Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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New Aeroplan Members Can Get 2,500 Bonus Miles This Month Sep 11th
For a limited time, new Aeroplan members can get 2,500 bonus miles (soon to be Aeroplan points) when they join and earn their first mile before the end of September 2020.
Members can earn miles through in-store and online purchases at partner brands by scanning their Aeroplan card or using their Ae.... More »
TD, CIBC hoping to shrug off choppy first-quarter earnings - The Globe and Mail + MORE Mar 1st
TD, CIBC hoping to shrug off choppy first-quarter earnings The Globe and MailCredit quality is deteriorating in Canada, and banks are feeling the impact Financial PostTD misses profit estimates by wide margin, raises dividend BNNBloomberg.caFirst-quarter earnings for.... More »
The best Visa credit cards in Canada for 2024 Nov 7th
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Compare your Visa options with our interactive tool and filter credit cards based on rewards value, annual fees, income requirements and more.
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999.... More »
The best travel credit cards in Canada for 2024 Jul 12th
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The best travel credit cards in Canada for 2024
From points to perks, a good travel credit card can make your trip more affordable, more comfortable and even more secure.
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The best rewards debit cards in Canada for 2024 Mar 5th
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The best rewards debit cards in Canada for 2024
These are the debit cards that can earn you rewards like cash back, PC Optimum points, Scene+ points and Air Miles.
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CategoryAccountBest for rewards.... More »
Big yields in banks’ preferred share offerings raise questions
– theglobeandmail.com
Why do creditworthy issuers need to raise their borrowing costs when interest rates are so low?
Mortgage rates are rising
– moneysense.ca
Mortgage rates have been so low, for so long, that it almost feels like they’ll never rise. Even the Bank of Canada’s latest decision to keep overnight target rates at 0.5% is the equivalent of saying: We’re keeping with the status quo.
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker…
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker…
Can You Afford To Drive For Uber?
– ratesupermarket.ca
Driving for Uber, the come-and-get-me ride service that’s gutting the taxi industry through its smartphone app, sounds like one of the most attractive side jobs going. You set your own schedule, put in as many hours as you like, and get to talk endlessly about the merits of the gig economy.
Also read: 7 Ways to Earn Extra Cash for the Holidays>
But how much money can you actually expect to make? According to some estimates, drivers who log 20 hours behind the wheel every week can expect to gross as much as $400 to $500, assuming they’re working the peak periods. But this clearly varies from city to city.
Once you factor in the cost of gas, though, that gross number drops sharply. And, of course, gas isn’t your only expense.
Looking to offset your gas costs? Check out Canada’s top gas rewards credit cards>
Watch Out For Fines
Several cities are cracking down on Uber drivers, in some cases having bylaw officers book rides on the app and hand out fines to drivers who don’t have taxi licenses…
