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
City of Mission builds temporary dike in anticipation of flooding - CBC.ca + MORE May 20th
CBC.caCity of Mission builds temporary dike in anticipation of floodingCBC.caAlong the banks of the Fraser River, staff from the City of Mission, B.C. are building temporary dikes in anticipation of potential flooding. With the temporary structure in place, the water level would have to rise by more.... More »
When is open banking coming to Canada? Ottawa says “at the earliest opportunity” Jun 19th
The federal government says it will introduce legislation to implement open banking at its “earliest opportunity” as some advocates warn the project’s momentum may have stalled.
Open banking or consumer-driven banking, as Ottawa calls it, is about allowing Canadians and businesses to secure.... More »
Prices for existing homes, new condos moving apart Mar 11th
Real estate in the Greater Toronto Area is becoming increasingly divided between existing single-family homes and a crush of new condos, one of Canada's biggest banks says in a report issued Monday..... More »
Allowance apps are the modern piggy banks and they could really help your kids Nov 29th
Canadian youth get top marks for financial literacy but more than one in ten 15-year-olds struggle with basic financial skills. But new allowance apps can help them manage their chores and allowance..... More »
What would a central bank digital currency mean for Canada? We ask 5 experts Jul 11th
Canadians have long embraced digital transactions. We make purchases, pay bills and transfer money to people around the world with the tap of a card or the click of a button—every single day. We do all of this using regular, government-backed Canadian dollars.
Yet the Bank of Canada (BoC) is ac.... More »
The Federal Reserve will require the largest foreign banks operating in the United States to hold higher levels of capital reserves to protect against potential loan losses.
3 Foolproof Ways To Bust Your Money Stress
– ratesupermarket.ca
Stressed out over your finances (or lack thereof)? Debt troubles are becoming a prominent trend in Canada – the consumer debt load recently clocked in at $1.4 trillion! And credit card debt leads the pack as a stress source – the average Canadian carries a balance of $3,277.33. It’s no wonder that 46.6 per cent of Canadians rate low interest as a top credit card feature.
So, what can you do if you’re carrying a hefty balance? The good news is there are ways to effectively stop a credit card debt spiral.
Step 1: Switch To A Kinder Interest Rate
Credit cards carry some of the highest interest rates around, with most charging between 19 and 21 per cent for purchases extending beyond the grace period. It’s these interest payments that morph a medium-sized debt load into an ever-growing beast that’s impossible to pay down.
Credit cards with low balance transfer features help break the debt-inducing pattern by offering a much lower interest rate for a limited time. This gives cardholders the chance to pay down their principal debt faster, and take control of their credit card balance…
Get used to volatility: BMO says it’s the “new normal”
– moneysense.ca
A study coming out today from BMO Global Asset Management says 77% of Canadian investors feel market volatility is the “new normal” and here to stay. Virtually all (96%) of the 1,002 that were polled online early this year believe balancing investment risk is important. Major factors involved in this are long-term rate of return (95%); diversification (86%) and short-term rate of return (72%).
Uppermost in investors’ minds are considerations like stretched stock valuations, weaning of monetary policy support from central banks and emerging market liquidity strains. As a result, BMO chief investment officer Paul Taylor expects volatility will continue for at least another year or two.
Retiring boomers especially sensitive to this volatility
Those near retirement need to pay special attention to this. In a press release, BMO singles out baby boomers approaching retirement, urging them to focus on reducing risk and “take a more conservative investing approach to preserve their nest egg…
Uppermost in investors’ minds are considerations like stretched stock valuations, weaning of monetary policy support from central banks and emerging market liquidity strains. As a result, BMO chief investment officer Paul Taylor expects volatility will continue for at least another year or two.
Retiring boomers especially sensitive to this volatility
Those near retirement need to pay special attention to this. In a press release, BMO singles out baby boomers approaching retirement, urging them to focus on reducing risk and “take a more conservative investing approach to preserve their nest egg…
