Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
Latest News
Michaels confirms security breach; says about 2.6M cards used in its stores may be affected Apr 17th
NEW YORK, N.Y. – Michaels Stores Inc. said Thursday that about 2.6 million cards, or about 7 per cent of all debit and credit cards used at its namesake stores, may have been affected in a security breach.
The nation’s largest arts and crafts chain said its subsidiary Aaron Brothers was .... More »
Cardi B. and Elon Musk Think We’re Headed for a Recession Jun 9th
Tesla CEO Elon Musk and rapper Cardi B. are sounding the alarm on the economy.
Last week, in an email to Tesla executives titled “pause all hiring worldwide,” Musk said he had a “super bad feeling” about the economy and told executives to cut 10 per cent of jobs at the company. (Sin.... More »
How To Live On A Cash Diet + MORE Oct 30th
Unlike a lot of my friends, I didn’t get a credit card until I was much older and for this I count myself lucky. I watched as many of them racked up debt they couldn’t afford and spent more than they earned. When I did finally get my first credit card it was like a whole new world of opportunit.... More »
A Canadian Fee Crackdown + MORE Nov 7th
It has been a busy week for money rule makers – and recent changes could directly affect your wallet. The government has given the word on two controversial issues close to Canadian consumers – the introduction of the long-promised income splitting tax credit, and a reduction of credit .... More »
'This pace cannot last forever': 2 big banks sound alarm on Toronto house prices Mar 17th
Two big banks are waving red flags about Toronto housing prices, calling them "simply unsustainable" and a "bubble" in separate reports..... More »
The Not-So-Golden Years: Credit Card Debt Rises Among Seniors
– ratesupermarket.ca
Retirement is meant to be a time to relax and enjoy the financial fruits of long years of labour – but there’s growing concern that older consumers are relying more heavily on debt in order to make ends meet, according to a new report from credit-monitoring firm Equifax Capital.
According to the report, Canadian consumer debt rose 6.1 per cent to $77 billion in the second quarter of 2013. This is mainly due to an 8.6 per cent increase in auto loan balances and a 7.4 per cent increase in outstanding mortgage debt.
“The increased demand for credit outside of mortgages is positive for the economy in the short-term, but could limit the ability of over-extended consumers to react to any financial bumps in the road in the future,” says Cristian deRitis, senior director of Consumer Credit Economics at Moody’s Analytics.
Seniors Debt Accumulation Outpacing Younger Generations
But it’s the slow creep of debt among the 65-plus crowd that is the most troubling stat from the report…
Fixed income markets are heating up
– moneysense.ca
I am quite upbeat on the prospects for capital markets over the next few years. This optimism is based on a firm belief that the world’s central banks will continue to keep global monetary policy very easy until the unemployment rate in their various domains drops to an acceptable level. The first solid indication of this came from new Bank of England Governor Mark Carney who has now targeted an unemployment rate of 7% before slowing the quantitative easing policy. Despite the U.S. Federal Reserve making noises that they will slow the level of QE they will be keeping a beady eye on the unemployment rate, which they are targeting at 6.5% and will not do anything that might push unemployment higher, unless galloping inflation rears its ugly head. This is unlikely with the amount of excess capacity in the global economy. Once again one needs to look at what central bankers do, not what they say. Europe is just starting to stabilize and Mario Draghi will certainly continue to support the banking system throughout Europe and is clearly aware of the continental unemployment problem, the European Central Bank is nowhere near tightening and the Bank of Japan is still easing…
