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.
Latest News
Canada’s best credit cards for gas Dec 6th
Gas costs can be a hefty line item, especially for Canadians with a daily commute or even a hybrid situation—and it’s one that is largely out of our individual control. Using the right credit card when you fill up will earn you a return on your fuel expenses. But which card should you pick? We b.... More »
Scotia iTrade Review: A Discount Broker for Active Traders Jan 17th
Every year, advancements in mobile technology are placing the stock market at the fingertips of Canadian investors. In fact, it’s never been easier to invest on your own. One of the best ways to get started is by opening a discount brokerage account. These do-it-yourself trading accounts provide i.... More »
Video: How the Bank of Canada’s interest rate affects you Apr 13th
Think of the Bank of Canada (BoC) as the “influencer of all influencers” when it comes to interest rates. Banks and other financial institutions follow its lead. Learn more about how the BoC’s overnight interest rate impacts you in this short video, featuring MoneySense executive editor Lisa H.... More »
Look outside the Big Banks box for best savings rates Nov 14th
Small financial institutions, ETFs and investment savings accounts offer the best interest rates around.... 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 »
What Should You Do With Your Tax Return?
– ratesupermarket.ca
Getting a bit of extra money is always a bonus, and it turns out the average tax return in Canada is around $1,600. In 2019 so far, the CRA reports the average tax return at $1,614. So if you get a refund, what should you do with it?
If you decide to invest it, what’s the best vehicle? A lot depends on your appetite for risk, your investment experience and your overall financial status. Here are some basic things to think about when it comes to some of the most common options: GIC, RRSP contribution, TFSA, playing the stock market or having a little fun.
Debt Reduction: Pay off Credit Cards
If you have high-interest credit cards with a balance owing it might be most prudent to pay those down. Reducing high-interest consumer debt makes it easier to pay down your debts overall, and frees up money in the future for other investments.
Playing it Safe: GICs and Savings Accounts
A guaranteed income certificate (GIC) is just that: guaranteed. For a modest investment you’ll get back your principal and a set return…