Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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The best bank accounts for students in Canada 2020 Apr 10th
Table of contents
The best bank accounts for students in Canada
The best online bank accounts for students in Canada
What is a student bank account?
What do you need to open a student bank account?
How to choose the best student bank account for you
With the cost of tuition and books—not t.... More »
Regulators Can Help American Workers Get the Credit They Deserve Oct 27th
Nonprime lending isn’t as risky as it’s made out to be, and fintech firms can help traditional banks..... More »
The best GIC rates in Canada for 2024 May 27th
Investing
The best GIC rates in Canada for 2024
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Find the best rate
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Canada’s best balance transfer credit cards 2022 Nov 1st
If you carry a balance on a regular credit card, chances are you’re paying around 20% in interest. At that rate, it can become difficult to keep up with the payments and your debt can spike—fast. Moving your credit card debt to a balance transfer credit card can help you pay off the principal mo.... More »
The payoff Jul 10th
Randy Foster
AGE: 60
PLACE: Chatham, Ont.
TFSA TOTAL: $81,555
STRATEGY: Mostly banks and financials with some energy stocks
Me and my TFSA
Randy Foster is 60 and happily retired in Chatham, Ont. In fact, he retired at the young age of 49 on full pension after 30 years of working as a group l.... More »
Canadians Ill-Prepared for a Rate Hike; Unprecedented Debt Imminent
– ratesupermarket.ca
A new report finds Canadians are facing a future where an unprecedented amount of household income will go towards debt servicing.
The Household Indebtedness and Financial Vulnerability report by the Parliamentary Budget Officer is raising concerns on the level of household debt amongst Canadians. The report suggests that debt is increasing at such a sharp pace, many Canadians will be ill prepared for even a slight hike in interest rates.
In just the first quarter of 2017, household debt reached a record level of a 174 per cent of disposable income – meaning, on average, we owe $1.74 of every $1 we make.
Since interest rates have been at record lows for so long, the PBO warns that if rates were to soon rise, “The financial vulnerability of the average household would rise to levels beyond historical experience.”
The Debt Servicing Ratio (DSR) has remained stable at 14 per cent since 2009. This means that Canadians on average use 14 per cent of their after-tax income to make mortgage payments, and pay off credit card and line of credit debt…
Central Banks and the New Abnormal
– online.wsj.com
Markets fret as they forget what normal policy looks like.
