The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
Latest News
Canada's major banks hiking fees while pulling in big profits + MORE Jun 13th
If you’re already feeling gouged by bank fees, it may be time to check your statements. Almost all of Canada’s big banks are doling out some kind of personal banking fee increase this year..... More »
The best GIC rates in Canada for 2024 Jun 4th
Investing
The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Compare now
Why trust us
MoneySense is an award-winning magazine,.... More »
Cut unnecessary costs with one simple change to your banking Dec 10th
If you’re like many Canadians, you view bank fees as a necessary expense, but this couldn’t be farther from the truth. Paying a small fee each month isn’t usually much trouble, but over a whole year, it can really add up. The good news is that affordable banking has never been more in .... More »
Battery bank or generator? How to choose the best backup power for your home during an outage Jul 14th
From portable battery banks and generators to whole-house systems, there are many backup power choices to consider as extreme weather ramps up and outages happen more often and last longer..... More »
Home Capital woes sideswipe shares of smaller banks May 28th
Laurentian and Canadian Western Bank, which both report results this week, deserve a second look
.... More »
BMO financial planner loses Ont. couple $47,000
– moneysense.ca
Imagine hiring a financial planner you thought you could trust. Then imagine losing nearly $50,000 after listening to their advice.This nightmare situation was a reality for a retired couple who, in 2014, sought advice from a BMO financial planner on how to transfer their retirement savings from an American account to a Canadian RRSP, CBC Go Public reports.
Tom and Gloria Ratcliffe first approached two other big banks (CIBC and RBC) both of which told the retirees that the transfer of funds would result in a huge tax hit for them. At BMO, however, financial planner Karen Gill assured them the transfer was possible. When the the couple asked Gill why the transaction wouldn’t be an issue, she reportedly told them “‘Because BMO is such a big organization, we can do things other people can’t do.’”
As it turned out, BMO couldn’t do the $198,000 transfer after all, at least, not without slamming the couple with a $47,000 tax bill from both the U.S. and Canadian governments…
