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
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 Heartbleed Bug: Should Online Banking Customers Worry? Apr 9th
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The bug makes vulnerable a version of Open Secure Socket Layer technology, a very common method used by an estimated two thirds of websites to prot.... More »
Making sense of the markets this week: April 5, 2021 Apr 5th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
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Trying to engineer a profitable portfolio Apr 10th
Somayaji Ayalasomayajula, 22, Mechanical Engineer, Toronto
I’ve been interested in growing my money since I was 12. At a pretty young age my dad gave me some money and helped me buy a GIC (guaranteed income certificate) with it. I think the aim was to help me see how money grows through interest a.... More »
Bank executives defend oversight of sales practices in testimony to MPs + MORE Jun 13th
Executives from Canada's big banks defended the way they do business Monday, saying they take steps to make sure that employees don't engage in questionable sales practices..... More »
RRSPs not undesirable, just unaffordable for most, polls find
– moneysense.ca
MONTREAL – Fewer Canadians are planning to put money into a Registered Retirement Saving Plan this year simply because they can’t afford it, say surveys by two big banks.
Both Scotiabank (TSX:BNS) and Bank of Montreal (TSX:BMO) say many Canadians have other expenses, such as car payments and paying down debt, that are preventing them from making a contribution.
Scotiabank found that 31 per cent planned to contribute to their RRSP, down from 39 per cent last year. BMO said 43 per cent of those surveyed planned to contribute, down from 50 per cent in 2013.
“The top answer was that they did not have enough money to make a contribution,” said BMO’s Chris Buttigieg, senior manager of wealth planning strategy.
Mike Henry, a Scotiabank senior vice-president, agreed, saying those surveyed by his bank said “they can’t afford it, they’ve got other expenses or other things they’re trying to manage.”
Overall, three-quarters of those who have RRSPs told Scotiabank they’ve thought about contributing more money to their plans, but they just don’t have the cash…
Both Scotiabank (TSX:BNS) and Bank of Montreal (TSX:BMO) say many Canadians have other expenses, such as car payments and paying down debt, that are preventing them from making a contribution.
Scotiabank found that 31 per cent planned to contribute to their RRSP, down from 39 per cent last year. BMO said 43 per cent of those surveyed planned to contribute, down from 50 per cent in 2013.
“The top answer was that they did not have enough money to make a contribution,” said BMO’s Chris Buttigieg, senior manager of wealth planning strategy.
Mike Henry, a Scotiabank senior vice-president, agreed, saying those surveyed by his bank said “they can’t afford it, they’ve got other expenses or other things they’re trying to manage.”
Overall, three-quarters of those who have RRSPs told Scotiabank they’ve thought about contributing more money to their plans, but they just don’t have the cash…
