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Canada: Finance, Real Estate, Insurance, Immigration

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Canada: Finance, Real Estate, Insurance, Immigration:20 Insurance for Super Visa and for visitors to Canada


Dear readers,

Today we get to know about:

1.Insurance for Super Visa and for visitors to Canada

2.How to Make Money Out of Nothing?(off credit cards and bank services)


Insurance for Super Visa and for visitors to Canada

According to the new immigration law, you can invite your parents to stay with you in Canada for up to two years. One of the main conditions to get this new Super Visa isto buy medical insurance from a Canadian insurance company.

The insurance has to be valid for one year with a minimum coverage of $100, 000. As of February 2012, such insurance is sold by 8 companies. Our agency has contracts with most of these companies. If your parents have been in good health, haven’t been to the doctor’s for the last 6 months and are fine with getting the ‘weakest’ insurance coverage, with a deductible of $1000 per claim, then the cost is, as illustrated below.

The minimum cost of insurance for a year for the Super Visa application, based on age, with no preexisting conditions.

Age Min quote in $
40-54 $1,007.40
55-59 $1,208.15
60-64 $1,408.90
65-69 $1,752.00
70-74 $1,890.70
75-79 $1,992.90
80-84 $3,219.30
85 $3,317.12
86-89 $4,025.95
90-95 $9,421.38

The prices are valid as of February 2012 and may go lower or higher in the near future. These quotes are not available in all Canadian provinces and are limited to BC, Ontario and a few other provinces. In Quebec, New Brunswick, Yukon and Nunavut the minimum cost is higher, because not all the insurance companies work there.

Are you going travel to Canada?
Buy Visitors To Canada Insurance On-line

Canada Dental Insurance

I hope many understand the importance of not just having an insurance that will help your parents and grandparents receive the Super Visa but also having a good coverage in case of an emergency.

Some people speculate as to why the Government requires the Super Visa insurance to be bought from a Canadian company. The reason is, because this kind of insurance is called aVisitors to Canada insurance, while the insurance bought in a different country would be considered a Travel Insurance. Although Travel Insurance is cheaper, it is mostly due to the fact that it comes as an addition to the visitor’s own government health plan. When the resident leaves his country, he might lose the rights to his health plan and with it the insurance coverage. He could stumble upon this problem when the insurance company will refuse to pay for his claim.

Another important thing to remember is that in case of an emergency you could call the Canadian insurance company, which will provide you with the location of the closest clinic or hospital. While you are on your way there, the insurance company would have already sent a fax with all of your information and much of the paperwork would already be dealt with.

Important information about insurance for Super Visa applicants, as well as for visitors to Canada and new immigrants:

  • If your parents’ Super Visa gets refused and you notify the insurance company before the effective date of the coverage, the insurance companies will refund the full amount you have paid for the insurance
  • If the visa processing takes longer than expected, the insurance dates are flexible and can be moved to a later date. Similarly, the insurance can start earlier than the  chosen effective date, as long as that date has not passed yet.
  • Some insurance companies have deductible per claim, while others- per period. In the first case you would need to pay the deductible amount with each visit to the doctor from your own pocket, while in the second case you would only have to pay it for the first time.
  • While some of the insurance companies do not have the option of a partial refund if the visitor goes back to their country of origin, a few companies offer a refund and take an administration fee of $25 or $100 in case of cancelation. The companies, however, require that you had not have any claims on your policy, in order to receive a refund.
  • Some of the companies do not provide insurance for customers that have been in Canada for over 30 days, while others enforce a waiting period of either 48 hours or 8 days, starting from the effective date of the insurance.
  • If you need to extend your insurance coverage for a longer period, it must be done not less than 48 hours before the expiry date of the policy. You might not be able to extend your coverage if there has been a claim on your file. Please remember to advise your agent of the possibility of extension, as some insurancecompanies do not offer coverage for people older than a certain age (79 for example.)



Our sta
ff will gladly help you choose the right plan and provide assistance with all the organizational tasks incase your circumstances change. We will also help you buy medical insurance for new immigrants and  Canadian visitors.

Please contact us by calling 604-875-8878 or 604-568-5573
email arbetov.office@gmail.com


How to Make Money Out of Nothing?(off credit cards and bank services)

When I just arrived in Canada (in 1997) I had the pleasure of meeting quite a few interesting people. Some of them were businessmen, most of whom were immigransaving moneyts to Canada. I became fascinated immediately and wanted to find out what  the key to their success is, and what was the right strategy. I discovered  that no matter what business they were in, they all shared a common quality: the ability to treat money with vigilance and watch every penny. Later on I started regarding this trait as the capacity to ‘make money out of nothing,’ although in reality it was just an ability to save money in any situation.

Saving money through credit cards:

I must warn you in advance, wrong use of credit cards could potentially become devastating for one’s family finances. Therefore, prior to make any payments by credit, make sure that you are able to repay the borrowed money on time. The principle behind the usage of credit cards is the same for everyone.
Companies, such as Visa, Master Card and others are franchise, thus they give the banks the right to use their trademark in return for royalties- regular payments and percentage of every transaction. On top of that, the banks add their own interest. As a rule, for the convenience of the owner of the card. As a rule, retail shops and other establishments pay for the convenience of the cardholder to pay for goods and services, (provided that the cardholder pays the bills on time) The cardholder, in turn, repays part of these bank “bribes” as an additional guarantee for the purchased goods, travel insurance and special points, which then can be used to purchase additional goods or services. Credit cards should be chosen wisely, according to your circumstances. If you fly often, take an interest in the cards with air miles, if you shop a lot,  find out about the cards that offer points, and if you like to test your luck, you can apply for a card with contests.

Saving on banking services:

When I first immigrated to Canada, I noticed that Canadian Banks are leaders in profitability among all businesses. This is due to a special provision in Canadian banking law: six Canadian banks provide all services to 80-90% of the entire population. Credit unions and trust companies account for the rest of the banking market share. Very often banks offer various service packages and the cost of these varies. I suggest finding out exactly what the bank offers and then go with the package that is most suitable for you. Often, banks have various service packages and the fees are different for all of them. It is advisable to carefully study each one and go with the one that offers the best benefits to you. If your circumstances change, make sure to look over the services you pay for again and perhaps switch to another package!

If the gain on credit cards and bank services is typically reflected in hundreds of dollar a year, then in the next articles you will be introduced to financial services, which could potentially result in profits of thousands and tens of thousands of dollars a year(if used correctly.)

 

Financial Planner Michael Arbetov, CFP, FMA


Gold & Silver in Canada

April 9, 2012

Item Buys at Sells at Buys at (USD) Sells at (USD)
1 OZ GOLD BAR $1,634.00 $1,681.00 $1,635.00 $1,679.00
5 OZ GOLD BAR $8,160.00 $8,383.00 $8,163.00 $8,373.00
10 OZ GOLD BAR $16,300.00 $16,745.00 $16,307.00 $16,727.00
1 KILO GOLD BAR (32.15 TROY OZ.) $52,306.00 $53,546.00 $52,326.00 $53,487.00
1 OZ GOLD MAPLE LEAF .9999 $1,641.00 $1,705.00 $1,642.00 $1,703.00
1/2 OZ GOLD MAPLE LEAF $834.00 $890.00 $835.00 $889.00
1/4 OZ GOLD MAPLE LEAF $421.00 $453.00 $421.00 $453.00
1/10 OZ GOLD MAPLE LEAF $172.00 $189.00 $172.00 $189.00
1/20 OZ GOLD MAPLE LEAF $86.00 $111.00 $86.00 $111.00
1 OZ SILVER MAPLE LEAF $32.56 $35.16 $32.57 $35.12
1 OZ SILVER MAPLE LEAF (50+ COINS) $32.56 $34.96 $32.57 $34.92
1 OZ SILVER MAPLE LEAF (500+ COINS) $32.56 $34.76 $32.57 $34.72
1 OZ SILVER BAR / ROUND $31.71 $34.11 $31.72 $34.07
10 OZ SILVER BAR $317.00 $339.00 $317.00 $339.00
50 OZ SILVER BAR $1,585.00 $1,680.00 $1,586.00 $1,678.00
100 OZ SILVER BAR $3,171.00 $3,331.00 $3,172.00 $3,327.00
1 OZ PLATINUM BAR $1,587.00 $1,680.00 $1,588.00 $1,678.00
1 OZ PLATINUM MAPLE LEAF $1,628.00 $1,730.00 $1,629.00 $1,728.00

 

 


We recommend to visit websites:

Life insurance Ideas is the best way to get peace of mind. 
Insurance hints help you to save money on life and disability insurance. 
Lowest Insurance Quotes From Top Insurance Companies There are so many ways on how to get low insurance quotes. When you have full access to the internet, you will notice that there are hundreds of sites that offer low business insurance quotes which your company can afford. 
Best Dental Insurance blog helps you to find proper advice how to get the best appropriate dental coverage for your family and you. 

Insurance for Super Visa and for visitors to Canada

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