The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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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 »
How To Save On Back to School Shopping Aug 28th
Back to school season is officially in full swing. If you haven’t finished shopping for your school-bound child, you’ll most likely be hitting the mall soon to get it all done. This is an expensive time of year for parents trying to get their children prepared for back to class. According to a .... More »
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 low-interest credit cards in Canada for 2023 Nov 16th
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The best low-interest 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.
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How cash ETFs keep your money working Nov 25th
It’s a dilemma for many investors: you want to have cash set aside to hop on investment opportunities that might arise, but you also don’t want the money sitting in your portfolio not collecting any return. Enter cash exchange-traded funds. Experts say there is increasing demand for cash.... More »
Lower Rates Means Less Stress in the “Stress Test”
– ratesupermarket.ca
Starting now, Canadian mortgage seekers will find it easier to qualify for more money. That’s because the Bank of Canada has dropped its five year benchmark qualifying rate from 5.34 percent to 5.19 percent. This is the rate banks use to qualify would-be-homebuyers for a mortgage.
This is the first time the rate has dropped since September 2016. Since then the rate has only gone higher. The Bank of Canada posted rate is calculated by using the five year fixed rate at the big six commercial banks.
Why this is significant?
Since January 2018, all Canadians, insured and uninsured, shopping for a new mortgage have to pass the so called “stress test.” Previously only those with less than 20 percent down, or insured mortgages, were subjected to an affordability test. Now everyone has to prove they can pay. Formally called, guideline B-20, it was brought in as a tool to better assess if Canadians could afford rates for the long term, especially if rates were to rise.
Housing slowdown
Real estate sales have slowed and prices are lower since the stress test was implemented…
What Are The Most Prestigious Credit Cards in Canada and Do I Want One?
– ratesupermarket.ca
Have you heard of the American Express Centurion Card, aka the “Black Card” or “Titanium Card”? This American Express product is available in many countries around the world, but with a catch: it is invitation only. In Canada, the AMEX Centurion Card has an annual fee of $2,500 and a one-time initiation fee of $5,000. Considered the ultimate in prestige credit cards, the AMEX Centurion Card provides rewards similar to the American Express Platinum card. Perhaps the thrill of being invited to use this exclusive credit card designed for high net-worth, high-earning people is worth its cost.
If you’re interested in a prestigious credit card, it’s wise to review your reasons for wanting one. If you just want to flash the card while dining out, you may want a card that offers excellent dining rewards benefits. If you usually use contactless payment — who will know what type of credit card you have anyway?
What Are Prestigious Credit Cards in Canada Like?
Canadian prestige or high-end credit cards are relatively modest in their reward offerings in comparison to some other world regions…
Lower Rates Means Less Stress in the “Stress Test”
– ratesupermarket.ca
Starting now, Canadian mortgage seekers will find it easier to qualify for more money. That’s because the Bank of Canada has dropped its five year benchmark qualifying rate from 5.34 percent to 5.19 percent. This is the rate banks use to qualify would-be-homebuyers for a mortgage.
This is the first time the rate has dropped since September 2016. Since then the rate has only gone higher. The Bank of Canada posted rate is calculated by using the five year fixed rate at the big six commercial banks.
Why this is significant?
Since January 2018, all Canadians, insured and uninsured, shopping for a new mortgage have to pass the so called “stress test.” Previously only those with less than 20 percent down, or insured mortgages, were subjected to an affordability test. Now everyone has to prove they can pay. Formally called, guideline B-20, it was brought in as a tool to better assess if Canadians could afford rates for the long term, especially if rates were to rise.
Housing slowdown
Real estate sales have slowed and prices are lower since the stress test was implemented…
