About Unclaimed Balances When a Canadian-dollar account, deposit or negotiable instrument held or issued by a federally-regulated bank or trust company has been inactive for 10 years and the owner cannot be contacted, it is considered an “unclaimed balance.” Once a year on December 31, unclaimed balances are transferred to the Bank of Canada, which acts as custodian on behalf of the owners. At the end of 2019, approximately 2.1 million unclaimed balances, worth $888 million, were on the Bank's books. Over 93 per cent of unclaimed balances were valued at under $1,000, representing 26 per cent of the total value outstanding. In 2019, the Bank paid out $8.5 million to balance holders. The...
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Saying bye, bye to stretch IRAs? As you may know, Congress passed, and the President signed, a new tax law near the end of 2017 that changed many provisions of the tax code for individuals and businesses. While many people and businesses have benefitted from the changes, they came at a cost – the annual budget deficit of the Federal government has risen from about $500 billion on average to about $1 trillion on average. Some of the increase has been offset by higher tax revenues resulting from increased employment, greater business profits and tariffs on imported goods. However, there is a concern inside the beltway that $1 trillion-plus annual deficits cannot continue without...
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Family health insurance plan is a complete package which is specially designed to offer protection to the insured and his family. Under a family health insurance plan, you can cover yourself, your spouse, dependent children (above 90 days) and dependent parents (65 years) against health issues. Family health insurance plans also take care of the treatment in case of a critical illness or serious medical conditions. Taking a family health insurance plan works out cheaper than purchasing individual health insurance plans for everyone. Insurers in India provide customized health insurance to families, based on their specific needs. You have the option to choose from various plans available,...
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Your personal information is precious, and our directory of the best identity theft protection and monitoring services can help you proactively monitor suspicious activity and protect your identity as well as assist in recovering if you're a victim of a data breach that leads to identity fraud and theft. Unfortunately, you may need one of these protection services soon, if you don't already. That's because identity theft is a massive and growing problem, with more enormous data breaches hitting victims with increasing regularity. In 2016 alone, there were more than 15 million US identity fraud cases, with identity theft victims losing more than $16 billion not to mention untold damage to...
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Last week, the U.S. Treasury market spit out a historically reliable signal that the next recession is on the horizon: The yield on the 10-year Treasury note fell below the one for the 2-year Treasury, causing an inverted yield curve. Also troubling is that the yield on the 30-year bond fell to an all-time low. That means investors believe economic growth will falter and interest rates are headed lower. “Are we heading for a recession? Will we eventually have one? Yes, of course. The question is, will it be within the next year, or year and a half?” said Jeremy Siegel, Wharton finance professor and markets expert, on the Knowledge@Wharton show on SiriusXM. “Right now, outside of the [signal...
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One Monday in June, a team of young data researchers gathered in the conference room of a Boston start-up called SpottedRisk to talk about celebrities who’d gotten themselves into trouble. Operations analyst Franki Slattery began the meeting by ticking off a couple of updates: Cuba Gooding Jr. had been arrested for allegedly groping a woman at a bar; soccer star Cristiano Ronaldo ’s civil rape lawsuit had been moved to federal court. Other “disgrace events,” as Slattery called them, were harder to categorize. Rapper Lil Xan had pulled a gun on someone at a 7-Eleven over a dispute about Tupac. “They’ve started describing the situation as ‘assault with a deadly weapon,’ ” rather than the...
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When Talal Tabbaa took out a 10-year savings plan from a leading UAE bank and Takaful company in 2015, he thought he was making a wise and prudent move. The Jordanian had moved to Dubai two years earlier to work in management consulting, and was keen to invest his salary in a disciplined way. "I was told the plan would generate 5 to 9 per cent a year from low-risk income yielding investments, with minimal downside," says Mr Tabbaa, 28. After a stint living in Switzerland to set up a Blockchain company, the Jibrel Network, he returned to the UAE to roll out the venture in Dubai last year. Unfortunately, the traditional financial industry wasn’t designed to be fair, it was designed to make...
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Or end up like office worker who complained that insurer didn't honour terms of her plan A lot of effort has gone into making insurance policies more easily understood but plenty of us still get caught out. Just ask office worker Marie Koh. Madam Koh (not her real name) lodged a complaint against her insurer for allegedly not honouring the terms in her savings-type plan when it matured in October last year. She wanted to know why there was a big difference between the maturity payout she received and the projected maturity values. The illustrated terminal bonus was also not paid at maturity. Madam Low, who is in her late 50s, also refused to accept the insurer's explanation that the...
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Overseas assignments carries a lot of loose ends back on the mainland, one of which is what to do about your car. Provided you're permitted a POV (privately owned video) the next step will be making sure you have adequate coverage in case something happens. Fortunately, a lot of insurance companies understand the unusual situations that military personnel face and they've come up with great plans to make sure you have peace of mind during your relocation. Before your military PCS, make sure having a vehicle overseas is worth the extra money and responsibility. Public transportation in many modern countries is oftentimes preferred, as having a car in a place like the UK for example is often...
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There is a minimum sum assured in life insurance policies 2 min read . Updated: 22 Dec 2014, 08:25 PM IST Deepti Bhaskaran If your sum assured is less than 10 times the annual premium, you won't be entitled to tax benefits When you buy a life insurance policy, the most important aspect is choosing the sum assured. Sum assured is the amount that your beneficiary will get if you die during the policy term. Therefore, choosing a sum assured is very important because through insurance you create a financial cushion for your family. According to one thumb rule, quoted by many financial planners, this sum assured should be at least 12-15 times your annual expenses or 8-10 times your annual...
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