Travel Insurance
23 May

Travel Insurance

DEFINITION of ‘Travel Insurance’ An insurance product designed to cover the costs and losses, and reduce the risk associated with, unexpected events you might incur while traveling. It’s often pitched as the best protection for those traveling domestically or abroad. Many online companies selling airplane tickets or travel packages allow consumers to purchase travel insurance (also known…

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Mortgage Investment Corporation
18 May

Mortgage Investment Corporation

A mortgage investment corporation or MIC is an investment and lending company designed specifically for mortgage lending (primarily residential mortgage lending) in Canada. Owning shares in a mortgage investment corporation enables you to invest in a company which manages a diversified and secured pool of mortgages. Shares of a MIC are qualified investments under the Income Tax Act (Canada) for RDSPs, RRSPs, RRIFs, TFSAs, or RESPs. Mortgage investment corporations are generally…

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Travellers – Paying duty and taxes
25 Apr

Travellers – Paying duty and taxes

Duty and Taxes What are duty and taxes? Duty is a tariff payable on a good imported to Canada. Rates of Duty are established by the Department of Finance Canada and can vary significantly from one trade agreement to another. No duty is payable on goods imported for personal use, if it is marked as…

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Import duty & taxes when importing into Canada
25 Apr

Import duty & taxes when importing into Canada

Overview Import duty and taxes are due when importing goods into Canada whether by a private individual or a commercial entity. The duty valuation method is FOB (Free on Board), which means that the import duty is calculated exclusively on the value of the imported goods.  In addition to duty, imports may be subject to…

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