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
Clash of Clans maker Supercell tops company, individual earner lists in Finland + MORE Nov 2nd
HELSINKI – Mobile gaming company Supercell is now reportedly Finland’s biggest money-maker, with a taxable income nearly 10 times that of one-time cellphone powerhouse Nokia.
Finnish news agency STT on Monday said the company behind the popular strategy game Clash of Clans last year had .... More »
World stock markets mostly higher as interest rate cut by China boosts resource shares + MORE Mar 2nd
TOKYO – World stock markets were mostly higher Monday as a weekend interest rate cut by the Chinese central bank lifted sentiment following a lower estimate of U.S. economic growth last quarter.
KEEPING SCORE: Britain’s FTSE 100 gained 0.3 per cent to 6,964.66 and Germany’s DAX cli.... More »
BMO InvestorLine Review: A Premium Canadian Discount Broker Jan 8th
By my count, Canadian investors can choose from at least a dozen discount brokerages to do their self-directed investing. One of the larger brokerages is BMO InvestorLine, the online broker arm of Bank of Montreal, one of Canada’s Big 6 Banks. In this full review, I’ll let you know what to expec.... More »
Now Markets Get to Vote on Greece's New Government + MORE Jan 31st
Depositors continue to flee the banks, and Greek 10-year bond yields rose roughly two percentage points this week..... More »
Walmart Canada to no Longer Allow Purchases on VISA Cards + MORE Jun 14th
Starting next month, Walmart shoppers in Canada will no longer be able to use their Visa cards to pay for their purchases because of what the company is calling “unjustifiably high” fees associated with the card. The decision, announced quietly on Saturday, comes after an evaluation of credit c.... More »
Ontario women sue Ottawa over new U.S. banking law
– macleans.ca
TORONTO – Canada has violated the charter rights of nearly a million Canadians by agreeing to share their financial details with authorities in the United States, two Ontario women allege in a new lawsuit.
Gwen Deegan of Toronto and Ginny Hillis of Windsor, Ont., have launched a claim against the Attorney General of Canada.
In it, they accuse Ottawa of breaching the Constitution by complying with a sweeping new American tax fraud law, known as the Foreign Account Tax Compliance Act.
Under the terms of the legislation that took effect last month, banks must share all personal and joint account details of anyone deemed to be a “U.S. person.” This includes American citizens and people born in the U.S., even those with no existing ties to the country.
The U.S. claims that more than 77,000 financial institutions around the world have agreed to co-operate with the law.
In Canada, financial institutions must share relevant account holder details, including personal details and financial balances, with the Canada Revenue Agency…
Gwen Deegan of Toronto and Ginny Hillis of Windsor, Ont., have launched a claim against the Attorney General of Canada.
In it, they accuse Ottawa of breaching the Constitution by complying with a sweeping new American tax fraud law, known as the Foreign Account Tax Compliance Act.
Under the terms of the legislation that took effect last month, banks must share all personal and joint account details of anyone deemed to be a “U.S. person.” This includes American citizens and people born in the U.S., even those with no existing ties to the country.
The U.S. claims that more than 77,000 financial institutions around the world have agreed to co-operate with the law.
In Canada, financial institutions must share relevant account holder details, including personal details and financial balances, with the Canada Revenue Agency…
Bonds, Not Bailouts, for Too Big to Fail Banks
– online.wsj.com
Call the bonds Class R, for reorganization. Owners might take a haircut, but they’d also become owners of the bank. Two women in Ontario are suing the federal government for complying with a new U.S. law that forces banks to turn over financial information of Canadian citizens to the IRS upon request.
