Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
Breaking down bank fees Jul 15th
The COVID-19 pandemic has hit a lot of Canadians hard—emotionally, physically and financially. So it isn’t surprising that many are calling out banks that raised their fees to consumers at a time when so many people are struggling. Given the number of banks that have also reported record profits.... More »
BMO stops allowing credit and debit cards for cryptocurrency purchases Mar 16th
TORONTO _ The Bank of Montreal has stopped allowing customers to use its credit cards to buy cryptocurrency such as bitcoin.
The bank says it no longer allows retail consumers to buy cryptocurrencies using Mastercard-branded credit or debit cards.
The bank’s decision follows a move by TD Bank .... More »
Bank of Montreal boosts dividend, reports $1.25B quarterly profit May 31st
The Bank of Montreal joined its peers in delivering second-quarter profits that beat expectations as Canada's Big Five banks earned a collective $10.6 billion — up nearly 11 per cent from a year ago..... More »
Best Canadian Renewable Energy Stocks: Earn More While Going Green Dec 13th
Stock investors look to new asset classes to diversify their portfolios while looking for new growth opportunities. For years, financials (banks) and energy companies like Enbridge or Canada Natural Resources have dominated the Canadian stock market. Lately, investors are paying more attention to co.... More »
Canada’s bank CEOs get 7% pay raise to earn $53.6 million in fiscal 2017 + MORE Mar 14th
TORONTO _ The chief executives of Canada’s five biggest banks collectively earned roughly $53.6 million in the latest fiscal year, up more than seven per cent from a year earlier.
But it was a particularly good year for Toronto-Dominion Bank’s chief executive Bharat Masrani, who got a mo.... More »
Some advice for borrowers and investors: Take a deep breath
– canadianbusiness.com
WASHINGTON _ If you’re about to buy a home, shop for a car or borrow for college, the pros have some advice:
Go ahead.
The Federal Reserve’s decision Wednesday to slightly raise its key interest rate, advisers say, should have little effect on mortgages or auto and student loans. The Fed doesn’t directly affect those rates, at least not in the short run.
Nor should the economy’s health be much affected by the Fed’s move.
That said, rates on some other loans _ notably credit cards, home equity loans and adjustable-rate mortgages _ will likely rise soon, though only modestly. Those rates are based on benchmarks like banks’ prime rate, which moves in tandem with the Fed’s key rate.
Mortgage rates have been surging, for reasons that have little to do with the Fed. Rather, Donald Trump’s election as president _ with his pledge to slash taxes, loosen regulations and increase infrastructure spending _ has raised the prospect of faster economic growth and inflation…
Go ahead.
The Federal Reserve’s decision Wednesday to slightly raise its key interest rate, advisers say, should have little effect on mortgages or auto and student loans. The Fed doesn’t directly affect those rates, at least not in the short run.
Nor should the economy’s health be much affected by the Fed’s move.
That said, rates on some other loans _ notably credit cards, home equity loans and adjustable-rate mortgages _ will likely rise soon, though only modestly. Those rates are based on benchmarks like banks’ prime rate, which moves in tandem with the Fed’s key rate.
Mortgage rates have been surging, for reasons that have little to do with the Fed. Rather, Donald Trump’s election as president _ with his pledge to slash taxes, loosen regulations and increase infrastructure spending _ has raised the prospect of faster economic growth and inflation…
U.S. Feds interest rate hike’s impact on Canadians
– moneysense.ca
(Chris Cheadle/Getty Images)It’s official.
The U.S. Federal Reserve raised interest rates this Wednesday December 14, 2016 by only a quarter-point—from 0.50% to 0.75%, but now, for the first-time since 2007, Canada will have a lower central bank rate than its southern neighbour.
Last week, the Bank of Canada announced it would stay the course on its own monetary policy by continuing to hold its target rate at 0.5%. In the announcement, the BoC stressed that their decision was based on the possibility of an economic slowdown (or, at least, continued anemic economic growth).
“Following a very weak first half of 2016, growth in the third quarter rebounded strongly, but more moderate growth is anticipated in the fourth quarter,” said the bank, which is led by governor Stephen Poloz.
Eight times a year, the Bank of Canada sets its key interest rate. This is a fancy way of saying it establishes an overnight target interest which is then used by banks to set the prime rate. This prime rate establishes how much it will cost to borrow, whether it’s a mortgage, a car loan or any other type of loan or debt…
