.

So what it is is a $750 rebate for everyone buying their first home.  After you buy your first home, the credit must be claimed within the year of purchase and it is non-refundable, claiming it on your personal income tax return on line 369.

While it won't sway a decision on purchasing a home or not, it's a nice bonus anyways.

What tax credits are you taking advantage of this year?

Healthy Homes Renovation Tax Credit

Did you know Canada..  sadly, tax time is pretty much upon us and it's time to be watching the mail for T4's, digging out receipts, chasing after the ones that don't show up and looking into tax credits.

I wanted to remind folks about one tax credit that you may not know about - the Healthy Homes Renovation Tax Credit is a permanent, refundable personal income tax credit for seniors and family members who live with them. If you qualify, you can claim up to $10,000 worth of eligible home improvements on your tax return. The amount of money you get back for these expenses is calculated as 15 per cent of the eligible expenses you claim. For example, if you spend and then claim $10,000 worth of eligible expenses, you could get $1,500 back.

The Healthy Homes Renovation Tax Credit can help with the costs of improving safety and accessibility in your home.  What's nice is your income doesn’t matter — seniors and their family members at all income levels are eligible!

Here's some great examples of renovations that qualify..

• * Non-slip flooring in the bathroom
• * Installing a hand-held shower
• * Door locks that are easy to operate

If not for 2012 taxes, it's something to think about for 2013.  Making homes safe and accessible for seniors leads to peace of mind.  Visit home renovation stores like rona.ca for products, tools and accessories to make a healthy home for seniors in your life.

Feb 15th - Flag Day!

Did you know Canada.. today, February 15th, is National Flag Day!!

First declared in 1996, it marks the day in 1965 when our red and white maple leaf flag was first raised over Parliament Hill in Ottawa.

You can read about the history of our flag here. Although I'm sure I knew it, I was still shocked to read our flag was debated on in Parliment from Oct-Dec 1964, and on January 28, 1965, the National Flag of Canada was proclaimed by Her Majesty Queen Elizabeth II, to take effect on February 15, 1965 - which brings us, of course, to flag day on February 15th. Went I think back to history I would have though our flag was older than that.

Although the official flag did not come about until the mid sixty's, the red and white of our flag were designated as Canada's official colours in 1921 by His Majesty King George V and the maple leaf has actually been used as an emblem in Canada since the eighteenth century. It was often served to distinguish Canadians abroad, for example it was used to represent Canada at our first time in the Olympians in 1904.

Did you know our flags history?

Phasing out the Penny

Did you know Canada..  the time is near, the penny is almost outta here.

February 4, 2013 is the transition date that has been set, after which the Royal Canadian Mint will no longer distribute pennies.

Remember, for cash transactions we now round to the nearest nickel up or down. ONLY cash transactions require rounding.  Cheques, debit, credit and payments cards do not need to be rounded, because they can be settled electronically to the exact amount.

So if you spend $11.58 on lunch and are paying cash, you pay $11.60, if you are paying debt, etc.. you pay exactly $11.58.

Do you think there will be much confusion in retail stores, restaurants, etc.. ?

School Tomorrow?

Did you know Canada..  if you have elementary kids in Ontario you got a letter or phone call yesterday letting you know school was closed Friday Jan 11th due to the teacher's protest.

Well you must check in with your school board again tonight!  With the threaten $2000 fines (and $25000 for the union) and a cease and desist order filed by the government; many school boards are now taking a wait and see approach to decide if the doors will be open tomorrow morning.

Our local school board will be making a decision by 6am tomorrow - yikes!  Better pack those lunch bags tonight, put the baby sitters and Grammas on watch and wait it out..

Ontario Overhauls Rules Regulating New Gaming Sites, announce Lucky Nugget Casino

New rules for establishing gaming sites in Ontario are now in effect, announce Lucky Nugget Casino. Ontario Regulation 81/12, Requirements for Establishing a Gaming Site came into force on 1 June 2012, following enactment by the Lieutenant Governor in Council (the Provincial Cabinet) under the Ontario Lottery and Gaming Corporation Act, 1999.

Casino developers hoping to open online slots sites in the Ontario region must now follow a very different procedure to that set out by previous legislation, Regulation 347/00, which was repealed on the same day that new regulations came into effect. While in the past any business case for a proposed gaming site OLG was simply required to notify the Chair of the Management Board of Cabinet, any new proposals must now be approved by the Minister of Finance.

Prior to 1 June 2012, before establishing a new casino site in the region, developers were required to hold a public referendum in the municipality in which the gaming site was to be established. Under the new regulation, public referendums are no longer called for. Municipal councils will now only be required to ‘seek public input’ regarding new site developments, providing the OLG with a written description of the steps taken by the municipal council and of the input received.

Before establishing any new gaming sites in the region, the OLG must now first prepare a business plan for the proposed site, detailing the cost and the viability of the project.

This business plan will then be passed to the Minister of Finance for consideration, along with any other information requested by the Minister of Finance. It is then up to the Minister of Finance to make the final decision on future projects, whereas in the past, the OLG was only required to notify and consider the opinion of the Chair of the Management Board of Cabinet.

If a site gains approval from both the relevant municipal council and the Minister of Finance, the OLG are then required to publish a notice of the new development, either in a newspaper or on its own website. The OLG will no longer be required to make the reasons for its decision public.

No more penny!

Did you know Canada..  annouced in today's Budget, Canada will no long be minting the penny!

$1.02 will become $1 and $1.03 will be $1.05.

If you have them in your pocket they will still be legal tender and you will be able to use them, but there will not be any more introduced into circulation by this fall.

We've mentioned before that it actually costs more to make the penny than it's worth! Other countries including Australia and New Zealand have already gotten rid of their penny.

Kind of exciting, a new age! What do you think about kicking the penny to the curb??

Edited to clarify this is for CASH transactions, Canadians who use credit or debit cards to make purchases won’t have to worry about rounding-off.

National Flag of Canada Day

Did you know Canada.. today, February 15th, is National Flag Day!!

First declared in 1996, it marks the day in 1965 when our red and white maple leaf flag was first raised over Parliament Hill in Ottawa.

You can read about the history of our flag here. Although I'm sure I knew it, I was still shocked to read our flag was debated on in Parliment from Oct-Dec 1964, and on January 28, 1965, the National Flag of Canada was proclaimed by Her Majesty Queen Elizabeth II, to take effect on February 15, 1965 - which brings us, of course, to flag day on February 15th. Went I think back to history I would have though our flag was older than that.

Although the official flag did not come about until the mid sixty's, the red and white of our flag were designated as Canada's official colours in 1921 by His Majesty King George V and the maple leaf has actually been used as an emblem in Canada since the eighteenth century. It was often served to distinguish Canadians abroad, for example it was used to represent Canada at our first time in the Olympians in 1904.

Did you know our flags history?

Jack Layton Replacement

Did you know Canada.. tonight NDP members living in the riding of Toronto-Danforth will choose a new candidate to replace the late Jack Layton. Jack had been the MP for Toronto-Danforth for more than seven years.

The five candidates that are up for the nomination are all running for the first time and none are big political players.

The five are..

* Justin Duncan
* Claire Prashaw
* Ashraf Ali Rao
* Craig Scott
* Hanif Shaikh

The nomination meeting is at 7pm tonight at the Metropolitan Community Church of Toronto. Jack Layton's wife, Olivia Chow, and their son Mike Layton, are expected to attend.

Update: Law professor, Craig Scott, was selected last night as the NDP candidate for Toronto-Danforth (Jack Layton's riding).

Jack Layton

Did you know Canada.. of course you've all heard of Jack Layton's passing by now. He passed 4:45 am Monday August 22nd 2011, peacefully at home surrounded by family.

No matter your political views I don't think many can deny that Jack Layton was a good man. A man that stood up for his beliefs, cared about our country and was full of passion.

Jack Layton will be honoured with a state funeral Saturday in Toronto at Roy Thomson Hall at 2pm - it will be open to the public. It will be a celebration of life as Jack wanted. For Jack's position a state funeral is not a requirement, it's been offered by our Prime Minister Stephen Harper. Flags in Ottawa, at City Hall in Toronto, at federal buildings in Toronto and other spots around the country have been lowered to half-staff and will remain there until after the funeral Saturday.

Click here to read a beautiful letter from Jack, written August 20th.



Love is better than anger.
Hope is better than fear.
Optimism is better than despair.
So let us be loving, hopeful and optimistic.
And we’ll change the world.

-- Jack Layton 1950-2011

Layton Steps Down as NDP Leader (Temporarily)

Did you know Canada.. as we mentioned yesterday on Twitter Jack Layton, the leader of the NDP, has taken a temporary leave of absence to receive treatment for a new form of cancer - this is his second battle with cancer. Layton has already fought prostate cancer and is recovering from a recent hip fracture, often seen walking with a cane lately. There has been no word on the type of cancer Layton is now suffering from but Prime Minister Stephen Harper says he and all Canadians are behind Jack Layton in his fight.

Layton said he expects to be back in the House of Commons on September 19th. We wish him well and hope to see him back and healthy in September.

Canada Day

Did you know Canada.. with the work day coming to a close and big events planned for Canada Day tomorrow don't forget to get groceries tonight and maybe a quick stop at the LCBO! Everything will (or is suppose to be) closed tomorrow for the National Holiday!

Across the nation there will be parades, parties, fireworks and more. It's best to check with your local newspaper or radio stations for local events. If you are in our Nations Capital tomorrow the special guests are Prince William and Princess Kate, who will be here as part of the Royal Tour.

This is Canada's 144th Birthday and a day to think about Canada's past, present and future as we head into a new year as proud Canadians.

How are you celebrating tomorrow??

Plastic Bills and Money Laundering

Did you know Canada.. you might have read yesterday about the Federal Government and Bank of Canada discussing new plastic bills that will be introduced in the coming years, replacing our current currency. The $100 and $50 bills are slated to begin circulating in November 2011 and March 2012. Then the $20, $10 and $5 bills are expected to be unveiled and released by the end of 2013. While their colours will not change, the smaller-denomination notes will have some interesting new themes:

* The $5 note is dedicated to Canada's space program
* The $10 note will depict Canada's railway lines
* The $20 note will feature sacrifices made in Canadian conflicts

It's part of a plan to modernize and protect Canadian currency against counterfeiting.

The new plastic bills, made from a polymer material, are harder to fake, recyclable, and two to three times more resistant to tearing, the Bank of Canada said.

Stats Canada has an interesting article about Money laundering in Canada which these new bills are suppose to help prevent. It was surprising to read that following a period of relative stability in the early part of the decade, the rate of money laundering grew five-fold from 2004 to 2006. 83% of those accused of money laundering are males, and research has shown that money laundering is often associated with the illegal drug trade.

Ignatieff Resigns

Did you know Canada.. after a disappointing loss in the Elections last night Michael Ignatieff is resigning as leader of the Liberal Party saying "I go out of politics with my head held high".

He made the announcement this morning during a press conference. As I'm sure you know last night the Liberal Party went from 77 seats to 34 and lost official opposition party status to the NDP.

Michael Ignatieff also lost his own seat in Etobicoke-Lakeshore which he had represented since 2006.

His announcement will trigger another leadership convention for the Liberal Party. Liberal lawmakers will meet in Ottawa next week to choose an interim leader for when Parliament re-opens.

Do you think it was the right thing for Ignatieff to resign today after last nights defeat?

Election Results

Did you know Canada.. The Conservatives have won their first majority government with Harper being the first Conservative Prime Minister to lead his party to a majority since Brian Mulroney in 1988.

The NDP will form the Official Opposition - a history making night for them as well.

Liberals may be shocked with their huge dip in numbers since the last election.  The Bloc is also likely to be shocked with their loss in numbers, they may not even end up with one seat before the night is out - NDP taking over Quebec this election.

Are you happy with the election results?  Is it what you were expecting?

CBC Posts Election Results Early

Did you know Canada.. Elections excitement already underway while we wait for the results to come in.

CBC News broke the election results broadcasting ban by displaying results for approx. five minutes around 9:05 ET tonight. The station then went off the air posting a "Sorry, we're experiencing technical difficulties" message.

Section 329 of the Elections Act prohibits anyone from broadcasting election results ahead before all polls close. This of course is to ensure voters still heading to the polls would not be influenced by news of what had happened in other parts of the country.

This law was originally meant for TV networks & Radio Stations but now a great concern this year with the onslaught of social media users. A $25,000 fine could be enforced.