Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
What can I hold in an FHSA? Jan 9th
Would Canadians have access to different account types such as GICs and self-directed investing when it comes to the new tax-free first home savings account, which is rumoured to be introduced this year?It seems this would only make sense as it’s the case with other tax-sheltered accounts (i.e.... More »
BMO Ascend World Elite Mastercard review 2022 May 12th
If you’re itching to travel again, BMO has a card designed to help you get there. With an attractive insurance package and perks like airport lounge access, the BMO Ascend World Elite Mastercard seeks to tempt users into the BMO Rewards program. But here’s the big question: Is the card good enou.... More »
Take the Quiz: Do You Know Your Credit Score Fundamentals? Jun 26th
Your credit score is a very important number, which can help you get an apartment, car loan, mortgage, personal loan, or rewards credit card, among other financial decisions.
It is vital to know your credit rating and, if necessary, how to improve it. Staying up to date with your credit report can .... More »
Bank of Canada expected to raise its key rate for first time in nearly seven years + MORE Jul 12th
The Bank of Canada is expected to raise its key interest rate target for the first time in nearly seven years on Wednesday following signs the economy is well on the road to recovery after the crash in oil prices.
Low interest rates have helped fuel the housing market in recent years, incentivizing .... More »
Canadian banks earnings reports Aug 28th
Big Bank earnings reports highlights
The third-quarter results are in.
National Bank of Canada (NA/TSX): Earnings per share of $2.68, and revenues of $3 billion.
Royal Bank of Canada (RY/TSX): Earnings per share of $3.09, and revenues of $14.63 billion.
Bank of Montreal (BMO/TSX): Earnings.... More »
Should You Accept That Pre-Approved Credit Limit Increase?
– ratesupermarket.ca
If you faithfully pay your loans, mortgage and credit cards each month, then you’ve probably received a call or letter from your bank with the news that you were pre-approved for a credit increase or a line of credit.
You might be thinking, I don’t even use all the credit I currently have. I don’t need an increase.
But guess what? Turning down a pre-approved credit increase may actually hurt your credit score.
Why you were offered an increase
If you already have an account with a bank, and it pre-approves you for a credit increase or new line of credit, it’s typically because you are being recognized for being a good customer. By diligently paying off your card every month and staying on top of your current loans, your bank now trusts that you will pay them back if they increased your limit.
Exclusive offer from RateSupermarket.ca: For a limited time, apply for a President’s Choice Financial® Mastercard® through RateSupermarket.ca and get a $150 e-gift card & up to 20,000 PC® points when you activate your card…
Credit unions decry federal regulatory ban on members using ‘banking’ terms
– canadianbusiness.com
The national group representing credit unions says its members are being treated unfairly by a federal regulator that is prohibiting them from using the terms “bank,” “banker” and “banking” to describe their services.
The Canadian Credit Union Association says the ban on the terminology makes it difficult for credit unions to compete fairly with banks.
The directive was contained in an advisory issued last Friday by the Office of the Superintendent of Financial Institutions (OSFI).
The association says it has interpreted the advisory to mean that any member who continues to use these terms can face criminal charges.
The group also notes that due to the changes, credit unions will have to remove any banking references from their advertising materials and their websites _ a move it called an “unnecessary and expensive undertaking.”
OSFI says it issued the advisory to provide clarity after observing increased use of the words “bank,” “banker” and “banking” by financial service providers that aren’t banks…
The Canadian Credit Union Association says the ban on the terminology makes it difficult for credit unions to compete fairly with banks.
The directive was contained in an advisory issued last Friday by the Office of the Superintendent of Financial Institutions (OSFI).
The association says it has interpreted the advisory to mean that any member who continues to use these terms can face criminal charges.
The group also notes that due to the changes, credit unions will have to remove any banking references from their advertising materials and their websites _ a move it called an “unnecessary and expensive undertaking.”
OSFI says it issued the advisory to provide clarity after observing increased use of the words “bank,” “banker” and “banking” by financial service providers that aren’t banks…
