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
CIBC, Royal Bank on the defensive at annual meetings over sales practices + MORE Apr 7th
Chief executives at two of Canada’s biggest banks highlighted their efforts to listen to client and employee feedback in the wake of news reports that alleged some employees at financial institutions broke the law in order to meet sales targets.
Royal Bank CEO Dave McKay says his bank surveys .... More »
Want to Switch to Low Interest Credit Cards? Use These Tips Jun 4th
Looking for low-interest credit cards? A credit card that has a high interest rate can quickly lead to higher debt if you’re not careful. But, with a few savvy tips, you can lower your interest rate or transfer to a card with lower interest.
Here’s how to get the best interest rate for your.... More »
Royal Bank, TD and CIBC hike mortgage rates Jan 13th
Three of Canada's biggest banks have hiked the rate on their benchmark five-year mortgage, and more are expected to follow suit..... More »
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 »
Forgot to File Your Taxes Last Year? What You Need to Know Apr 28th
If filing your taxes before the deadline went over your head this year, procrastinating can make things worse.
Unlike sales tax, which you pay on the spot, Canada’s income tax system is based on self-assessment. Make your money, plan your affairs as best you can and then, pay up.
Not everybody do.... More »
EU fines JPMorgan over rate rigging
– theglobeandmail.com
Three banks fined nearly $135-million for taking part in cartels
Moody’s concerned about Canada’s household debt
– thestar.com
Moody’s says the combination of rising household debt and rising home prices creates a risk for the country’s banks and Ottawa, which guarantee a ‘considerable’ portion of mortgages.The Top 5 MasterCards in Canada
– ratesupermarket.ca
On the hunt for a MasterCard? The credit company – one of Canada’s big three – offers a huge selection of credit card types, designed to suit your specific spending needs and reward preferences. Which one is best for you? Read on for our top 5 MasterCard picks.
What’s included with every MasterCard
Every MasterCard, regardless of lender, is outfitted with the following features:
MasterCard Global Service: Every MasterCard cardholder has 24/7 telephone help access for their card, whether they require emergency card replacement, a cash advance, or referral to the closest ABM.
Zero Liability: You won’t be on the hook for any charges if your card is stolen, or if payments are processed without your authorization.
What’s included with a World MasterCard
Bumped your card up to the next level? Here are the perks you can expect to receive.
Price Protection: This coverage will pay for the difference of a new purchase should it go on sale within 60 days. Up to $100 per item is covered,with a maximum of $500 every calendar year…
(Ryan Remiorz/The Canadian Press)OTTAWA – Canada is maintaining its triple-A credit rating thanks to a steady economic outlook, but the country also faces potential risks amid mounting household debt and climbing house prices, Moody’s Investor Service said.
The U.S. credit rating agency said in a report Monday that Canada’s top grade was supported by a “relatively solid economic performance,” a strong banking system, relatively low government debt and a projected balanced budget following a series of deficits.
“After a recession at the time of the global financial crisis, the economy recovered and continues to show positive momentum, supporting improvement in government finance,” said the Moody’s assessment.
However, the research identified possible risks linked to Canada’s high household debt and a “particularly inflated” housing market in some big-city areas — both of which, the paper noted, continue to rise.
“This combination presents a potential risk to the banks and to the federal government directly, as it guarantees a considerable portion of mortgages,” said the report, co-authored by Steve Hess and Dmytro Kulakovskyi…
