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?
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How 25 Canadian websites looked in the Internet’s early days + MORE Aug 2nd
In December 1990 the world’s first website went online. Within the next six to eight years, a number of Canadian companies and government agencies made their first foray onto what everybody at the time was still calling the Information Superhighway.
Those early and rudimentary web pages ha.... More »
Making sense of the markets this week: October 23 Oct 21st
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Bank on higher interest rates leading to increased profits
U.S. earnings season is in full swing, and the banks were some of the fi.... More »
European banks face crisis of confidence as economy sputters along Jul 9th
Banks can’t recover without stronger economy, while economy can’t recover without stronger banks
.... More »
Scotiabank Launches eHOME; Moving Entire Mortgage Application Process Online + MORE Mar 29th
As banks and financial institutions are looking for new ways to simplify daily banking and provide access to more products and services online, Scotiabank recently launched an online mortgage service called eHOME.
The new service allows Scotiabank customers to fill out a mortgage application online.... More »
Breaking down bank fees Jul 15th
The COVID-19 pandemic has hit a lot of Canadians hard—emotionally, physically and financially. So it isn’t surprising that many are calling out banks that raised their fees to consumers at a time when so many people are struggling. Given the number of banks that have also reported record profits.... More »
Self Employed Mortgages: How to Qualify
– ratesupermarket.ca
There are a lot of advantages to being self-employed. For one, you’re the boss, so you can decide how much – or how little – you want to work each day. And, if your business takes off, you’re the one who reaps all the benefits. But there are some downsides. One of the most notable is how difficult it can be for self-employed people to qualify for mortgages. Here we look at some of the reasons why, and provide some tips to improve your chances.
Inconsistent Income
The main reason banks have traditionally been reluctant to loan money to the self-employed is uncertainty. A busy retail shop may gross tens of thousands of dollars in the months leading up to Christmas, but then have income dry up to next to nothing for weeks or months after that. Bankers like to see the numbers in black and white, ideally in the form of ink printed on a bi-weekly paystub.
(That said, I’ve often noted that as freelance writer and editor, I have way more job security than any of my friends and colleagues with fulltime staff positions at magazines and newspapers…
Self Employed Mortgages: How to Qualify
– ratesupermarket.ca
There are a lot of advantages to being self-employed. For one, you’re the boss, so you can decide how much – or how little – you want to work each day. And, if your business takes off, you’re the one who reaps all the benefits. But there are some downsides. One of the most notable is how difficult it can be for self-employed people to qualify for mortgages. Here we look at some of the reasons why, and provide some tips to improve your chances.
Inconsistent Income
The main reason banks have traditionally been reluctant to loan money to the self-employed is uncertainty. A busy retail shop may gross tens of thousands of dollars in the months leading up to Christmas, but then have income dry up to next to nothing for weeks or months after that. Bankers like to see the numbers in black and white, ideally in the form of ink printed on a bi-weekly paystub.
(That said, I’ve often noted that as freelance writer and editor, I have way more job security than any of my friends and colleagues with fulltime staff positions at magazines and newspapers…
