Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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How might inflation impact your retirement plans? + MORE Oct 7th
For retirees and near-retirees, at least five dire possibilities can threaten a long and fruitful retirement: taxes, investment fees, crumbling stock markets, soaring interest rates and inflation.
We can largely control the first two by maximizing the use of tax-effective vehicles like TFSA.... More »
Now’s not the time to switch to a fixed-rate mortgage Apr 18th
The Bank of Canada’s April 13 interest rate hike of 0.5%—the biggest one-time rate jump in decades—caught many variable-rate mortgage holders off guard. Some are likely thinking about running to their local bank branch or mortgage specialist to lock into a standard five-year fixed rate. Those .... More »
When banks cash your same cheque twice, you may be on the hook to pay Apr 2nd
Business owners Stefan Marten and Pearl Scott-Marten had to fight to get money back from their credit union after several of the couple's employees cashed their paycheques twice using increasingly popular banking apps that allow cheques to be deposited with a photo..... More »
The best GIC rates in Canada for 2024 Jul 16th
Investing
The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Compare highest rates
Why trust us
MoneySense is an award-winning.... More »
Making sense of the markets this week: September 6, 2021 Sep 4th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
The rich get richer as rates go lower
We know that lower rates set by central banks help to stimulate economic growth by providing cheap money. On the flipsi.... More »
TD Canada Trust Hikes Prime Mortgage Rate – What’s Next?
– ratesupermarket.ca
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 federal mortgage rules, subjecting future homeowners to stricter measures in order to qualify for mortgage insurance, as well as a “stress test” if they are putting down less than 20 per cent on a home purchase.
In a release from TD, the bank says raising the rate is not a decision it takes lightly and they considered the full impact on customers before moving forward with the change. The release states that the bank will communicate directly with their customers whose mortgages are affected. Currently, the move only affects customers with variable rate products, not fixed-rate mortgages or lines of credit.
This Change Affects My Mortgage, so What are My Options?
If you’re affected by the rate hike or if you’re currently negotiating a mortgage with TD, this means the cost of a variable rate mortgage ultimately will increase over the long term…
The close: TSX suffers lowest close in six-weeks as energy, banks fall
– theglobeandmail.com
S&P 500 losing streak extends to ninth straight day
TD Canada Trust Hikes Prime Mortgage Rate – What’s Next?
– ratesupermarket.ca
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 federal mortgage rules, subjecting future homeowners to stricter measures in order to qualify for mortgage insurance, as well as a “stress test” if they are putting down less than 20 per cent on a home purchase.
In a release from TD, the bank says raising the rate is not a decision it takes lightly and they considered the full impact on customers before moving forward with the change. The release states that the bank will communicate directly with their customers whose mortgages are affected. Currently, the move only affects customers with variable rate products, not fixed-rate mortgages or lines of credit.
This Change Affects My Mortgage, so What are My Options?
If you’re affected by the rate hike or if you’re currently negotiating a mortgage with TD, this means the cost of a variable rate mortgage ultimately will increase over the long term…
