With back-to-school in full swing, it’s important for drivers to be mindful about sharing the road with school buses and children walking to school. By following these tips from the Canada Safety Council, you can do your part to help keep the kids in your neighborhood safe.

1. Reduce your speed. Be more careful in residential areas where children are present. Respect speed limits in school zones and playground zones.

2. Stop for school buses displaying the flashing red lights and the extended stop arm. In most cases, traffic in both directions must stop for school buses. Do not continue on until the flashing lights stop.

3. Obey crossing guards.

4. Never overtake other vehicles within a school zone or within a half block of any crosswalk.

5. Avoid U-turns and three-point turns in school zones. Children can have a difficult time predicting these types of vehicle maneuvers.

6. Give cyclists a wide berth (a minimum clearance of one meter is the rule in some jurisdictions).

7. Shoulder check before opening your vehicle door.

8. Leave extra time to reach your destination.

9. If you observe reckless driving or suspect a driver is impaired, pull over as soon as it is safe to do so, and report the incident to police by calling 911.

10. Choose public transit and active modes of transportation, if and whenever possible. One less car on the road makes the road that much safer for everyone.
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Even if you no longer have school-aged children, following these safety tips will help ensure that your neighbor’s children make it to and from school safely.

Maybe you've inherited a property, or maybe you’ve found a deal on a house that you couldn't pass up. Either way, it's time to take a closer look at your insurance coverage to see what's covered by your existing policy and where you may need to fill some gaps in coverage.
 
Vacant homes: If you don't already have a tenant and you aren't living in the home, insurers may consider this home to be vacant. In many cases, insurance claims for damage to the home while it's vacant won't be covered. You’ll want to have a candid conversation with your broker to learn your options. In some cases, such as when you're in between tenants and the home will be vacant for more than 30 days, you may be able to obtain what's called a vacancy permit from your insurer.
 
A standard homeowners insurance policy won’t cover rentals. The type of homeowners insurance you have for your primary home can’t be used to insure a property that's being rented to tenants. Insurance policies are legal contracts that are built around a specific need and a specific set of risks. A home or property that's not owner occupied has a unique set of risks and is also structured differently regarding its personal property and liability coverage provisions.

With a standard homeowners insurance policy or condo policy, it's the insurer’s understanding that you and your family will be occupying the home. This means the coverage could be void if, for example, you purchased a second home and decided to rent out your first one without changing the type of policy for the property.
 
It’s likely that tenants won't be as mindful of your property as you would be if you live there full-time, which is part of the reason that a different policy type is required. If you are renting your home or condo to tenants, you'll need a landlord policy, which is specifically intended for rental properties. Larger rental properties with several units may even require a commercial landlord policy.
 
Rules and regulations: Be sure to check with condo associations or homeowner associations, if applicable, as well as your local municipality to be sure the property can be rented before purchasing the property as a rental or investing in improvements geared towards renters.
 
Liability coverage: Your landlord policy will insure the building as well as provide protection for building contents — excluding your tenant's belongings — as well as providing 3rd party liability coverage to insure against injury claims and similar liabilities.
 
Loss of rental income: Your landlord insurance policy may also provide for loss of rental income. For example, if your home is damaged due to a covered claim, there may be a period when you cannot rent out space because the home is uninhabitable. In this situation, you may be able to place a claim for lost income along with your claim for damage to your rental property.
 
A big change — such as becoming a landlord — is the perfect time to discuss your insurance needs with your broker. It’s likely that you’ll discover some additional ways to protect yourself, your family, and your real estate investment.
 

With the Canadian deadline to file your tax return right around the corner, you may be wondering if you have to pay taxes on any life insurance payouts you receive. Here’s a quick breakdown of how the Canada Revenue Agency views the taxing of insurance distributions in three different scenarios.

1. Life Insurance Distributions Following Death
The CRA does not tax the life insurance distributions that beneficiaries receive upon the death of an insured person.  

2. Cashing Out Permanent Life Insurance
Before your death, you may be able to take distributions from your life insurance under certain conditions. The CRA requires you to report some of the distribution as a capital gain. To calculate your capital gain from the distribution, you would need to take the proceeds of your distribution and deduct the adjusted cost base (ACB) of the policy. The ACB can usually be calculated by taking the amount of the premiums you paid minus the value of insurance. Talk to your tax advisor to determine the appropriate amount for your distribution.

3. Using Life Insurance to Reduce Tax on Your Final Return
Instead of naming a beneficiary on your life insurance policy, you could appoint your estate as the beneficiary. When your designated estate representative files your final tax return on your behalf, they can use the life insurance policy to cover any final taxes you owe. Taking this approach ensures that those named in your will inherit as much as of your remaining estate as possible.  

If you still have questions about the tax obligations associated with your life insurance policy, talk to your insurance broker or your trusted tax advisor.

Active Insurance & Financial Group is growing! You asked and we listened! 
 
We are happy to announce that we have partnered with The Mortgage Centre, one of Canada’s leading and most established mortgage brokerage networks, to offer our valued clients mortgage services. Mortgages are not a one size fits all solution – we’ll have Canada’s leading lenders compete for your mortgage, then we’ll provide unbiased advice so you get the mortgage that’s right for you.

WHY WORK WITH OUR TEAM OF MORTGAGE SPECIALISTS?

INDEPENDENT ADVICE. Because we provide mortgages from various lenders, you're not tied to one lender or one type of mortgage.

MORE MORTGAGE CHOICES. Through our Mortgage Market technology, we have electronic access to major lenders in Canada, so we're able to show you a wide range of rates and features available to you.

WE WORK HARD TO GET YOU A COMPETITIVE RATE BY LEVERAGING OUR WIDE LENDING NETWORK. Fast, convenient, local service. We are here to keep your mortgage moving forward. What's more, you're working with a local business person with ties to the communities where they do business.

SPECIALIZED KNOWLEDGE. Through training and certification, we have a good understanding of available products, features, and rates. We're also great at explaining the sometimes complex industry-specific language in everyday terms, so you know exactly what you're getting into.

REPUTABLE LENDERS. We deal with reputable and established Canadian financial institutions. Plus, we have access to mortgage specialist-only lenders who offer competitive rates and features that you may not find at your local financial institution.

CONTACT OUR SPECIALISTS TODAY FOR MORE INFORMATION OR A FREE MORTGAGE CHECK-UP!

Direct: 647-475-4739  
Email: mortgages@activefinancial.ca
Website: www.activeinsurance.ca

 WE ALSO SPECIALIZE IN:
● FIRST TIME BUYERS
● PURCHASES
● TRANSFER / SWITCHES
● REFINANCING
● DEBT CONSOLIDATION
● HOME EQUITY LINE OF CREDIT
● EQUITY TAKE OUTS
● NEW TO CANADA
● BUSINESS FOR SELF / SELF-EMPLOYED /      STATED INCOME 
 
Diane Thompson
Mortgage Agent License #M08006052
 
In partnership with:
Joseph Trimboli
The Mortgage Centre - I direct Mortgages Inc.
Brokerage license number #10584