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
Is Your Credit Score Mortgage Ready? + MORE Jun 5th
May and June are the busiest months for real estate in Canada – and that means home buyers are currently out in full force. It also means many prospective buyers are visiting their lenders, and asking for mortgage financing for their new dream home purchase. However, a new BMO study finds the.... More »
Scotiabank defends practices to verify incomes before granting mortgages Sep 15th
TORONTO – Scotiabank is defending its income verification practices in light of a report that says Canadian banks allow foreign borrowers to qualify for mortgages without having to prove the source of their income.
A Globe and Mail report Wednesday said that Scotiabank’s (TSX:BNS) intern.... More »
Court ruling reveals big bank claimed $2.8 million B.C. tax refund May 5th
A court ruling lifts the veil on a tax rebate program for international businesses in B.C. - including big banks - and provides a glimpse into a multi-million dollar tax refund offered to a company participating in the province’s 'International Business Activities program.'.... More »
Are ETFs a good investment for an all-weather portfolio? Dec 16th
For retirees and near retirees, it can sometimes seem like there’s no such thing as a “safe” investment—especially now. Even bonds and bond funds, typically considered the safest of investment—suffered losses in 2021, as interest rates were poised to rise. Now that central banks have said .... More »
Rising Interest Rates Expected to Boost Bank Earnings & Payouts Aug 20th
The Globe and Mail, David Berman, 19 August 2018
Concerns about the Canadian housing market have been weighing on bank stocks this year, and it’s likely that these concerns will be a focal point for investors as the big banks roll out their fiscal third-quarter results starting this week.
Roya.... More »
Should You Pay Bills With Your Credit Card?: Plastiq and Rentmoola
– ratesupermarket.ca
Traditionally, paying bills such as rent required a series of post-dated cheques or setting up a direct deposit connection to your bank account. Paying with a credit card hasn’t always been an option – until now, as third-party payment processors grow in popularity.
One such service, Plastiq, has been touted in Canada for several years as a method for paying income taxes, and has been gaining popularity as a payment alternative for vendors who wouldn’t usually accept credit cards. Users set up an account, add their payees of choice, and the amount they wish to pay. Plastiq then processes the payment and sends it to the payee as either a cheque or electronic money transfer, charging a fee of 2.5 per cent for the service.
A similar service, Rentmoola, focuses on brokering rental and condo fee payments for free via debit, and for a 2.75 per cent fee via credit card.
The Pros and Cons of Using Plastic For Your Bills
Pro – You can ramp up your rewards: Using your credit card to pay in more instances increases your ability to earn more rewards…
