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
Number of Canadians using fintech products may triple + MORE Jan 28th
TORONTO – Business consultancy firm EY says it believes the challenge to traditional banks from financial technology, or fintechs, will accelerate rapidly this year.
EY says that until now Canadians have been slow to embrace offerings from companies such as robo-advisers and online lenders.
Citing.... More »
The close: TSX rises with energy stocks, banks Nov 25th
Tech leads S&P above 2,600; Amazon, other retail stocks gain
.... More »
Eyeing weakness in Russian economy, West seeks to inflict more pain on Moscow Jul 30th
WASHINGTON – Citing Russia’s stalled growth rate and a flow of foreign capital out of Moscow, U.S. and European officials hope a new round of sanctions targeting energy and defence entities, as well as major banks, will deepen Russia’s economic pain even further and force President.... More »
3 Ways: How to Really Save When You’re a Student Sep 11th
Happy New Year! Ok… So maybe it’s not actually the new year – but a recent Tangerine study found 60 per cent of Canadians view the start of the school year as an unofficial new beginning. And, with this fresh start comes new resolutions, especially for personal finances, according.... More »
What You Need to Know About the Canadian Mortgage Stress Test Nov 5th
In late 2017, OSFI, the agency that supervises and regulates Canada’s banks, unveiled a new mortgage stress test, designed to protect Canadian borrowers from increasing debt burdens, and the prospect of rising interest rates. It also served to cool off a couple of Canada’s most expensive housing.... More »
Canada U.S. tax information sharing deal open to abuse
– macleans.ca
OTTAWA—Canada’s privacy watchdog is urging the federal government to protect the personal information of Canadians affected by a new tax-information sharing agreement with Washington.
Interim privacy commissioner Chantal Bernier says a controversial bilateral agreement to comply with new U.S. tax legislation could give American authorities too much financial information about Canadian dual citizens.
The Foreign Account Tax Compliance Act, which targets U.S. taxpayers with international accounts, would require even dual citizens who live in Canada and have no financial footprint south of the border to file returns with the U.S. Internal Revenue Service or face penalties.
A House of Commons committee is studying an agreement between Ottawa and Washington, part of the federal government’s omnibus budget bill, that would require banks to report accounts held by “U.S. persons” to the Canada Revenue Agency, which would then notify the IRS.
There is potential for abuse, Bernier told the committee…
Interim privacy commissioner Chantal Bernier says a controversial bilateral agreement to comply with new U.S. tax legislation could give American authorities too much financial information about Canadian dual citizens.
The Foreign Account Tax Compliance Act, which targets U.S. taxpayers with international accounts, would require even dual citizens who live in Canada and have no financial footprint south of the border to file returns with the U.S. Internal Revenue Service or face penalties.
A House of Commons committee is studying an agreement between Ottawa and Washington, part of the federal government’s omnibus budget bill, that would require banks to report accounts held by “U.S. persons” to the Canada Revenue Agency, which would then notify the IRS.
There is potential for abuse, Bernier told the committee…
