Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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The best travel credit cards in Canada for 2023 + MORE Oct 26th
Credit Cards
The best travel credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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Update! Tangerine Money-Back Credit Card Review Nov 28th
Update, November 27, 2019:
Apply for a Tangerine Money-Back Credit Card by December 31, 2019 and receive a $75 e-Gift Card from RateSupermarket.ca when your application is approved.
Looking to earn cash back on your daily expenditures? Don’t want to pay an annual fee? Enter the Tang.... More »
The best GIC rates in Canada for 2026 Jul 21st
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
How GICs can help you save for your short-term goals Nov 23rd
Let’s talk about short-term savings. By short-term, we’re talking about putting away money for a few months, or even a few years, for a big goal, like a vacation, a wedding or a down payment on a home. Where should you put your savings so they’ll be secure and work for you?
When saving,.... More »
The Best Credit Cards to Use for the 2016 Holiday Season + MORE Dec 9th
The Best Credit Cards to Use for the 2016 Holiday Season
There are exactly 19 shopping days left until Christmas, and whether you’re ahead of the game or behind on your shopping list, you may already be feeling some shopping lethargy. But don’t despair: depending on your preferred method of pa.... More »
Big yields in banks’ preferred share offerings raise questions
– theglobeandmail.com
Why do creditworthy issuers need to raise their borrowing costs when interest rates are so low?
Mortgage rates are rising
– moneysense.ca
Mortgage rates have been so low, for so long, that it almost feels like they’ll never rise. Even the Bank of Canada’s latest decision to keep overnight target rates at 0.5% is the equivalent of saying: We’re keeping with the status quo.
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker…
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker…
Can You Afford To Drive For Uber?
– ratesupermarket.ca
Driving for Uber, the come-and-get-me ride service that’s gutting the taxi industry through its smartphone app, sounds like one of the most attractive side jobs going. You set your own schedule, put in as many hours as you like, and get to talk endlessly about the merits of the gig economy.
Also read: 7 Ways to Earn Extra Cash for the Holidays>
But how much money can you actually expect to make? According to some estimates, drivers who log 20 hours behind the wheel every week can expect to gross as much as $400 to $500, assuming they’re working the peak periods. But this clearly varies from city to city.
Once you factor in the cost of gas, though, that gross number drops sharply. And, of course, gas isn’t your only expense.
Looking to offset your gas costs? Check out Canada’s top gas rewards credit cards>
Watch Out For Fines
Several cities are cracking down on Uber drivers, in some cases having bylaw officers book rides on the app and hand out fines to drivers who don’t have taxi licenses…
