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
BOJ’s Kuroda warns low rates may sow seeds of new financial crisis Feb 16th
Bank of Japan Governor offers his strongest warning to date of the demerits of aggressive monetary easing pursued by major central banks
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The best credit cards in Canada for 2023 Dec 7th
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The best credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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How to fight back against rising bank fees on chequing accounts Jan 22nd
Canada’s big banks continue to hike personal bank fees. Many banks are also making it more difficult to avoid one of the largest and most irritating fees — that pesky chequing account charge..... 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 »
Canada’s best travel credit cards 2022 Oct 15th
A good travel credit card can make your trip more affordable, more comfortable and even more secure. There are numerous cards to choose from, but you can get the best value by selecting one that pairs a strong earn rate for rewards or cash back along with perks like lounge access, travel credits or .... More »
Canadian banks scramble to beef up credit card portfolios
– theglobeandmail.com
The race is on to expand product lines as credit cards grow more profitable
Why Wait Until Spring For Your Tax Refund? How To Keep Your Money Now
– ratesupermarket.ca
Looking forward to a hefty tax refund this spring? That’s actually poor planning, especially if you’re lugging around credit card debt, student loans or a negative balance of any kind.
It’s not like you’re really coming out ahead. That money was always yours to begin with. In fact, getting a large tax refund simply means you’ve remitted too much tax to the Canada Revenue Agency from the outset. Here’s how to keep more of your money, right from the start.
Keep That Money For Yourself
When you file your income taxes in April, the Canadian Revenue Agency will compare what you actually owe to what you’ve already paid through pay cheque deductions. You only get money back if you paid too much. That means you’re effectively giving the federal government an interest-free loan, since it’s really only refunding the overpayments you’ve been sending in throughout the year.
Settling up early this way is generally a bad idea, particularly if you expect to claim any deductions or non-refundable tax credits like RRSP contributions or child care expenses that will ultimately reduce your tax bill, says Toronto accountant Tim Cestnick, author of author of 101 Tax Secrets for Canadians…
How the information in the Fed’s Beige Book is compiled, at a glance
– canadianbusiness.com
Eight times a year, the Federal Reserve issues the Beige Book, a snapshot of business conditions in each of the Fed’s 12 regional bank districts. The findings are all anecdotal; there are no numbers. The Beige Book is updated two weeks before each meeting of the Fed’s policymaking meeting in Washington.
Staffers at each of the 12 regional banks compile the information. They do so after contacting businesses, economists and other financial experts by phone, through questionnaires and email. The businesses range from retailers and homebuilders to hotels and restaurant owners.
The idea is to detect trends in consumer spending, manufacturing and real estate, among other areas. Consumer spending is particularly important because it accounts for about 70 per cent of gross domestic product. GDP is the value of all goods and services produced in the United States.
The staffers also conduct separate monthly surveys of manufacturers in each region.
The staff of each Fed region pays particular attention to that region’s major industries…
Staffers at each of the 12 regional banks compile the information. They do so after contacting businesses, economists and other financial experts by phone, through questionnaires and email. The businesses range from retailers and homebuilders to hotels and restaurant owners.
The idea is to detect trends in consumer spending, manufacturing and real estate, among other areas. Consumer spending is particularly important because it accounts for about 70 per cent of gross domestic product. GDP is the value of all goods and services produced in the United States.
The staffers also conduct separate monthly surveys of manufacturers in each region.
The staff of each Fed region pays particular attention to that region’s major industries…
