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Should retirees consider a home equity sharing agreement (HESA)? Jan 30th
Toronto-based Clay Financial recently began accepting applications for a new home equity product called a home equity sharing agreement, or HESA—not to be confused with the HISA, which stands for high-interest savings account.
Clay raised seed funding in 2023 and is initially launching the prod.... More »
Investing Beyond the Numbers: Understanding financial flashpoints + MORE Mar 9th
Have you ever wondered why you have a particular attitude or belief toward money? Some of your past experiences with money shape your financial beliefs, which ultimately influence your financial decisions. These pivotal moments, known as “financial flashpoints,” can make a profound impact on how.... More »
Top Stories: iOS 13.2 Beta, AirPods Leak, 'iPhone SE 2' in 2020, and More - MacRumors Oct 5th
Top Stories: iOS 13.2 Beta, AirPods Leak, 'iPhone SE 2' in 2020, and More MacRumorsApple's stock spikes to new 2019 high on report of iPhone 11 production boost Yahoo Canada FinanceiPhone 11 Pro: top 25 features 9to5MacSome iPhone 6S units aren’t turning on, so App.... More »
Sears Canada's court monitor opposes priority for pensioners over other creditors + MORE Sep 11th
A court-appointed monitor for the Sears Canada bankruptcy process says it opposes a proposal that would effectively allocate all the failed retailer's remaining assets to the company's underfunded pensions..... More »
2022 Income Tax Guide for Canadians: Deadlines, tax tips and more + MORE Jan 9th
It’s been quite a year for numbers, hasn’t it? From rising interest rates to steep stock market drops, finances have been headline news throughout 2022. It’s almost enough to make you forget about tax season. But with the tax deadline approaching, you have a few reminders (see the dates below).... More »
Canada’s housing market has taken a tumble in the past 12 months, with average selling prices and home sales volumes off sharply in the year up to February, the Canadian Real Estate Association says.
Open a savings account for your toddler
– moneysense.ca
OTTAWA — Omar Abouzaher remembers going to the bank with his daughter so she could make her first deposit into an account that was opened for her when she was just a toddler.
The regional vice-president for the Bank of Montreal’s daughter was four when they took her piggy bank to deposit the coins.
“She’s a banker at heart,” he said.
While RESP accounts can help parents save for a child’s education, opening a savings account for a child can be the first step in teaching basic financial literacy, Abouzaher said.
“I believe sometimes we wait too long until the kids are a bit older and try to cram all this financial information and throw it at them,” he said.
Abouzaher recommends starting with teaching what it means to save and then build on that foundation.
“The older they grow, they’ll understand as well the other components or the other pieces that are maybe a little bit more complex when it comes to understanding debt, understanding what it takes to pay tuition, what it takes to manage your credit,” he said…
The regional vice-president for the Bank of Montreal’s daughter was four when they took her piggy bank to deposit the coins.
“She’s a banker at heart,” he said.
While RESP accounts can help parents save for a child’s education, opening a savings account for a child can be the first step in teaching basic financial literacy, Abouzaher said.
“I believe sometimes we wait too long until the kids are a bit older and try to cram all this financial information and throw it at them,” he said.
Abouzaher recommends starting with teaching what it means to save and then build on that foundation.
“The older they grow, they’ll understand as well the other components or the other pieces that are maybe a little bit more complex when it comes to understanding debt, understanding what it takes to pay tuition, what it takes to manage your credit,” he said…
BMO launches customer service Facebook chatbots
– moneysense.ca
TORONTO —The Bank of Montreal is taking a first step towards artificial-intelligence powered customer service by launching chatbots that can field questions via Facebook Messenger and Twitter.
The deployment of such technology is the latest move by a Canadian bank to beef up its digital capabilities as customers increasingly conduct their banking on mobile phones and computers, rather than over the phone or in a brick-and-mortar branch.
BMO developed the Facebook chatbot in partnership with Vancouver-based Finn.ai and the Twitter one with Toronto-based Massively.
They will only answer customer questions such as how to view their account balances or transfer money, not perform transactions, such as paying a bill, themselves, even though chatbots have the capability and some financial institutions are adopting it already.
BMO is exploring adding further functions to the virtual robots’ repertoire, but is treading slowly to ensure customers’ personal information discussed on platforms outside of their own digital properties is secure, said Brett Pitts, BMO’s chief digital officer…
The deployment of such technology is the latest move by a Canadian bank to beef up its digital capabilities as customers increasingly conduct their banking on mobile phones and computers, rather than over the phone or in a brick-and-mortar branch.
BMO developed the Facebook chatbot in partnership with Vancouver-based Finn.ai and the Twitter one with Toronto-based Massively.
They will only answer customer questions such as how to view their account balances or transfer money, not perform transactions, such as paying a bill, themselves, even though chatbots have the capability and some financial institutions are adopting it already.
BMO is exploring adding further functions to the virtual robots’ repertoire, but is treading slowly to ensure customers’ personal information discussed on platforms outside of their own digital properties is secure, said Brett Pitts, BMO’s chief digital officer…
