Accident victim wins challenge to Ontario’s $3,500 minor injury cap

Posted by Ravi Gulati | Posted in Financial Planning, News of Interest | Posted on 19-01-2014

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While Scarlett had soft tissue injuries, he may have had other conditions that weren’t soft tissue injuries, said FSCO arbitrator John Wilson. It wasn’t at all clear that the victim’s injuries from the accident were minor in nature.

“It makes no sense if the insurer is positioned to veto access to benefits on the basis of the delivery of a single report, in the face of credible evidence to the contrary, when the resulting delay in treatment could last for years,” Wilson wrote.

“This runs contrary to both the spirit of the accident benefit scheme and the stated purpose of the (minor injury) guideline itself.”

The key concept is the burden of proof, says personal injury lawyer Stanley Pasternak.

“The onus is not on the injured person to show the injuries fall outside the minor injury guideline,” he explains. “The onus is on the insurer to show the injuries fall inside the minor injury guideline.”

Accident victim wins challenge to Ontario’s $3,500 minor injury cap | Toronto Star.

Royal Bank quietly cuts mortgage rates

Posted by Ravi Gulati | Posted in Economy & Markets, Financial Planning, News of Interest | Posted on 19-01-2014

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Royal Bank of Canada, the country’s largest mortgage lender, has quietly cut some of its mortgage rates this weekend. The move appears to be part of a broader dip in rates, although economists generally still expect an increase in 2014.

Five-year fixed mortgage rates rose industry-wide for much of 2013, from their low of 2.64 per cent in April to their high of 3.39 per cent in September, according to Alyssa Richard, the chief executive officer of RateHub.ca. They edged down a bit later in the fall but had generally been steady at around 3.25 per cent since then

Royal Bank quietly cuts mortgage rates – The Globe and Mail.

In Defeat for Tea Party, House Passes $1.1 Trillion Spending Bill

Posted by Ravi Gulati | Posted in News of Interest | Posted on 15-01-2014

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.1 trillion spending bill for the current fiscal year, shrugging off the angry threats of Tea Party activists and conservative groups whose power has ebbed as Congress has moved toward fiscal cooperation.

In Defeat for Tea Party, House Passes $1.1 Trillion Spending Bill – NYTimes.com.

How to become an RRSP millionaire

Posted by Ravi Gulati | Posted in Financial Planning, News of Interest | Posted on 27-12-2013

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According to one online calculator, a 30-year-old would have to earn at least $74,000 a year and contribute 18 per cent of her salary each and every year to an equity-heavy portfolio to wind up with more than $1-million in her RRSP by the age of 60.

That assumes she achieves an average annual return, after inflation, of 5 per cent and gets regular salary increases that are slightly higher than inflation.

How to become an RRSP millionaire – The Globe and Mail.