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Pros and Cons of Opening a Joint Bank Account Apr 17th
If you’ve recently been married or entered a committed relationship, you may wonder if it’s a good idea to join your banking with your spouse or partner. Perhaps you’ve discussed the idea with them, but you’re unsure if it’s better to open joint bank accounts or keep yo.... More »
QuadrigaCX case: Canada's big banks wary of cryptocurrency asset Feb 22nd
The wary skepticism that Canada's big banks have for the cryptocurrency industry was on full display Friday when a Nova Scotia judge issued an order for the eventual disbursement of more than $30 million that belonged to the insolvent QuadrigaCX trading platform..... More »
Should I Get a Variable or Fixed Mortgage? RBC Cuts Rates and the Answer is No Longer Clear + MORE Jan 25th
Last week, Canada’s biggest bank, RBC, cut its five-year fixed rate by 15 basis points. This gave customers the option to lock in their mortgage rate at 3.74 per cent, for a five-year term. And surely enough, TD Bank and BMO Bank of Montreal followed suit and cut their five-year fixed rates to th.... More »
When is open banking coming to Canada? Ottawa says “at the earliest opportunity” Jun 19th
The federal government says it will introduce legislation to implement open banking at its “earliest opportunity” as some advocates warn the project’s momentum may have stalled.
Open banking or consumer-driven banking, as Ottawa calls it, is about allowing Canadians and businesses to secure.... More »
Achieva Financial Review: Digital Banking from the Heart of Canada Dec 18th
Canadians are fortunate to have so many choices regarding no-fee online banking and high-interest savings accounts. Names like Tangerine, EQ, and Simplii have become commonplace, to mention just a few. But if you’re shopping around for a digital bank to deal with, there’s another name you can ad.... More »
Scotiabank CEO downplays concerns raised over Canadian debt levels
– canadianbusiness.com
TORONTO _ Scotiabank’s chief executive says he disagrees with recent red flags raised over Canada’s high debt levels by an international body, and that he is “comfortable” with the lender’s risk profile.
Brian Porter told a University of Toronto conference that he had a “different perspective” from the International Monetary Fund’s recent warning and said they should look at the “other side of the balance sheet” which has “kept pace or outgrown the size of the debt.”
“I am very comfortable with our risk profile,” he said Wednesday.
His comments come after the IMF in October said that Canada’s high debt levels, and higher-than-average pressure on Canadian households’ ability to pay down that debt in the private non-financial sector, leaves its economy more sensitive to tighter financial conditions and weaker economic activity.
And last month, an international financial group owned by the world’s central banks said Canada’s credit-to-gross-domestic-product and debt-service ratios show early warning signs of potential risk to the domestic banking system in the coming years…
Brian Porter told a University of Toronto conference that he had a “different perspective” from the International Monetary Fund’s recent warning and said they should look at the “other side of the balance sheet” which has “kept pace or outgrown the size of the debt.”
“I am very comfortable with our risk profile,” he said Wednesday.
His comments come after the IMF in October said that Canada’s high debt levels, and higher-than-average pressure on Canadian households’ ability to pay down that debt in the private non-financial sector, leaves its economy more sensitive to tighter financial conditions and weaker economic activity.
And last month, an international financial group owned by the world’s central banks said Canada’s credit-to-gross-domestic-product and debt-service ratios show early warning signs of potential risk to the domestic banking system in the coming years…
