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
Interest rates: From lower for longer, to low for no longer + MORE Jun 14th
Carolyn Wilkins. (Photograph by Erin Schaff)
Inflation is coming.
Ha-ha! You don’t believe me, do you? I can hardly blame you. Economists used to talk about prices as if they were barely domesticated animals: loosen the tether, and they will will take off on you. Those economists now look like fo.... More »
China tries to reassure over economy at G20 meeting Feb 27th
SHANGHAI – China’s premier has tried to quell anxiety about his slowing economy as officials at a global finance meeting called for governments to speed up job-creating reforms to stimulate slackening growth.
In a video message Friday at the meeting of finance ministers and central banks.... More »
What’s In Your Best Interest? Apr 3rd
When it comes to managing your cash, it helps to have guidance from those you trust. But what if their motives don’t exactly align with saving you money? This week, we take a look at consumer advocates – from your realtor, to new merchant credit card fee caps – to see how they really .... More »
The Seven Sins of Wall Street calls for change + MORE Sep 27th
With the financial crisis now in the rear-view mirror five years ago, it should be clear sailing for the giant U.S. banks that arguably created the problem, right?
Not according to veteran Bloomberg News editor and investigative reporter Bob Ivry. In his recently published book, The Seven Sins of W.... More »
The best student credit cards in Canada for 2024 + MORE Oct 7th
When you’re at a new restaurant, do you have to see the menu before you order? Or do you eat what your foodie friend says is good, knowing it’ll be amazing? The answer can help you decide how to pick a new credit card. Some people want the ability to compare their options side-by-side; others wa.... More »
Canadian banks scramble to beef up credit card portfolios
– theglobeandmail.com
The race is on to expand product lines as credit cards grow more profitable
Why Wait Until Spring For Your Tax Refund? How To Keep Your Money Now
– ratesupermarket.ca
Looking forward to a hefty tax refund this spring? That’s actually poor planning, especially if you’re lugging around credit card debt, student loans or a negative balance of any kind.
It’s not like you’re really coming out ahead. That money was always yours to begin with. In fact, getting a large tax refund simply means you’ve remitted too much tax to the Canada Revenue Agency from the outset. Here’s how to keep more of your money, right from the start.
Keep That Money For Yourself
When you file your income taxes in April, the Canadian Revenue Agency will compare what you actually owe to what you’ve already paid through pay cheque deductions. You only get money back if you paid too much. That means you’re effectively giving the federal government an interest-free loan, since it’s really only refunding the overpayments you’ve been sending in throughout the year.
Settling up early this way is generally a bad idea, particularly if you expect to claim any deductions or non-refundable tax credits like RRSP contributions or child care expenses that will ultimately reduce your tax bill, says Toronto accountant Tim Cestnick, author of author of 101 Tax Secrets for Canadians…
How the information in the Fed’s Beige Book is compiled, at a glance
– canadianbusiness.com
Eight times a year, the Federal Reserve issues the Beige Book, a snapshot of business conditions in each of the Fed’s 12 regional bank districts. The findings are all anecdotal; there are no numbers. The Beige Book is updated two weeks before each meeting of the Fed’s policymaking meeting in Washington.
Staffers at each of the 12 regional banks compile the information. They do so after contacting businesses, economists and other financial experts by phone, through questionnaires and email. The businesses range from retailers and homebuilders to hotels and restaurant owners.
The idea is to detect trends in consumer spending, manufacturing and real estate, among other areas. Consumer spending is particularly important because it accounts for about 70 per cent of gross domestic product. GDP is the value of all goods and services produced in the United States.
The staffers also conduct separate monthly surveys of manufacturers in each region.
The staff of each Fed region pays particular attention to that region’s major industries…
Staffers at each of the 12 regional banks compile the information. They do so after contacting businesses, economists and other financial experts by phone, through questionnaires and email. The businesses range from retailers and homebuilders to hotels and restaurant owners.
The idea is to detect trends in consumer spending, manufacturing and real estate, among other areas. Consumer spending is particularly important because it accounts for about 70 per cent of gross domestic product. GDP is the value of all goods and services produced in the United States.
The staffers also conduct separate monthly surveys of manufacturers in each region.
The staff of each Fed region pays particular attention to that region’s major industries…
