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?
Latest News
Variable mortgage rates regaining traction as Bank of Canada cuts rates Sep 6th
The decision by the Bank of Canada to cut its key interest rate target this week was good news for borrowers with variable-rate mortgages, bringing back some of the shine for the once popular loans.
The rate cut prompted big commercial banks to lower their prime rates, which are used to set the r.... More »
Has ‘fixing’ Canada’s mortgage market made it riskier? Oct 28th
THE CANADIAN PRESS IMAGES/Sean Kilpatrick
Adam Farber has a practical, if slightly gory, view of his place in Canada’s mortgage market. “You come to me with an open wound,” he says. “You’ve been beaten up. I’m your last option.” Farber, the vice-president of Corwin Mortgage Capital in .... More »
Aggressive selling by banks? The answer’s in the fine print + MORE Apr 5th
Here’s a question for the TD bank boss and for his counterparts at other institutions as well: Why do you have to wait for an outsider’s input before reforming your sales culture? You do not have to dig deep to spot instances where customers are not being well served
.... More »
Best Kids Bank Accounts: How to Help Your Child Start Saving Today Nov 8th
One of the best ways to set your child up for financial success early on is by opening them a youth bank account. With their account, you can begin to teach them important personal finance lessons, such as careful budgeting, smart saving, and mindful spending.
You may think that all youth savings ac.... More »
TD Canada Trust Hikes Prime Mortgage Rate – What’s Next? + MORE Nov 4th
It was a move that came as a shock to some but not was not a surprise to others. On November 1st, TD Canada Trust became the first of the big five banks in Canada to raise its prime mortgage rate from 2.7 per cent to 2.85 per cent. The news comes only two weeks after the implementation of brand-new.... More »
CIBC strikes partnership with online lender Borrowell
– theglobeandmail.com
Furthers trend of Canadian banks teaming up with fintech rivals
How to loan an RRSP mortgage
– moneysense.ca
Former federal government employee Tony Miller earns a steady return by loaning out his RRSP money. (Jessica Deeks)Born and raised in the east-end Orleans area of Ottawa, Tony Miller married an amazing woman, fathered two wonderful children and went to work for the federal government. But when he lost his job in 2013, he was faced with a predicament.
“I had a bit of money to play with from my severance package, but didn’t want to stick it in my RRSP,” says Miller. “I just didn’t like the returns I was getting on the mutual funds and stocks I held.” At the same time he was retraining to become a realtor and liked the idea of property investments, but didn’t relish the idea of getting involved in property management and tenant issues. “I wanted a less hands-on property investment.” So, Miller decided to imitate the banks and start lending out his own RRSP money in the form of a private loan. “It gave me much better returns,” says Miller, who calculates the annualized net return on his private loans at 10%…
Business Highlights
– canadianbusiness.com
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Some buyers call classes by ‘Flip or Flop’ stars misleading
NEW YORK (AP) — HGTV “Flip or Flop” stars Tarek and Christina El Moussa are capitalizing on their fame by offering pricy classes that promise to teach people how to flip homes for profit. But some participants said a class time was largely spent pushing them to buy more classes.
The classes are run by Zurixx LLC, an education company based in Utah.
The U.S. Federal Trade Commission has received 50 complaints about classes connected to Zurixx since 2013. And at least one local Better Business Bureau office has warned people about its events, citing the more than 150 complaints it has received.
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US stocks slip but steer clear of larger losses
NEW YORK (AP) — U.S. stocks dodged bigger losses and finished barely lower on Wednesday. Health care companies fell and Apple pulled technology companies down, but banks rose.
Earlier in the day, stocks had appeared to be headed for a second day of notable losses, but they recovered some of that lost ground in late trading…
Some buyers call classes by ‘Flip or Flop’ stars misleading
NEW YORK (AP) — HGTV “Flip or Flop” stars Tarek and Christina El Moussa are capitalizing on their fame by offering pricy classes that promise to teach people how to flip homes for profit. But some participants said a class time was largely spent pushing them to buy more classes.
The classes are run by Zurixx LLC, an education company based in Utah.
The U.S. Federal Trade Commission has received 50 complaints about classes connected to Zurixx since 2013. And at least one local Better Business Bureau office has warned people about its events, citing the more than 150 complaints it has received.
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US stocks slip but steer clear of larger losses
NEW YORK (AP) — U.S. stocks dodged bigger losses and finished barely lower on Wednesday. Health care companies fell and Apple pulled technology companies down, but banks rose.
Earlier in the day, stocks had appeared to be headed for a second day of notable losses, but they recovered some of that lost ground in late trading…
