Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Bank accounts, crypto wallets associated with protest convoy frozen: Freeland - Canada News - Castanet.net + MORE Feb 17th
Bank accounts, crypto wallets associated with protest convoy frozen: Freeland - Canada News Castanet.netBanks have started to freeze accounts linked to the protests, Freeland says CBC NewsTrucker convoy: Banks take action to cease financing CTV NewsFinancial institut.... More »
Food banks take up farming as donations decline + MORE Feb 15th
Students at the UBC food bank. (Photograph by Della Rollins)
TORONTO — In a bid to make up for a shortfall of high-quality nutritious food, some Canadian food banks are growing their own produce — and even farming fish.
The Mississauga Food Bank recently launched AquaGrow Farms, where tilapia is.... More »
Review: TD Aeroplan Visa Infinite Card Oct 11th
If you’re looking for the ultimate travel rewards card, the TD Aeroplan® Visa Infinite Card is the ticket for your dream destination. First introduced back in 2014, the card can earn Aeroplan miles quickly, offers a number of VIP perks and offers a sweet sign-up bonus. And once you leave home, y.... More »
Making sense of the markets this week: October 22, 2023 Oct 21st
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
Big wins for big U.S. banks
If you’ve been betting against American consumers over the last few years, then you haven.... More »
4 Tips to Avoid the Post-Holiday (Financial) Hangover Jan 3rd
Christmas and New Year’s Day has already come and gone, leaving us to “look forward” to Blue Monday, the (unofficially) most depressing day of the year. In 2019, Blue Monday falls on Monday, January 21, and the day is calculated by factoring in things such as weather and, yes, deb.... More »
Scotiabank defends practices to verify incomes for mortgages
– moneysense.ca
TORONTO – Scotiabank is defending its income verification practices in light of a report that says Canadian banks allow foreign borrowers to qualify for mortgages without having to prove the source of their income.A Globe and Mail report Wednesday said that Scotiabank’s (TSX:BNS) internal guidelines don’t require its loan officers to verify foreign clients’ income sources if the down payment on a property is at least 50 per cent.
Scotiabank spokeswoman Diane Flanagan said the bank regularly makes exceptions to accommodate clients who can’t provide standard documentation, such as Canadian tax returns and pay stubs, to verify their income.
Certain types of borrowers — such as non-residents, self-employed people and new Canadians — simply don’t have those documents, Flanagan said.
“We look at exceptions on a regular basis, because there aren’t one-size-fits-all policies for everybody,” Flanagan said.
The bank still verifies the source of the money being used to fund the purchase and that the borrower is able to service the mortgage, she said…
Deutsche Bank: No plan to pay $14B Justice Dept. settlement
– canadianbusiness.com
Deutsche Bank AG says it does not intend to pay $14 billion to settle civil claims with the U.S. Department of Justice for its handling of residential mortgage-backed securities and related transactions.
The bank confirmed Friday in a statement that the Justice Department had proposed a settlement of $14 billion and asked the German bank to make a counter proposal.
It described the proposed amount as an “opening position” put forward by the Justice Department in negotiations that were just beginning.
Deutsche Bank is among many financial institutions investigated over dealings in shoddy mortgages in the run-up to the 2008 crisis that led millions of Americans to lose their jobs and sometimes their homes.
The government has accused the banks of misleading investors about the quality of their loans.
The post Deutsche Bank: No plan to pay $14B Justice Dept. settlement appeared first on Canadian Business – Your Source For Business News.
The bank confirmed Friday in a statement that the Justice Department had proposed a settlement of $14 billion and asked the German bank to make a counter proposal.
It described the proposed amount as an “opening position” put forward by the Justice Department in negotiations that were just beginning.
Deutsche Bank is among many financial institutions investigated over dealings in shoddy mortgages in the run-up to the 2008 crisis that led millions of Americans to lose their jobs and sometimes their homes.
The government has accused the banks of misleading investors about the quality of their loans.
The post Deutsche Bank: No plan to pay $14B Justice Dept. settlement appeared first on Canadian Business – Your Source For Business News.
