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.
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Credit Memo vs. Debit Memo: What’s the Difference? Apr 8th
If you pay close attention to your bank statements, you may notice an item labelled, “credit memo”, from time to time. But without more information, it’s hard to know what the credit memo is for; why you received extra money in your account. The same goes for “debit memos.” Businesses also.... More »
The best 5-year variable mortgage rates in Canada + MORE Sep 5th
Mortgages
The best 5-year variable mortgage rates in Canada
You’re 2 minutes away from getting the best mortgage rates in Canada. Just answer a few quick questions to get a personalized rate quote.
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12 top personal finance books to read this summer Jun 11th
For obvious reasons, a lot of personal finance and retirement books come my way and, from time to time, we’ve dedicated a particular edition of this column to a single book. This one looks at a dozen noteworthy books I’ve read lately, or plan to—most of them published in the last few years.
If.... More »
Applying for a credit card: What you need to know Oct 6th
There are many great reasons to carry a credit card. Beyond the convenience and purchase protection included with many credit card purchases, they’re also important financial tools for establishing your credit history and borrowing money—both of which you’ll need if you want to make a major pu.... More »
Banks Brush Off New Capital Rules, Saying They Have ‘No Impact’ Jan 10th
The Globe and Mail, James Bradshaw, 9 January 2019
The chief executives of Canada’s largest banks are shrugging off tougher capital requirements introduced by the banking regulator, saying the change will have no impact on plans for acquisitions, dividend hikes or share buybacks.
Last June, the .... More »
India’s central bank cuts key lending rate to 6.25 per cent
– canadianbusiness.com
NEW DELHI – India’s central bank cut its key interest rate by a quarter of a percentage point Tuesday, taking rates to the lowest they have been since late 2010.
The announcement by the Reserve Bank of India reduced its repo rate to 6.25 per cent. This is the rate at which the central bank lends to commercial banks.
The cut is the first major announcement by the bank since Urjit Patel became its governor last month. This is also the first time that monetary policy has been decided by a six-member committee. Previously the RBI governor had the final say in the interest rate announcement.
The central bank has been aiming to boost the economy by lowering the cost of borrowing. The announcement also comes as inflationary pressures are easing.
The post India’s central bank cuts key lending rate to 6.25 per cent appeared first on Canadian Business – Your Source For Business News.
The announcement by the Reserve Bank of India reduced its repo rate to 6.25 per cent. This is the rate at which the central bank lends to commercial banks.
The cut is the first major announcement by the bank since Urjit Patel became its governor last month. This is also the first time that monetary policy has been decided by a six-member committee. Previously the RBI governor had the final say in the interest rate announcement.
The central bank has been aiming to boost the economy by lowering the cost of borrowing. The announcement also comes as inflationary pressures are easing.
The post India’s central bank cuts key lending rate to 6.25 per cent appeared first on Canadian Business – Your Source For Business News.
Low rates are here to stay, ECB’s Praet tells bankers
– theglobeandmail.com
Banks have complained that ultra-low ECB rates are eating into their lending margins
Mortgage insurance changes will impact buyers
– moneysense.ca
Mortgage lenders don’t carry enough of the risk of insured mortgages and, as of today’s announcement, this could soon change.
In an effort to reduce the risk to taxpayers, Finance Minister Bill Morneau introduced changes to mortgage insurance rules that will impact both home buyers and banks.
At present, lenders are required to obtain mortgage loan insurance for any high loan-to-value mortgage—a loan where the homebuyer’s down payment or equity in the home is less than 20%. It’s pretty much an industry standard for lenders to pass on the cost of this mortgage insurance to homebuyers.
Ottawa closes foreign buyer tax loophole »
However, lenders can also opt to pass on the risk of a mortgage to taxpayers by paying for mortgage loan insurance, even when the downpayment or the equity in the home is greater than 20%. The insurance is bought and paid for by the lender as it helps defray the downside risk of mortgaging a more expensive property.
However, since last November, the Department of Finance acknowledged that it was examining the impact of shifting more of the risk of insured mortgages onto the banks and mortgage lenders…
In an effort to reduce the risk to taxpayers, Finance Minister Bill Morneau introduced changes to mortgage insurance rules that will impact both home buyers and banks.
At present, lenders are required to obtain mortgage loan insurance for any high loan-to-value mortgage—a loan where the homebuyer’s down payment or equity in the home is less than 20%. It’s pretty much an industry standard for lenders to pass on the cost of this mortgage insurance to homebuyers.
Ottawa closes foreign buyer tax loophole »
However, lenders can also opt to pass on the risk of a mortgage to taxpayers by paying for mortgage loan insurance, even when the downpayment or the equity in the home is greater than 20%. The insurance is bought and paid for by the lender as it helps defray the downside risk of mortgaging a more expensive property.
However, since last November, the Department of Finance acknowledged that it was examining the impact of shifting more of the risk of insured mortgages onto the banks and mortgage lenders…
Janus’ Bill Gross warns financial markets have become ‘a Vegas casino’
– theglobeandmail.com
Gross has cautioned against cycle of zero and negative interest rates from central banks
