Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Canada’s best Mastercard credit cards for 2023 Jan 3rd
Mastercard is one of the most widely accepted credit cards in the world, and its association with the Bank of Montreal and status as the only card you can use at Costco make it a strong choice for everyday spending. Whatever you need in a credit card—whether it’s opportunities to earn cash or re.... More »
Economists to push for fiscal restraint in pre budget meeting with Morneau + MORE Feb 14th
OTTAWA _ With so much uncertainty surrounding trade and competitiveness, private-sector economists will press Finance Minister Bill Morneau to keep his fiscal powder dry when they gather later this week for a pre-budget meeting.
Morneau is scheduled to sit down Friday in Toronto with leading economi.... More »
Why banks are so slow to lower lending rates, but so quick to hike them + MORE Jul 15th
(iStock)
Canada’s biggest banks raised their prime interest rates one after another this week following the Bank of Canada increase of its policy rate to 0.75 per cent from 0.5 per cent. The base lending rate at the Big Six now is 2.95 per cent, compared with 2.7 per cent before the central bank.... More »
Credit Memo vs. Debit Memo: What’s the Difference? Apr 8th
If you pay close attention to your bank statements, you may notice an item labelled, “credit memo”, from time to time. But without more information, it’s hard to know what the credit memo is for; why you received extra money in your account. The same goes for “debit memos.” Businesses also.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Nov 24th
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Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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Canadian Banks Take a Credit Rating Hit from Moody’s
– ratesupermarket.ca
The credit ratings of Canada’s Big Six banks have been taken down a notch, reflecting our nation’s high level of household debt and housing prices.
Last week, credit ratings agency Moody’s Investor Service announced that Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, and Royal Bank of Canada would all be subject to downgrading.
“Today’s downgrade of the Canadian banks reflects our ongoing concerns that expanding levels of private-sector debt could weaken asset quality in the future,” said David Beattie, a Moody’s senior vice-president, in the announcement.
“Continued growth in Canadian consumer debt and elevated housing prices leaves consumers, and Canadian banks, more vulnerable to downside risks facing the Canadian economy than in the past.”
The areas in which the six banks saw decreases in ratings were in Baseline Credit Assessments (BCAs) and long-term ratings, while all but TD bank also saw a decrease in Counterparty Risk Assessments (CRAs)…
Canadian Banks Take a Credit Rating Hit from Moody’s
– ratesupermarket.ca
The credit ratings of Canada’s Big Six banks have been taken down a notch, reflecting our nation’s high level of household debt and housing prices.
Last week, credit ratings agency Moody’s Investor Service announced that Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, and Royal Bank of Canada would all be subject to downgrading.
“Today’s downgrade of the Canadian banks reflects our ongoing concerns that expanding levels of private-sector debt could weaken asset quality in the future,” said David Beattie, a Moody’s senior vice-president, in the announcement.
“Continued growth in Canadian consumer debt and elevated housing prices leaves consumers, and Canadian banks, more vulnerable to downside risks facing the Canadian economy than in the past.”
The areas in which the six banks saw decreases in ratings were in Baseline Credit Assessments (BCAs) and long-term ratings, while all but TD bank also saw a decrease in Counterparty Risk Assessments (CRAs)…
