There are plenty of bank savings account options in Canada! Stay on top of the best plans right here.
Latest News
Low interest rates have ‘done their job’, says Poloz + MORE Jun 29th
THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – With the Bank of Canada nearing its next policy decision, governor Stephen Poloz is reiterating his message that his 2015 interest-rate cuts appear to have done their job.
Poloz said in an interview broadcast on business news channel CNBC that the Canadi.... More »
Planning can help you make sure your retirement savings will last + MORE Jun 14th
There are steps you can take to make sure you don’t outlive your retirement savings, writes Ellen Roseman..... More »
Using a HELOC as an investment strategy: not as taboo as you might think + MORE Feb 27th
Ask MoneySense
I wish to leverage my HELOC to invest in dividend-paying investments. How would you advise I approach this? Is this an effective tax savings tool? Is there any financial institution or products you would advise?
—Martha
Borrowing from a home equity line of credit
You know,.... More »
What types of tax-free savings accounts (TFSAs) exist? + MORE Jun 19th
A tax-free savings account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a registered retirement savings plan (RRSP), you cannot deduct contributio.... More »
Drivers can pocket their savings by allowing their insurer to come along for the ride + MORE Jun 21st
Driver monitoring programs are generally delivered in two ways, by a smartphone app that “sleeps” until it senses driving has started, or by a telematics device plugged into the car’s diagnostic port..... More »
Canadian Consumer Debt Nears $1.6 Trillion, But There's One Province Where It's Shrinking
– walletpop.ca
TORONTO — Canadians are still adding to household debt, but at a slower pace than earlier in the year, according to a new study from Equifax.
The credit rating agency says debt for those with a credit file, which includes most adults, rose two per cent in the second quarter of 2015 after rising 2.7 per cent in the first quarter.
Total consumer debt now amounts to $1.568 trillion, with the average debt load, excluding mortgage debt, totalling $21,164.
Albertans top the list, with an average of $27,313 in consumer debt for every person with a credit file.
Yet Equifax says the average debt load in the oil-rich province dropped by 0.1 per cent from the second quarter of 2014.
Among other things, Equifax says Canadians are adding to debt to buy new cars, with auto loans increasing by 3.9 per cent from the same period last year.
The credit rating agency says debt for those with a credit file, which includes most adults, rose two per cent in the second quarter of 2015 after rising 2.7 per cent in the first quarter.
Total consumer debt now amounts to $1.568 trillion, with the average debt load, excluding mortgage debt, totalling $21,164.
Albertans top the list, with an average of $27,313 in consumer debt for every person with a credit file.
Yet Equifax says the average debt load in the oil-rich province dropped by 0.1 per cent from the second quarter of 2014.
Among other things, Equifax says Canadians are adding to debt to buy new cars, with auto loans increasing by 3.9 per cent from the same period last year.
There was one province where consumer debt shrank in the second quarter of this year — recently struggling Alberta. Here is the average consumer debt per person for each province, and the change in percentage from last year…
