Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Big banks announce layoffs and more bad loans as TD, Royal and CIBC post quarterly results - CBC News + MORE Nov 30th
Big banks announce layoffs and more bad loans as TD, Royal and CIBC post quarterly results CBC NewsIgnore the noise, buy Canadian banks: portfolio manager BNN BloombergBank earnings: Expert reaction as CIBC, RBC, TD report results BNN BloombergA breakdown of the big .... More »
The Great Canadian Debt Poll + MORE Feb 22nd
Debt in Canada is a growing issue – our nation’s debt load has hit $1.422 trillion, and the household debt-to-income ratio has reached 163.7 per cent! And that’s not slowing consumers down – a recent Equifax study found that non-mortgage debt has increased to $518.3 billion,.... More »
CIBC chief says banks will adapt to disruptive impact of new technologies + MORE Jun 23rd
Victor Dodig says he doesn’t think banks are threatened by emerging financial technology firms
.... More »
Now’s not the time to switch to a fixed-rate mortgage Apr 18th
The Bank of Canada’s April 13 interest rate hike of 0.5%—the biggest one-time rate jump in decades—caught many variable-rate mortgage holders off guard. Some are likely thinking about running to their local bank branch or mortgage specialist to lock into a standard five-year fixed rate. Those .... More »
Banks Should Do a Better Job Teaching Canadians About Money: Survey + MORE May 1st
Canadians are finding it harder than ever to save money, and they believe banks should do a better job of teaching them how, according to a recent poll from a group of credit unions.
The study found six in 10 Canadians said their current level of debt does not allow them to save as much as they wou.... More »
Are You A VIP? 3 Top Holiday Credit Card Perks
– ratesupermarket.ca
Points, miles, cash back – the right credit card should be the gift that keeps on giving year-round. But the holidays are a time when some lenders really pull out the stops for the ultimate in cardholder perks. From luxurious lounges to cash prizes, it’s worth checking to see if you’re in for some extra special rewards this year.
We’ve rounded up the best holiday credit card perks of 2013. Does your plastic make you a VIP?
The RBC #AvionVIP Holiday Boutique
The malls may be decked out in their festive best – but holiday shopping isn’t always jolly. Crowds, high prices and scant supply are enough to frazzle even the most seasoned shopper, especially as we enter last minute territory.
That’s why walking through the doors of one of the #AvionVIP Holiday Boutiques is truly an “ahhhh” moment. The luxurious, soundproofed enclosure immediately quiets shopping centre din, and plush lounge chairs await the weariest of shoppers.
Open to all RBC Avion cardholders (and new signups at the door), the Boutiques also offer a latte bar, coat check, gift wrapping, and concierge services (not to mention live piano performances!)…
Financial Resolutions 2014: 4 New Ways You Should Manage Your Money
– ratesupermarket.ca
While everyone else is making resolutions to eat less and exercise more, why don’t you focus some energy on getting your finances into shape? Here are some financial resolutions 2014 worth sticking to, and tips to how to end the year with more money in the bank than you started with.
Resulotion 1: I’ll Track Spending, Then Set A Budget
The best way to ensure you have more money in the bank at the end of the month is to spend less of it. You should set a budget for yourself and stick to it.
The first step in setting a budget is to track your current spending. Pull out a few months’ worth of recent bank statements, credit card bills, and your utility bills to start with.
Using a program such as Excel, set up columns for the various things you spend money on. The more specific you are, the easier it will be to spot areas to cut back on later:
•Rent/mortgage
•Household utilities (itemize each one separately)
•Cellphone bill
•Public transit
•Taxis
•Gasoline
•Auto repairs and maintenance
•Groceries
•Restaurant meals
•Takeout coffee
•Bar tab
•Clothing
•Books and magazines
•Concerts and movies
In short, if you spend money on something, create a column for it…
