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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The best 5-year variable mortgage rates in Canada + MORE Sep 5th
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Making sense of the markets this week: July 31 Jul 30th
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
With earnings season in full swing, there’s a lot to catch up on this week, as we try to make sense of the markets that defy being d.... More »
Review: TD Aeroplan Visa Infinite Card Oct 11th
If you’re looking for the ultimate travel rewards card, the TD Aeroplan® Visa Infinite Card is the ticket for your dream destination. First introduced back in 2014, the card can earn Aeroplan miles quickly, offers a number of VIP perks and offers a sweet sign-up bonus. And once you leave home, y.... More »
Can Santander take on Canada’s Big Six? Why the global bank may face hurdles + MORE Dec 18th
It’s not every day, or even every decade, that a big foreign bank decides to have a go at Canada’s retail banking market.
But Spain’s Banco Santander—which has already shown an ability to attract customers, with more than 168 million of them worldwide—is poised to be among the few that .... More »
Meridian Gets Competitive; Posts Lowest Two-Year Fixed Mortgage Rate on the Market + MORE Mar 15th
Meridian is making news as of late, as it recently posted the lowest two-year fixed-interest rate in recent Canadian history, compared to the “Big Five” banks and other lenders on the market. As Ontario’s largest credit union, Meridian is offering a two-year fixed mortgage at 1.98 percent.
T.... More »
Boomer generation to inherit an estimated $750 billion
– moneysense.ca
TORONTO – One of Canada’s big banks estimates that $750 billion will be inherited by members of the Boomer generation over the next decade.
CIBC says there are currently about 2.5 million Canadians over the age of 75 with a total net worth of $900 billion or more.
Are there ways to avoid tax on an inherited property? »
The bank adds that the beneficiaries will be mainly Canadians currently aged between 50 and 75 years.
CIBC says that it’s difficult to estimate how much of the money will be passed on to the Boomer generation in the future, so it has focused on what Canadians have actually received through inheritance.
It says the average inheritance received by the 50-75 age cohort over the past decade was $180,000.
CIBC forecasts the average inheritance will be higher than that, due to the increased value of assets — particularly homes.
“This significant wealth transfer could impact important economic variables such as wealth distribution, savings, labour market participation, start-up activity, and real estate markets,” writes CIBC economist Benjamin Tal…
CIBC says there are currently about 2.5 million Canadians over the age of 75 with a total net worth of $900 billion or more.
Are there ways to avoid tax on an inherited property? »
The bank adds that the beneficiaries will be mainly Canadians currently aged between 50 and 75 years.
CIBC says that it’s difficult to estimate how much of the money will be passed on to the Boomer generation in the future, so it has focused on what Canadians have actually received through inheritance.
It says the average inheritance received by the 50-75 age cohort over the past decade was $180,000.
CIBC forecasts the average inheritance will be higher than that, due to the increased value of assets — particularly homes.
“This significant wealth transfer could impact important economic variables such as wealth distribution, savings, labour market participation, start-up activity, and real estate markets,” writes CIBC economist Benjamin Tal…
The Canadian housing market puts us all at risk
– moneysense.ca
Banks and real estate analysts were busy last week. There were reports of bank book losses, due to the decline in oil prices, and an international organization as well as two Canadian banks called on Ottawa to tighten up the risks associated with soaring home prices. Rebuttals were made. Bank economists defended their choices and the week ended.
But in light of concerns raised and counter-arguments offered, I wanted to point out that there is validity in the concerns being raised. We are at risk. Canadian homeowners are at risk. Canadian investors are at risk. And Canadian taxpayers are at risk. Here’s why.
Canadian Homeowner Risks
It’s no secret: Canadian households have gone on a borrowing binge in the last few years. Late last year, Statistics Canada released data showing that the average household had nearly $1.64 in debt for every dollar of disposable income. That was a record high.
Part of the equation are the persistently low interest rates; rates that became even cheaper in 2015, after the Bank of Canada twice dropped its benchmark rate to help cushion the blow of the global oil and resource price slump…
But in light of concerns raised and counter-arguments offered, I wanted to point out that there is validity in the concerns being raised. We are at risk. Canadian homeowners are at risk. Canadian investors are at risk. And Canadian taxpayers are at risk. Here’s why.
Canadian Homeowner Risks
It’s no secret: Canadian households have gone on a borrowing binge in the last few years. Late last year, Statistics Canada released data showing that the average household had nearly $1.64 in debt for every dollar of disposable income. That was a record high.
Part of the equation are the persistently low interest rates; rates that became even cheaper in 2015, after the Bank of Canada twice dropped its benchmark rate to help cushion the blow of the global oil and resource price slump…
