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
Number of Canadians using fintech products may triple + MORE Jan 28th
TORONTO – Business consultancy firm EY says it believes the challenge to traditional banks from financial technology, or fintechs, will accelerate rapidly this year.
EY says that until now Canadians have been slow to embrace offerings from companies such as robo-advisers and online lenders.
Citing.... More »
Advice for cash-strapped renters and landlords during COVID-19 May 16th
When the COVID-19 pandemic swept across North America in early 2020, it created a wave of income loss that impacted people from all walks of life. While some individuals have been hit harder than others, it’s difficult to find a group or industry that hasn’t been affected. A small segment of the.... More »
BMO financial planner loses Ont. couple $47,000 Mar 29th
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.... More »
BMO SmartFolio Review: A Robo-Advisor Option from a Bank You Know + MORE Mar 2nd
For years, most investors had to choose between two polar opposites on the investment spectrum: DIY investing and high-cost mutual funds. There was no middle ground. This left many investors frustrated. There had to be a better way and thankfully now there is.
Robo-advisors offer the best of both wo.... More »
Big jump in banks’ capital markets earnings expected Aug 15th
The country’s biggest financial institutions start reporting their quarterly earnings next week and analysts are expecting a 12 per cent increase in aggregate
.... More »
Canada U.S. tax information sharing deal open to abuse
– macleans.ca
OTTAWA—Canada’s privacy watchdog is urging the federal government to protect the personal information of Canadians affected by a new tax-information sharing agreement with Washington.
Interim privacy commissioner Chantal Bernier says a controversial bilateral agreement to comply with new U.S. tax legislation could give American authorities too much financial information about Canadian dual citizens.
The Foreign Account Tax Compliance Act, which targets U.S. taxpayers with international accounts, would require even dual citizens who live in Canada and have no financial footprint south of the border to file returns with the U.S. Internal Revenue Service or face penalties.
A House of Commons committee is studying an agreement between Ottawa and Washington, part of the federal government’s omnibus budget bill, that would require banks to report accounts held by “U.S. persons” to the Canada Revenue Agency, which would then notify the IRS.
There is potential for abuse, Bernier told the committee…
Interim privacy commissioner Chantal Bernier says a controversial bilateral agreement to comply with new U.S. tax legislation could give American authorities too much financial information about Canadian dual citizens.
The Foreign Account Tax Compliance Act, which targets U.S. taxpayers with international accounts, would require even dual citizens who live in Canada and have no financial footprint south of the border to file returns with the U.S. Internal Revenue Service or face penalties.
A House of Commons committee is studying an agreement between Ottawa and Washington, part of the federal government’s omnibus budget bill, that would require banks to report accounts held by “U.S. persons” to the Canada Revenue Agency, which would then notify the IRS.
There is potential for abuse, Bernier told the committee…
