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.
Latest News
How to Choose a Co-Branded Credit Card Dec 5th
You can find co-branded credit cards offered by retail stores, airlines, and even tech companies. These credit cards help companies because they encourage you to spend money with their organization. If used carefully, co-branded cards can help save you a lot of money. Here’s what to consider..... More »
Unsecured or Secured Credit Cards – What’s the Difference? May 10th
Are you looking for secured credit cards? Not sure if you should open a secured or unsecured card? If you’re rebuilding your credit score, a secured credit card can help you get your credit back on track. An unsecured credit card requires you to have established credit and can often include t.... More »
How to Give Without Spending a Dime + MORE Dec 29th
The holidays are a time of giving, but with all the spending on gifts and parties and entertaining, it can be challenging to find a few extra dollars in your budget for charitable donations. We should remember, however, that giving to those less fortunate should be a priority all-year-round. Thankf.... More »
The Best Credit Cards to Use for the 2016 Holiday Season + MORE Dec 9th
The Best Credit Cards to Use for the 2016 Holiday Season
There are exactly 19 shopping days left until Christmas, and whether you’re ahead of the game or behind on your shopping list, you may already be feeling some shopping lethargy. But don’t despair: depending on your preferred method of pa.... More »
Bank of Canada Raises Overnight Rate to 1.75%; Cites New Trade Policy and Growing Economy + MORE Oct 25th
Bank of Canada Governor Stephen Poloz at a press conference following an interest rate announcement in April.
After months of speculation, indeed, the Bank of Canada decided to raise its benchmark interest rate by 25 basis points this morning. This quarter-point hike brings the target for the ov.... More »
Automatic GIC Renewals: What You Need to Know
– ratesupermarket.ca
Since you’re reading this online, there’s a good chance your device is equipped with anti-virus software from companies like Kaspersky, McAfee or Norton, all of which renew your subscription automatically each year unless tell them not to.
Many other businesses – including magazine publishers, auto insurance providers, and fitness clubs – do exactly the same thing, largely because you gave them permission when you first signed up. So do banks, if you have an investment with a maturity date, like a Guaranteed Investment Certificate.
It’s for your benefit, they maintain, so you won’t come up short, losing access or protection just when you might need it. But what happens if you think you can get a better deal elsewhere or you simply change your mind?
Renewing Or Extending Without Your Permission
In Ontario, for instance, businesses must provide you with written notice of any changes that they want to make to your contract, whether it’s being renewed or extended. They must also provide you with the option to decline the changes to your contract…
Automatic GIC Renewals: What You Need to Know
– ratesupermarket.ca
Since you’re reading this online, there’s a good chance your device is equipped with anti-virus software from companies like Kaspersky, McAfee or Norton, all of which renew your subscription automatically each year unless tell them not to.
Many other businesses – including magazine publishers, auto insurance providers, and fitness clubs – do exactly the same thing, largely because you gave them permission when you first signed up. So do banks, if you have an investment with a maturity date, like a Guaranteed Investment Certificate.
It’s for your benefit, they maintain, so you won’t come up short, losing access or protection just when you might need it. But what happens if you think you can get a better deal elsewhere or you simply change your mind?
Renewing Or Extending Without Your Permission
In Ontario, for instance, businesses must provide you with written notice of any changes that they want to make to your contract, whether it’s being renewed or extended. They must also provide you with the option to decline the changes to your contract…
More Mortgage Rules To Come This Summer
– ratesupermarket.ca
The mortgage market is getting even tighter for today’s prospective home buyers. The Office of the Superintendent of Financial Institutions (OSFI) has announced yet another slew of mortgage rules. The draft guidelines, which OSFI states “sets out principles that promote and support sound residential mortgage insurance underwriting,” have been revealed for consultation, and will be finalized on May 23.
As of June 30th, two of these important rules that will be in place:
- First lenders will have to obtain third party verification of borrowers income.
-Private insurers still use a non-traditional form of income verification and that could change soon.
Just like banks, a separate party can look into your income and stability when a person is asking for a loan. As well, cash back mortgages will not longer be available for borrowers who can’t put at least 5 per cent down.
Who Will Be Affected?
These new rules could make it harder for many to borrow. With the high cost of housing in Canada, many home buyers are getting into high-ratio mortgages just so they can get into the real estate game…
China’s imports plunge in new sign of economic weakness, adding to pressure on Beijing
– canadianbusiness.com
BEIJING, China – China’s imports and exports contracted again in April in a new sign of economic weakness, adding to pressure on Chinese leaders to reverse a politically dangerous slump.
Imports fell by a bigger-than-expected 16.2 per cent over a year earlier to $176.3 billion following March’s 12 per cent decline. Exports fell 6.4 per cent to $142.1 billion, adding to the previous month’s 15 per cent decline.
The unexpectedly weak data “suggest that both foreign and domestic demand has softened going into” the current quarter, said Julian Evans-Pritchard of Capital Economics in a report.
Communist leaders are trying to steer China to more sustainable growth based on domestic consumption and reduce reliance on trade. But a sharp decline since mid-2014 has raised concern about politically dangerous job losses.
To shore up growth, Beijing has cut interest rates twice since November and also lowered reserve requirements for banks to boost lending. The Communist Party leadership promised additional steps to support growth following a high-level meeting two weeks ago…
Imports fell by a bigger-than-expected 16.2 per cent over a year earlier to $176.3 billion following March’s 12 per cent decline. Exports fell 6.4 per cent to $142.1 billion, adding to the previous month’s 15 per cent decline.
The unexpectedly weak data “suggest that both foreign and domestic demand has softened going into” the current quarter, said Julian Evans-Pritchard of Capital Economics in a report.
Communist leaders are trying to steer China to more sustainable growth based on domestic consumption and reduce reliance on trade. But a sharp decline since mid-2014 has raised concern about politically dangerous job losses.
To shore up growth, Beijing has cut interest rates twice since November and also lowered reserve requirements for banks to boost lending. The Communist Party leadership promised additional steps to support growth following a high-level meeting two weeks ago…
More Mortgage Rules To Come This Summer
– ratesupermarket.ca
The mortgage market is getting even tighter for today’s prospective home buyers. The Office of the Superintendent of Financial Institutions (OSFI) has announced yet another slew of mortgage rules. The draft guidelines, which OSFI states “sets out principles that promote and support sound residential mortgage insurance underwriting,” have been revealed for consultation, and will be finalized on May 23.
As of June 30th, two of these important rules that will be in place:
- First lenders will have to obtain third party verification of borrowers income.
-Private insurers still use a non-traditional form of income verification and that could change soon.
Just like banks, a separate party can look into your income and stability when a person is asking for a loan. As well, cash back mortgages will not longer be available for borrowers who can’t put at least 5 per cent down.
Who Will Be Affected?
These new rules could make it harder for many to borrow. With the high cost of housing in Canada, many home buyers are getting into high-ratio mortgages just so they can get into the real estate game…
