Interest rate increase a prompt to review finances: Easy Legal

The Bank of Canada’s decision to raise its key interest rate should be a call to action for Canadians to review their finances, says Easy Legal Finance Inc. president and CEO Larry Herscu.

“A rise in interest rates reduces peoples’ purchasing power and increases their outflow of cash, which is a concern if they are already in debt,” he tells AdvocateDaily.com.

The Bank of Canada raised its basic interest rate by another quarter of a percentage point in early September, up from 0.75 per cent to one per cent, reports Global News. The increase followed an earlier rise in July, and some economists say more could come soon.

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Knowing recovery costs key to being financially prepared after serious injury

Traumatic injury is a huge financial burden to the country and the havoc it can cause to those financially unprepared can be just as debilitating, says Easy Legal Finance Inc.president and CEO Larry Herscu.
Costs associated with personal injuries hit $26.8 billion in 2010 in Canada — the most recent figure available — according to a 2015 report by Parachute Canada. The report, which notes injuries also killed 15,866 the same year, predicts by 2035 it will cost Canadians $75 billion and claim 26,390 lives annually.

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Understanding car insurance benefits key to being prepared

A major part of ensuring you are financially prepared for the unexpected costs in the aftermath of an accident involves checking car insurance policies to make sure you understand the coverage, says Easy Legal Finance Inc. president and CEO Larry Herscu.
“It can cost a great deal to heal from an accident,” he tells AdvocateDaily.com. “There has to be an awareness of your insurance benefits and why they are important to you.”
Herscu notes Ontario brought in changes to statutory accident benefits for auto insurance in June 2016 that meant some reduced costs for substantially reduced coverage.
The most significant change involved medical and rehabilitation care, which was combined with attendant care as a single benefit for both catastrophic and non-catastrophic claims, says the Financial Services Commission of Ontario (FSCO.)

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Why cashing in your RRSPs is never a good idea

Dipping into your RRSPs before retirement is one of the worst financial mistakes a person can make — even after an accident leaves you unable to work, says Easy Legal Finance Inc. president and CEO Larry Herscu.

“This isn’t the same as taking money out of your savings account because those are taxable dollars,” he tells AdvocateDaily.com. “Taking it out of your registered plan is unwise and carries a significant long-term impact.”

Herscu comments on the issue as an increasing number of Canadians are deregistering their RRSP assets, a decision that saddles them with major tax implications.

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The hidden impact of the Canadian real estate bubble

The real estate bubble is compounding financial difficulties for many Canadians and sometimes they are forced to choose between mortgage payments and medical treatments, says Easy Legal Finance Inc. president and CEO Larry Herscu.

“Their debt-to-income ratio is increasing and often there is no safety net in place should a person experience an accident,” he says. “They are unable to pay for treatments such as physiotherapy because they have overextended themselves in the property market.

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Many at risk of financial ruin after an injury

With many Canadians carrying more debt than ever before, an increasing number of injured people need financial help during litigation, says Easy Legal Finance Inc. president and CEO Larry Herscu.

“We’re seeing a wide variety of clients coming to us for help in this economic climate,” he tells AdvocateDaily.com.

The company specializes in helping people who have been hurt in an accident by providing financial support to pay their bills while their lawyer fights for a fair settlement, he says.

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Why you need a personal injury lawyer

Finding a good, experienced lawyer who can provide the best possible legal representation and get you fair compensation is far from easy. A personal injury lawyer should be an expert in all aspects of tort and insurance law and be able to negotiate an out of court settlement or represent you in the court as a trial lawyer if the need arises. Not all lawyers are experienced at both; therefore, you must choose your lawyer carefully. Here are a few things you can do to find a personal injury lawyer in Toronto:

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What does insurance in Ontario cover for auto accidents?

In case you are injured in an auto accident in Ontario, you should know what benefits you can claim from your insurance company. Ontario’s auto insurance policy is very specific about the benefits that should be provided by insurance companies to persons involved in a motor vehicle accident if they have suffered injuries as a result of the accident. These benefits are defined by the Statutory Accident Benefits Schedule (SABS) under the province’s Insurance Act. You have the right to claim the benefits regardless of whether you are at fault or not. Beside the standard benefits, you also have the option to purchase additional benefits to protect yourself, your spouse and children in case of personal injury. At the time of making the claim, you should know the coverage provided by both standard and additional benefits. The different types of benefits you might be able to claim are:

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