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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Written by Barry Choi and Jackie Rosen
The big five banks are constantly trying to acquire new customers, offering everything from 40” TVs and tablets to straight out cash if we open certain accounts with them. These promotions aren’t aimed at customers who are brand new to banking. Instead, th.... More »
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The best GIC rates in Canada for 2024 Jun 20th
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The best GIC rates in Canada
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TD Bank Q3 2018 Earnings Aug 31st
The Globe and Mail, James Bradshaw, 30 August 2018
At TD, earnings from Canadian retail banking rose 7 per cent in the third quarter, to $1.85-billion. But profit from its extensive U.S. footprint rose 27 per cent, to $1.14-billion.
Toronto-Dominion Bank reported a 12-per-cent bump in third-quarte.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Oct 14th
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Scotiabank defends practices to verify incomes before granting mortgages
– canadianbusiness.com
TORONTO – Scotiabank is defending its income verification practices in light of a report that says Canadian banks allow foreign borrowers to qualify for mortgages without having to prove the source of their income.
A Globe and Mail report Wednesday said that Scotiabank’s (TSX:BNS) internal guidelines don’t require its loan officers to verify foreign clients’ income sources if the down payment on a property is at least 50 per cent.
Scotiabank spokeswoman Diane Flanagan said the bank regularly makes exceptions to accommodate clients who can’t provide standard documentation, such as Canadian tax returns and pay stubs, to verify their income.
Certain types of borrowers — such as non-residents, self-employed people and new Canadians — simply don’t have those documents, Flanagan said.
“We look at exceptions on a regular basis, because there aren’t one-size-fits-all policies for everybody,” Flanagan said.
The bank still verifies the source of the money being used to fund the purchase and that the borrower is able to service the mortgage, she said…
A Globe and Mail report Wednesday said that Scotiabank’s (TSX:BNS) internal guidelines don’t require its loan officers to verify foreign clients’ income sources if the down payment on a property is at least 50 per cent.
Scotiabank spokeswoman Diane Flanagan said the bank regularly makes exceptions to accommodate clients who can’t provide standard documentation, such as Canadian tax returns and pay stubs, to verify their income.
Certain types of borrowers — such as non-residents, self-employed people and new Canadians — simply don’t have those documents, Flanagan said.
“We look at exceptions on a regular basis, because there aren’t one-size-fits-all policies for everybody,” Flanagan said.
The bank still verifies the source of the money being used to fund the purchase and that the borrower is able to service the mortgage, she said…
