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 fees for non-sufficient funds will be capped at $10—but not until next March Mar 21st
Ottawa has put in place new rules limiting the fees banks can levy on customers who don’t have enough in their accounts to cover a cheque or other pre-authorized charges.
The updates, included in an order-in-council last week (March 12), cap non-sufficient funds fees at $10 for personal deposit.... More »
Is Wealthsimple a bank? Not exactly, but it’s launching new “banking” services Jun 12th
Canadians aren’t short of credit card options, that’s for sure. At an average of two to three credit cards per person, we have more credit cards than debit cards in our wallets. But there’s still room for one more, suggests Wealthsimple with its recently launched bank-like offerings, including.... More »
How To Get The Best Home Insurance Quote in Canada Nov 27th
Unlike car insurance, in Canada, there is no legal requirement to have homeowners insurance. But that doesn’t mean you should go without it. Find out why you need insurance and how to get the best homeowners insurance quotes in Canada.
Why Do Homeowners Need Insurance in Canada?
Although not legal.... More »
The best GIC rates in Canada for 2024 Jul 16th
Investing
The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Compare highest rates
Why trust us
MoneySense is an award-winning.... More »
Reddit community WallStreetBets squeezes short sellers - ABC News + MORE Jan 28th
Reddit community WallStreetBets squeezes short sellers ABC News2 short sellers admit defeat, bail out at huge loss as GameStop share surge hits 1000% CBC.caCanadian banks report disruptions as traders pile into BlackBerry, GameStop shares The Globe and MailOpinion: W.... More »
How Deferring Mortgage Payments Could Affect Your Credit Score
– ratesupermarket.ca
For the past few weeks, we’ve become accustomed to Prime Minister Trudeau’s daily update from Rideau Cottage in Ottawa. To help ease the economic impact of the COVID-19 pandemic, the government has put forward several measures intended to support those who have lost their jobs due to the outbreak.
With tens of thousands of Canadians suddenly and unexpectedly facing unemployment, the country’s banks also stepped up to provide short-term relief for those now unable to make their upcoming mortgage payments. This relief comes in the form of a mortgage payment deferral plan to help unemployed workers get through the next few months.
Mortgage Deferral Program Highlights
The Canadian Bankers Association recently provided updated information regarding the program on the CBA website. The plan allows for mortgage holders impacted by the COVID-19 crisis, and who are not currently in arrears, to apply for a deferment of their mortgage payments. Some financial institutions are also offering a similar arrangement for other loan payments, including credit card debt…
Top Canadian Credit Card Issuers Cut Interest Rates and Pause Planned Hikes
– ratesupermarket.ca
The COVID-19 pandemic has swept many Canadians into unanticipated financial uncertainty. Mass temporary layoffs and job losses have left hundreds of thousands of people wondering how they are going to pay their rent and credit card bills in the coming months.
While the federal government is taking steps to ensure that its citizens have financial resources, the financial services industry is also stepping up to do their part for Canadians in their time of need. From emergency loans and mortgage deferrals to more recent measures such as pausing planned credit card interest changes and cutting interest rates, the major Canadian banks are proving that they care about their customers.
How Credit Card Issuers Are Offering Support
So far, Canada’s top banks have announced the following changes to support their customers during these times of financial stress.
Payment Deferrals
Canada’s five big banks have announced payment deferral plans for those struggling to keep up with their credit card bills…
How Deferring Mortgage Payments Could Affect Your Credit Score
– ratesupermarket.ca
For the past few weeks, we’ve become accustomed to Prime Minister Trudeau’s daily update from Rideau Cottage in Ottawa. To help ease the economic impact of the COVID-19 pandemic, the government has put forward several measures intended to support those who have lost their jobs due to the outbreak.
With tens of thousands of Canadians suddenly and unexpectedly facing unemployment, the country’s banks also stepped up to provide short-term relief for those now unable to make their upcoming mortgage payments. This relief comes in the form of a mortgage payment deferral plan to help unemployed workers get through the next few months.
Mortgage Deferral Program Highlights
The Canadian Bankers Association recently provided updated information regarding the program on the CBA website. The plan allows for mortgage holders impacted by the COVID-19 crisis, and who are not currently in arrears, to apply for a deferment of their mortgage payments. Some financial institutions are also offering a similar arrangement for other loan payments, including credit card debt…
Top Canadian Credit Card Issuers Cut Interest Rates and Pause Planned Hikes
– ratesupermarket.ca
The COVID-19 pandemic has swept many Canadians into unanticipated financial uncertainty. Mass temporary layoffs and job losses have left hundreds of thousands of people wondering how they are going to pay their rent and credit card bills in the coming months.
While the federal government is taking steps to ensure that its citizens have financial resources, the financial services industry is also stepping up to do their part for Canadians in their time of need. From emergency loans and mortgage deferrals to more recent measures such as pausing planned credit card interest changes and cutting interest rates, the major Canadian banks are proving that they care about their customers.
How Credit Card Issuers Are Offering Support
So far, Canada’s top banks have announced the following changes to support their customers during these times of financial stress.
Payment Deferrals
Canada’s five big banks have announced payment deferral plans for those struggling to keep up with their credit card bills…
