The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Bank regulator imposes tighter restrictions on Wells Fargo Nov 20th
WASHINGTON – A federal banking regulator has imposed tighter restrictions on Wells Fargo & Co., requiring the banking giant to get advance approval from regulators before making a wide range of business decisions.
The Office of the Comptroller of the Currency, which oversees national banks.... More »
The Best American Express® Credit Cards in Canada Oct 28th
It is a long-held belief that Amex® cards are just for the wealthy – but their current selection of cards should help to dispel that myth. From no-fee cards with low balance transfer offers, to top tier cards with VIP benefits and comprehensive travel insurance, there really is something for eve.... More »
The best high-interest savings accounts in Canada for 2024 May 3rd
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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Canada’s best balance transfer credit cards 2022 Nov 1st
If you carry a balance on a regular credit card, chances are you’re paying around 20% in interest. At that rate, it can become difficult to keep up with the payments and your debt can spike—fast. Moving your credit card debt to a balance transfer credit card can help you pay off the principal mo.... More »
Review: MBNA Platinum Plus MasterCard® Jul 6th
Tired of paying sky-high interest on your credit card balance? Here’s a way to take a break – for an entire year! The MBNA Platinum Plus MasterCard® credit card is our Best of Finance 2015 winner for best low balance transfer credit card. It offers a 0% rate for 12 months on balances moved ove.... More »
Do You Have the Right Taxpectations?
– ratesupermarket.ca
With the exception of accountants, I don’t think anyone enjoys tax season. But with the personal tax deadline quickly approaching on April 30th, it’s something we can’t ignore. On a positive note, 57 per cent of Canadians are anticipating to receive a tax refund, according to a recent TD survey.
Of those anticipating a refund, 61 per cent say they expect to get back to up $1,499. This may seem great at face value, but that just means we’ve given the government an interest-free loan and they’re simply returning the money.
Some people think of their tax refund as “free money” but when used effectively, that extra money can go a long way. According to those surveyed, the top three financial goals for Canadians are as follows.
Paying off credit card debt – 32 per cent
Contributing to an RRSP or TFSA – 21 per cent
Adding to their emergency fund – 28 per cent
Setting Spending Priorities
One quick note: some people try to maximize their RRSP contributions to get a bigger tax refund, but if you have credit card debt, it makes more sense to just pay that down first so you can avoid paying the insanely high interest charges…
