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
Europe Stresses the Positive + MORE Oct 27th
Banks can’t lend more if there aren’t more borrowers..... More »
9 Best Chequing Accounts in Canada: No-Fee Banking, Welcome Offers, And More + MORE Jul 31st
With so many banking options available in Canada, choosing the best chequing account for your day-to-day banking needs can be challenging. In recent years, online banks have introduced no-fee chequing accounts with other convenient features, making the decision that much tougher.
To help you in your.... More »
3 Mortgage Marketing Tactics You Should Be Aware Of + MORE May 1st
Spring is always a competitive season for mortgage lenders, but this year is a true standout; lenders small and large (including the Bank of Canada) have cut rates, some to historic lows – five-year fixed options have dipped as low as 2.44 per cent in some provinces, and even Canada’s b.... More »
Where to find yield in 2015 + MORE Jan 5th
(Photograph by Raina + Wilson)
Short-term GICs and savings accounts
Approx. yield risk
1% – 2%
If you want safety without locking in for the long term and you’re willing to put up with minimal yields, go for variable or short-term investments with negligible credit risk. Two common options a.... More »
As banks feel profit pressure, keep an eye on your fees: Mayers + MORE Mar 15th
As conditions get tougher for Canada’s banks they're looking everywhere for revenues, including basic fees. Here are some tips to keep yours down..... More »
Ontario women sue Ottawa over new U.S. banking law
– macleans.ca
TORONTO – Canada has violated the charter rights of nearly a million Canadians by agreeing to share their financial details with authorities in the United States, two Ontario women allege in a new lawsuit.
Gwen Deegan of Toronto and Ginny Hillis of Windsor, Ont., have launched a claim against the Attorney General of Canada.
In it, they accuse Ottawa of breaching the Constitution by complying with a sweeping new American tax fraud law, known as the Foreign Account Tax Compliance Act.
Under the terms of the legislation that took effect last month, banks must share all personal and joint account details of anyone deemed to be a “U.S. person.” This includes American citizens and people born in the U.S., even those with no existing ties to the country.
The U.S. claims that more than 77,000 financial institutions around the world have agreed to co-operate with the law.
In Canada, financial institutions must share relevant account holder details, including personal details and financial balances, with the Canada Revenue Agency…
Gwen Deegan of Toronto and Ginny Hillis of Windsor, Ont., have launched a claim against the Attorney General of Canada.
In it, they accuse Ottawa of breaching the Constitution by complying with a sweeping new American tax fraud law, known as the Foreign Account Tax Compliance Act.
Under the terms of the legislation that took effect last month, banks must share all personal and joint account details of anyone deemed to be a “U.S. person.” This includes American citizens and people born in the U.S., even those with no existing ties to the country.
The U.S. claims that more than 77,000 financial institutions around the world have agreed to co-operate with the law.
In Canada, financial institutions must share relevant account holder details, including personal details and financial balances, with the Canada Revenue Agency…
Bonds, Not Bailouts, for Too Big to Fail Banks
– online.wsj.com
Call the bonds Class R, for reorganization. Owners might take a haircut, but they’d also become owners of the bank. Two women in Ontario are suing the federal government for complying with a new U.S. law that forces banks to turn over financial information of Canadian citizens to the IRS upon request.
