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
Even Deutsche Bank is getting out of Russia - CNN + MORE Mar 12th
Even Deutsche Bank is getting out of Russia CNNDeutsche Bank faces criticism for remaining in Russia as others cut off links The Globe and MailDeutsche Bank refuses to pull all its Russia business CNBC TelevisionAll the Ways Banks Can Get Hit by Putin's War &nbs.... More »
Watchdog unveils guidelines to support mortgage-holders under financial stress - BNN Bloomberg + MORE Jul 5th
Watchdog unveils guidelines to support mortgage-holders under financial stress BNN BloombergStruggling mortgage holders could see lenders waive fees under new guidelines Global NewsCanada Adds Guidelines for Banks to Prevent Mortgage Defaults Financial PostWatchdog u.... More »
Making sense of the markets this week: August 30, 2021 Aug 28th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
Big earnings from the big Canadian banks
The Big Six Canadian banks (Royal Bank of Canada, TD Bank, Scotiabank, BMO, CIBC and National Bank) released quarterly ear.... More »
The best travel credit cards in Canada for 2023 + MORE Oct 26th
Credit Cards
The best travel credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
Find my perfect card*
.... More »
Will Canadian HISA ETFs survive the new rule change? Dec 5th
The growth of high-interest savings account (HISA) exchange-traded funds (ETFs) is the story of Canada’s ETF industry in 2023. Money market funds, including HISA ETFs, hoovered up $9.7 billion of investors’ money in the first 10 months of the year, representing 29.1% of the net inflow into Canad.... More »
Is probate an inevitable cost for a surviving spouse?
– moneysense.ca
Q. My husband and I have lived in our principal residence for 40 years. The house is held solely in his name, and I am the beneficiary of his will. Would the house have to be included in probate of his estate, should he predecease me?
–Sandra
A. Your seemingly simple question has a historic twist pointing to the possibility of a second will, which makes it difficult to answer.
Let’s start by reviewing probate—what it is and why it exists, along with its relevance to other taxes.
Each province has its own version of probate and I am assuming your husband’s estate will be subject to Ontario probate rules.
What is probate?
Probate in Ontario is really called Estate Administration Tax (EAT), but everyone refers to it and knows it as probate. Probate is required if:
–Sandra
A. Your seemingly simple question has a historic twist pointing to the possibility of a second will, which makes it difficult to answer.
Let’s start by reviewing probate—what it is and why it exists, along with its relevance to other taxes.
Each province has its own version of probate and I am assuming your husband’s estate will be subject to Ontario probate rules.
What is probate?
Probate in Ontario is really called Estate Administration Tax (EAT), but everyone refers to it and knows it as probate. Probate is required if:
a third party, such as a bank or other financial institution requests it; or
legislation requires it before the executor can deal with certain assets, such as, in your case, real estate.
Why is probate necessary?
Once you have a probate certificate, all third parties, banks and other financial institutions will know the court has validated:
the will as the last valid will of the deceased; and
the executor of the will…