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
Advice for cash-strapped renters and landlords during COVID-19 May 16th
When the COVID-19 pandemic swept across North America in early 2020, it created a wave of income loss that impacted people from all walks of life. While some individuals have been hit harder than others, it’s difficult to find a group or industry that hasn’t been affected. A small segment of the.... More »
The best GIC rates in Canada for 2025 + MORE Dec 16th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
Making sense of the markets this week: June 28 Jun 26th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
Are the markets throwing a taper tantrum?
The term “taper” and the possibility of a “taper tantrum” jumped into business news and headlines this past week. What is all.... More »
The best GIC rates in Canada for 2026 + MORE Mar 30th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Oct 27th
Savings comparison tool
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.
Advertisement
Why trust us
MoneySense is an.... More »
Should You Give Your Teen a Credit Card?
– ratesupermarket.ca
Over one-third of Canadians share a joint credit card with their partner, parent, or child, according to a recent survey conducted by Rates.ca. Among the parents who share their credit card with their children, 63% said that managing their children’s purchases is less difficult than it was two years ago.
Sharing a credit card with your child may be a beneficial learning experience, as less than half of Canadians (46%) think that children aged 18 should be independent and in charge of their own credit card, while 34% chose the age of 21, and 15% chose the age of 25. Respondent’s opinions may correlate with their own experiences and lessons regarding credit cards and credit products, as 94% of Canadians rate themselves poor when it comes to financial literacy.
However, many children are no longer solely learning financial habits from their parents. In Ontario, the Ministry of Education has started to implement financial literacy education in the curriculum for grades 4-12.
Teens and Credit Cards
Teaching your child responsible spending may start early with an allowance and then a savings account…
