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
The best Visa credit cards in Canada for 2024 Jan 26th
Spend
The best Visa credit cards in Canada for 2024
This guide to the best Visa cards in Canada will help you narrow down the field and find a credit card that fits your lifestyle.
Compare now
powered by
W.... More »
The First Home Savings Account is finally here. Here’s how it can save you thousands in taxes Apr 11th
The new federal plan has some hiccups — it’s still not available at the Big Six banks — but once it’s up and running, it will allow potential buyers to save for their first home tax-free..... More »
Looking for a mortgage in B.C.? Don’t limit your options to the big banks Apr 4th
At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rat.... More »
Making sense of the markets this week: November 3, 2024 Nov 1st
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.
Apple, Nvidia growth—no cap
Depending on the day you ask, it’s either Apple or Nvidia as the answer to the classic q.... More »
Is now the time for retirees to sell stocks and buy GICs?
– moneysense.ca
My husband is retired and concerned that his money that is invested in his RRSP and TFSA is fluctuating too much. He is retired and is wondering if his funds should be in a GIC account as it’s paying 4% and not losing principal. He’s concerned in this volatile market.—Rodeen
Are GICs a good idea for retirement?
As you noted, Rodeen, guaranteed investment certificate (GIC) rates have risen to levels we have not seen in over 15 years. There are one- to five-year rates that are between 4% and 5%, and even slightly over 5% if you shop around. You may not get these rates at major banks, where rates may be 1% to 2% lower than that, but credit unions, trust companies and online banks generally offer a healthy premium.
Are GIC rates going up in Canada?
A year ago, GIC rates were just starting to rise but were still less than 3%. The reason they are so much higher now is worth considering. The January 2023 year-over-year inflation rate fell to 5.9%, after rising at a 6.3% rate for 2022…
