Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Credit unions compete with big banks in race to attract younger Canadians Jul 27th
Learn more about Canada's top banks rates, rules and the latest news - read on!
Credit unions compete with big banks in race to attract younger Canadians - thestar.comContinue Reading On thestar.com »Getting a favourable bank account in Canada can be tricky - let us help! Visit our Canadian .... More »
The best high-interest savings accounts in Canada for 2026 + MORE Mar 23rd
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Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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Royal Bank cuts 5-year fixed mortgage rate, others likely to follow suit Jan 18th
Canada's biggest bank has cut its five-year fixed-term mortgage rate, a move other banks are likely to try to match in short order..... More »
Canada joins allies targeting Russian banks, pipeline project over growing Ukraine crisis - CBC News + MORE Feb 22nd
Canada joins allies targeting Russian banks, pipeline project over growing Ukraine crisis CBC NewsPM unveils 'first round' of sanctions against Russia CTV NewsCanada sanctions Russia, promises more troops to Latvia after Ukraine incursion CP24 Toronto's Breaking News.... More »
Big banks boost prime lending rates following BoC rate hike + MORE Jul 13th
TORONTO — Canada’s five biggest banks are boosting their prime lending rates by 25 basis points, following an interest rate hike from the central bank.
Royal Bank of Canada (TSX:RY), the Bank of Montreal (TSX:BMO), TD Bank (TSX:TD), Scotiabank (TSX:BNS) and CIBC (TSX:CM) all announced Wedne.... More »
Scotiabank defends practices to verify incomes for mortgages
– moneysense.ca
TORONTO – Scotiabank is defending its income verification practices in light of a report that says Canadian banks allow foreign borrowers to qualify for mortgages without having to prove the source of their income.A Globe and Mail report Wednesday said that Scotiabank’s (TSX:BNS) internal guidelines don’t require its loan officers to verify foreign clients’ income sources if the down payment on a property is at least 50 per cent.
Scotiabank spokeswoman Diane Flanagan said the bank regularly makes exceptions to accommodate clients who can’t provide standard documentation, such as Canadian tax returns and pay stubs, to verify their income.
Certain types of borrowers — such as non-residents, self-employed people and new Canadians — simply don’t have those documents, Flanagan said.
“We look at exceptions on a regular basis, because there aren’t one-size-fits-all policies for everybody,” Flanagan said.
The bank still verifies the source of the money being used to fund the purchase and that the borrower is able to service the mortgage, she said…
Deutsche Bank: No plan to pay $14B Justice Dept. settlement
– canadianbusiness.com
Deutsche Bank AG says it does not intend to pay $14 billion to settle civil claims with the U.S. Department of Justice for its handling of residential mortgage-backed securities and related transactions.
The bank confirmed Friday in a statement that the Justice Department had proposed a settlement of $14 billion and asked the German bank to make a counter proposal.
It described the proposed amount as an “opening position” put forward by the Justice Department in negotiations that were just beginning.
Deutsche Bank is among many financial institutions investigated over dealings in shoddy mortgages in the run-up to the 2008 crisis that led millions of Americans to lose their jobs and sometimes their homes.
The government has accused the banks of misleading investors about the quality of their loans.
The post Deutsche Bank: No plan to pay $14B Justice Dept. settlement appeared first on Canadian Business – Your Source For Business News.
The bank confirmed Friday in a statement that the Justice Department had proposed a settlement of $14 billion and asked the German bank to make a counter proposal.
It described the proposed amount as an “opening position” put forward by the Justice Department in negotiations that were just beginning.
Deutsche Bank is among many financial institutions investigated over dealings in shoddy mortgages in the run-up to the 2008 crisis that led millions of Americans to lose their jobs and sometimes their homes.
The government has accused the banks of misleading investors about the quality of their loans.
The post Deutsche Bank: No plan to pay $14B Justice Dept. settlement appeared first on Canadian Business – Your Source For Business News.
