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 international students can build credit in Canada Jul 15th
Moving to Canada as an international student comes with a long financial to-do list, and building credit is one of the most important items on it. Your credit history from home typically doesn’t transfer, which means you may need to start from scratch when applying for a credit card, phone plan, a.... More »
TD Bank Q3 2018 Earnings Aug 31st
The Globe and Mail, James Bradshaw, 30 August 2018
At TD, earnings from Canadian retail banking rose 7 per cent in the third quarter, to $1.85-billion. But profit from its extensive U.S. footprint rose 27 per cent, to $1.14-billion.
Toronto-Dominion Bank reported a 12-per-cent bump in third-quarte.... More »
Mortgage rates inch higher from record summer lows Nov 25th
Canadian mortgage rates have bounced up from their record lows of this summer in anticipation of an improving economy prompting central banks to do the same..... More »
Canada’s Best Discount Brokerages 2015 May 12th
(MixAll Studio/Getty Images)
If you’ve ever assembled a piece of furniture you’ve probably used one of those all-in-one screwdrivers. You know, the kind that comes with a dozen different bits to fit every kind of screw, bolt and fastener. Sure, this little tool seems convenient, and it will get .... More »
Banks unfazed by new Ontario rules on real estate Apr 21st
Canada’s largest banks are expected to absorb any impact of new legislation aimed at cooling the red-hot Toronto housing market
.... More »
Fitch says Canada’s big banks can withstand housing downturn
– theglobeandmail.com
Big six banks have enough capital to meet Basel III rules and would survive a ‘sharper than expected correction’
How to reduce mortgage penalties
– moneysense.ca
A rise in interest rates appears imminent, so folks with big mortgages might want to lock in the current low rates now! But for some, that means getting out of an existing mortgage early. Trying to discharge your mortgage early comes with a cost. After all, banks are in the business of making money, right? The sad truth is banks can be very greedy when it comes to calculating the interest penalty on a mortgage you’re trying to renew early.
Once upon a time, the standard in the industry was to charge a three-month interest penalty for early discharges. CMHC paved the road for that because they had it written into their policy. But when they removed it back in 1999, they’ve created a feeding frenzy among banks who now want to charge what’s called the Interest Rate Differential: a calculation they can do any way they want because there’s no uniform system among lenders or regulation by the Bank Act.
The idea behind the IRD is to compensate the lender for any loss due to a mortgage being paid out early and then the funds being lent again at a lower rate…
Once upon a time, the standard in the industry was to charge a three-month interest penalty for early discharges. CMHC paved the road for that because they had it written into their policy. But when they removed it back in 1999, they’ve created a feeding frenzy among banks who now want to charge what’s called the Interest Rate Differential: a calculation they can do any way they want because there’s no uniform system among lenders or regulation by the Bank Act.
The idea behind the IRD is to compensate the lender for any loss due to a mortgage being paid out early and then the funds being lent again at a lower rate…
