Latest news with #CanadaLife
The Sun
3 days ago
- Business
- The Sun
HMRC warning to check codes on letters as workers are owed £700 each – check if you're affected
BRITS are being urged to check their tax codes immediately as thousands could be due a £700 refund from HMRC. It comes as the May 31 deadline has passed for employers to issue P60 forms – a crucial document that confirms how much tax you've paid in the last financial year. 1 But tax experts are warning that many workers could be on the wrong tax code without even knowing it, potentially costing them hundreds of pounds. One in three Brits has been on the wrong tax code at some point, with average overpayments hitting a hefty £689, according to research by Canada Life. The blunder means HMRC could be sitting on billions in overpaid tax and the only way to get it back is to check your details and flag it. Taxpayers should double check the 'final tax code' on their P60 that's the string of letters and numbers near the top of the form. Codes like "BR", "D0", or "D1" should raise a red flag. These mean you may have been taxed at a flat rate with no tax-free allowance. Anyone who stayed with the same employer up to April 5 should have already received their P60, either in the post or digitally. And while it may be tempting to toss it aside, it's an important piece of paperwork. Not only is it used to claim tax rebates, it's also essential for applying for tax credits, benefits, loans, or even a mortgage. If you think your code is wrong, or if something doesn't look right on your payslip, it's time to act. How to check your tax code You can check your current tax code by logging into your personal tax account online, using the HMRC app, or digging out your latest payslip. You may also have received a Tax Code Notice from HMRC in the post, so it's worth checking any recent letters too. If the numbers don't add up, contact HMRC directly. You can call them on 0300 200 3300 or write to: Pay As You Earn and Self Assessment, HMRC, BX9 1AS. Those who've overpaid could see a refund land in their bank within five days once their claim is processed or receive a cheque in the post within two weeks. But it's not always good news, some may find they underpaid tax and owe HMRC money. If that's the case, most will be asked to repay it gradually over 12 months. If you're owed money, you may also receive a P800 letter or a simple assessment telling you how much you're due and how to claim it. There's a four-year limit on claiming back overpaid tax, so if you think you've been overcharged, don't delay. Whether you're a full-time employee, working multiple jobs, or have just switched roles, it's worth double checking your code because a five-minute check could leave you hundreds better off. The Sun has approached HMRC for comment.
CTV News
3 days ago
- Business
- CTV News
Ontario widow initially denied $25K in late husband's life insurance policy
If you have a life insurance policy you should check to make sure it's in good standing and you're up to date on your payments. A widow from eastern Ontario says she was initially denied $25,000 laid out in her late husband's life insurance policy, after part of the terms expired three weeks before his death. 'I was really upset because they said I would get it all when he passed,' Sharon Morris, of Roslin, Ont., told CTV News. Sharon Morris said she was married to her late husband, Alex, for 54 years. In December 2024, he was diagnosed with terminal cancer. As his health deteriorated, Morris said her husband wanted to ensure his life insurance policy would be there to help his family. 'He knew he was dying and he wanted me to call (Canada Life) ahead of time and find out, so he would know I would have some money coming to me,' Morris said. They had been paying for life insurance for 43 years, Morris said, and had a base policy of $5,000 plus dividends and a term policy that would pay $25,000. Morris said she called Canada Life in January to check on their policy, and was told she would get both amounts after her husband passed. 'They said it was a whole life policy and I would get the full amount, but I needed a death certificate,' Morris said. Her husband died on Feb. 25 at the age of 75. When Morris called Canada Life back, she said she was told part of their life insurance policy expired three weeks earlier. 'They refused the $25,000 rider he had on his policy,' Morris said, noting she was only paid just over $7,000. It was Morris's understanding that the term policy had not expired and says she should have been told that before, when she called in January. 'They told me to wait until he died and then I would get the whole amount. That's why I'm terribly upset about it because they told me I was going to get it,' Morris said. In a statement to CTV News, Canada Life said: 'While we cannot comment on the specifics due to privacy, we've worked through the exceptional circumstances of this case to deliver a solution of our customer.' Canada Life paid Morris the full $25,000 in the end. 'It's a very big relief. He was so worried because I had to get that money to keep me going. I'm very grateful,' Morris said.
CTV News
3 days ago
- Business
- CTV News
‘They said I would get it all': Ontario widow initially denied $25K in late husband's life insurance policy
If you have a life insurance policy you should check to make sure it's in good standing and you're up to date on your payments. A widow from northern Ontario says she was initially denied $25,000 laid out in her late husband's life insurance policy, after part of the terms expired three weeks before his death. 'I was really upset because they said I would get it all when he passed,' Sharon Morris, of Roslin, Ont., told CTV News. Sharon Morris said she was married to her late husband, Alex, for 54 years. In December 2024, he was diagnosed with terminal cancer. As his health deteriorated, Morris said her husband wanted to ensure his life insurance policy would be there to help his family. 'He knew he was dying and he wanted me to call (Canada Life) ahead of time and find out, so he would know I would have some money coming to me,' Morris said. They had been paying for life insurance for 43 years, Morris said, and had a base policy of $5,000 plus dividends and a term policy that would pay $25,000. Morris said she called Canada Life in January to check on their policy, and was told she would get both amounts after her husband passed. 'They said it was a whole life policy and I would get the full amount, but I needed a death certificate,' Morris said. Her husband died on Feb. 25 at the age of 75. When Morris called Canada Life back, she said she was told part of their life insurance policy expired three weeks earlier. 'They refused the $25,000 rider he had on his policy,' Morris said, noting she was only paid just over $7,000. It was Morris's understanding that the term policy had not expired and says she should have been told that before, when she called in January. 'They told me to wait until he died and then I would get the whole amount. That's why I'm terribly upset about it because they told me I was going to get it,' Morris said. In a statement to CTV News, Canada Life said: 'While we cannot comment on the specifics due to privacy, we've worked through the exceptional circumstances of this case to deliver a solution of our customer.' Canada Life paid Morris the full $25,000 in the end. 'It's a very big relief. He was so worried because I had to get that money to keep me going. I'm very grateful,' Morris said.
Yahoo
26-05-2025
- Business
- Yahoo
Lindsey Rix-Broom to lead Great-West Lifeco's European operations
Great-West Lifeco has named Lindsey Rix-Broom as the CEO of Europe, effective 1 July 2025. Currently serving as CEO of Canada Life UK, Rix-Broom will transition to her new role following the appointment of David Harney as president and CEO of Great-West Lifeco and Canada Life on the same date. Rix-Broom will become part of the Lifeco executive management committee and report directly to the company's president and CEO. Until a successor is appointed, she will also retain leadership of Canada Life UK. With 25 years of leadership experience, she has been credited with 'delivering on strategic priorities to simplify, modernise, and grow the business'. Great-West Lifeco said that Rix-Broom has driven 'substantial growth' in critical business segments, 'capitalised on a significant market opportunity' in the UK bulk purchase annuity market, 'unlocked significant value' from the company's financial assets, and spearheaded 'major' modernisation initiatives in operational and technological advancements. Harney said: 'Lindsey's skill, leadership, commercial acumen, and customer focus have created strong momentum in our UK business, and I know she will bring the same disciplined approach to this role leading our European business segment.' Rix-Broom added: 'I am excited about the opportunity to work alongside our leaders across Europe to expand our presence and impact for customers in the UK, Ireland, and Germany. 'We have focused strategies, strong teams, and a culture of excellence when it comes to delivering for our customers. I look forward to continuing to build upon Lifeco's momentum established under David Harney.' The announcement of the leadership reshuffle comes shortly after Great-West Lifeco's Q1 2025 results release. The firm reported base earnings of C$1.03bn, or $1.11 per common share, in the quarter, marking a 5% increase from C$978m the previous year. In Europe, base earnings rose by C$13m, or 6% year-on-year. "Lindsey Rix-Broom to lead Great-West Lifeco's European operations " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
22-05-2025
- Business
- CTV News
Fewer events, lower attendance at Canada Life Place
A new report on Canada Life Place finances and attendance, shows a drop in numbers from the year before. The report indicates about 600,000 people attended events at the arena last year, down from nearly 700,000 in 2023. The arena also hosted 17-fewer events last year compared to the year before. According to the report, the city collected $100,000 from leasing Canada Life Place last year, and took in $140,000 from ticket sales. The venue, originally known as the John Labatt Centre, then Budweiser Gardens, opened in October 2002 with a seating capacity of 9,090 for hockey and ice events and over 10, 000 for concerts, family shows, and other events.
