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?
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Canadians Are Less Satisfied With Their Banks: J.D. Power + MORE Aug 5th
How happy are you with your bank? If the answer is “less than enthralled”, you’re not alone: the 10th edition of J.D. Power’s Canadian Retail Banking Customer Satisfaction Study finds Canadians overall are less content with their lenders, and that satisfaction has been d.... More »
Canada’s bank CEOs get 7% pay raise to earn $53.6 million in fiscal 2017 + MORE Mar 14th
TORONTO _ The chief executives of Canada’s five biggest banks collectively earned roughly $53.6 million in the latest fiscal year, up more than seven per cent from a year earlier.
But it was a particularly good year for Toronto-Dominion Bank’s chief executive Bharat Masrani, who got a mo.... More »
BMO first of big banks to launch robo-advisor service + MORE Jan 18th
TORONTO – The Bank of Montreal has launched an online portfolio manager, making it the first of the big five Canadian banks to wade into the “robo-adviser” business.
After a trial run that started on Dec. 7, the service — dubbed SmartFolio — is available to all investors starting Monday.
W.... More »
Apple and Google’s ‘unified voice’ on fintech: Should the Big Six be worried? Nov 7th
The tech giants want to shake up the financial services industry now dominated by incumbent banks
.... More »
Italy merges two banks in bid to prop up struggling sector Oct 17th
New lender Banco BPM will become country’s third-largest; PM aims to boost confidence ahead of December referendum on constitutional reform
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CIBC announced at its annual general meeting in Calgary on Thursday that the bank will become the first of Canada’s so-called Big Six banks in Canada to adopt Apple Watch.
Top up your TFSA now, while you still can
– moneysense.ca
At least one of Canada’s big banks is giving clients the go-ahead to top up their Tax-Free Savings Accounts by the extra $4,500 amount specified in Tuesday’s federal budget.
CIBC Wealth’s Jamie Golombek says the Budget included draft legislation that allows for an increased TFSA dollar amount for 2015 to $10,000, up from $5,500, the current 2015 TFSA dollar amount. But critically, he added:
“We have received confirmation from the Canada Revenue Agency that, while the legislation is subject to Parliamentary approval, consistent with its general approach for proposed income tax changes, it is administering the measure on the basis that $10,000 is the new TFSA annual contribution limit. Clients may therefore proceed to contribute to their TFSA based on this proposed law.”
On Wednesday, the Hub ran a blog (since updated) that suggested investors contemplating such a purchase hold off a few days, pending comment from the Canada Revenue Agency and Department of Finance. When I made inquiries at my friendly local financial institution (RBC), I was initially dissuaded from this course…
