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
Canadians’ Spending Habits and Payment Preferences are Changing Jun 17th
According to a recent study by Payments Canada, the COVID-19 pandemic is changing Canadians’ spending habits. The study found that 62% of Canadians are using less cash, and 42% avoid shopping at places that don’t accept contactless payments altogether.
Moreover, 53% of consumers reported using .... More »
Best online banks and credit unions in Canada for 2024 Mar 20th
Where can you get the best digital banking experience in Canada? We set out to find out in this inaugural review of the best online banks and credit unions in Canada. To come up with the ranking, MoneySense partnered with Surviscor, a leading Canadian research and consulting firm specializing in fin.... More »
Rising Interest Rates Expected to Boost Bank Earnings & Payouts Aug 20th
The Globe and Mail, David Berman, 19 August 2018
Concerns about the Canadian housing market have been weighing on bank stocks this year, and it’s likely that these concerns will be a focal point for investors as the big banks roll out their fiscal third-quarter results starting this week.
Roya.... More »
What can I hold in an FHSA? Jan 9th
Would Canadians have access to different account types such as GICs and self-directed investing when it comes to the new tax-free first home savings account, which is rumoured to be introduced this year?It seems this would only make sense as it’s the case with other tax-sheltered accounts (i.e.... More »
New mortgage rules sending borrowers to alternatives Feb 7th
TORONTO — Mortgage brokers say the borrower rejection rate from large banks and traditional monoline mortgage lenders has gone up as much as 20 per cent after Canada’s banking regulator imposed a new stress test for home buyers who don’t need mortgage insurance.
As a result, alternativ.... More »
Royal Bank is testing technologies like iris scanning, speech recognition and fingerprint scans, while TD piloted a wristband that identifies its wearer by the electrical activity of their heart. Welcome to the bold new future of biometrics.
How many beneficiaries can you have?
– moneysense.ca
A reader asked, “Is there is a maximum number of beneficiaries allowed? My mother-in-law’s financial institution told her there is a max of five. But she has seven children and wants them all listed on her accounts, including her TFSA.”Frank Di Pietro, assistant vice-president of tax and estate planning at Mackenzie Investments, tells us the Income Tax Act does not restrict the number of beneficiaries on an account. So, any maximum would depend on the financial institution’s own policies.
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What you need to know about inheritance rights
We asked the Big 5 banks what their policies were. Three got back to us, and we’ll update as needed.
Bank of Nova Scotia: No maximum. “As a general principle, brokerage clients are entitled to designate multiple beneficiaries for their registered accounts,” says Mark Phillips, managing director, Operations & Product Strategy, Scotia iTRADE…
