Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
This mortgage loophole puts us at risk + MORE Jun 27th
If the Canadian housing market were to crash it would be catastrophic. At least, that’s the synopsis of the latest Moody’s Investors Service report.
According to their analysis the six big banks would lose nearly $12 billion while CMHC and other mortgage insurers would be on the hook for as muc.... More »
The Best Credit Cards for First-Year University and College Students + MORE Aug 14th
Congratulations! You’ve graduated high school and now you’re taking the next big step in your life. Starting post-secondary education involves a lot of firsts – it may be the first time you’re living away from home, the first time cooking for yourself consistently, and perhaps the first tim.... More »
Canadian banks assess Hurricane Irma damage, brace for more Sep 9th
Bank of Nova Scotia, CIBC, RBC shutter branches, work with aid groups as fearsome hurricane rips up Caribbean
.... More »
TD Canada Trust Hikes Prime Mortgage Rate – What’s Next? + MORE Nov 4th
It was a move that came as a shock to some but not was not a surprise to others. On November 1st, TD Canada Trust became the first of the big five banks in Canada to raise its prime mortgage rate from 2.7 per cent to 2.85 per cent. The news comes only two weeks after the implementation of brand-new.... More »
Watchdog unveils guidelines to support mortgage-holders under financial stress - BNN Bloomberg + MORE Jul 5th
Watchdog unveils guidelines to support mortgage-holders under financial stress BNN BloombergStruggling mortgage holders could see lenders waive fees under new guidelines Global NewsCanada Adds Guidelines for Banks to Prevent Mortgage Defaults Financial PostWatchdog u.... More »
Remarks prepared for Bank of Canada Governor Stephen S. Poloz at the Mayor’s Breakfast Series in Ottawa on Jan. 7:
Good morning, and Happy New Year to all.
Here we are at the beginning of 2016, almost eight years after the global financial crisis, which spawned the most synchronized worldwide economic downturn in history. A rerun of the Great Depression of the 1930s was averted, but the recovery has been anything but synchronized.
In fact, the dominant theme across the global economy has become “divergence.” At one end of the spectrum, the U.S. Federal Reserve has just started its interest rate normalization process after seven years of keeping its policy rate near zero. At the other end, the European Central Bank (ECB) recently cut its deposit rate to negative 0.3 per cent. Other central banks also cut rates in the past year, including the Bank of Canada.
It is very important that we understand the reasons for these policy divergences. On one level, they simply reflect actions taken by central banks tailored to their own economies…
So You Overspent During the Holidays… Now What?
– ratesupermarket.ca
From buying gifts to entertaining to taking advantage of Boxing Day sales, there are a lot of opportunities to spend more than you budgeted for over the holidays. That means that many people are starting off 2016 with a holiday hangover in the form of credit card debt.
Click here for the best low interest and balance transfer credit cards in Canada>
But getting back on track and ensuring you never find yourself in the same situation can be easy if you follow these four easy steps:
1: Assess the Damage
You might not want to add up all of the bills to see how badly you overspent, but it’s important that you do. If you still have your receipts, you might even consider taking some things back which could help you reduce the debt you owe.
If you only overspent by a small amount, it might be easy to adjust your budget to make up for those extra expenses.
If, however, you overspent a lot you’ll probably have to sit down and figure out how you’ll repay the money. As you do this, think about what expenses were necessary and which could have been avoided…
