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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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 »
The best high-interest savings accounts in Canada for 2025 Dec 23rd
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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Best Canadian Bank Stocks: Where to Invest in Canadian Financial Services in 2021 Nov 15th
When it comes to the stock market, there are no guarantees. But Canadian banks are about as close as it gets. They’ve led the way for years, generating huge profits, stable earnings growth, and consistent dividend payouts. But with several banks to choose from, Canadian investors might be wonderin.... More »
The Best Credit Cards to Use for the 2018 Holiday Season Dec 10th
There are exactly 14 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 payment, you may be able to get rewarded for running around .... More »
What to expect for GICs in 2024 Nov 21st
In late 2020, major banks were offering 5-year guaranteed investment certificates (GICs) with rates of less than 1%. Now, just three years later, bank GIC rates for 5-year terms are over 4%. Some credit unions and trust companies are offering rates over 6% for short-term GICs, though 4- and 5-ye.... More »
Tips for getting a new mortgage
– moneysense.ca
Q: My partner and I want to move closer to family and this would require moving to another province. We’re fairly certain that we can find full-time employment in our new city but we’re a little worried that mortgage lenders won’t look favorably at us as borrowers. We have equity in the home we want to sell. Is there anything we can do to better our chances of getting a mortgage after recently changing employers? — Jumping ship, Regina, Sask.
Answer 1: It depends on what you are willing to pay for your new mortgage. Traditionally lenders and banks want to see someone employed—whether it is full-time, part-time, self-employment or even generating pension/retirement income. You don’t mention quite how much equity you have in your current house, so it’s difficult for me to assess your situation further.
I can tell you that the track record you have in one province would not hold much weight in another, not these days. And even if you do find employment, you’ll be on probation, and many lenders will absolutely not review a mortgage application when you’re still on employment probation…
