Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Inflation and investments: Heads up if you’re retired or retiring soon Jan 17th
The year 2022 was the one when inflation morphed from a minor concern to a major worry for investors, especially those hoping to retire sometime in the not-too-distant future. While central banks are well into their programs to curb inflation through periodic rises in interest rates, it could take t.... More »
Motive Financial Review – Canada’s Best High Interest Savings Account? Jul 18th
Motive Financial is the online banking arm of Canadian Western Bank, which is a Schedule I bank. As with other online only banks, such as Tangerine or EQ, Motive has become popular with Canadians who appreciate the low fees an higher interest that they are able to offer. But how does Motive measure .... More »
Could Covid-19 Cause Cashless Payments to Be the New Normal? Jun 23rd
It’s hard to pay from six feet away.
Plus, the idea of touching cash is making many queasy these days, which is why the COVID-19 pandemic may be speeding up the move to a cashless society.
According to a recent survey by Payments Canada, which compared spending behaviours pre-COVID-19 and at five.... More »
Are your deposits at Canadian financial institutions safe? + MORE Jun 10th
Ask MoneySense
We live in Ontario, and in light of the current banking problems in the U.S., we are a bit concerned about our investments.
They are held at three different banks at the moment and are largely in GICs and high-interest savings accounts.
We are aware that up to $100,000 is insure.... More »
The best credit cards in Canada for 2023 Nov 14th
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The best credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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What You Need to Know About the Canadian Mortgage Stress Test
– canadianfinanceblog.com
In late 2017, OSFI, the agency that supervises and regulates Canada’s banks, unveiled a new mortgage stress test, designed to protect Canadian borrowers from increasing debt burdens, and the prospect of rising interest rates. It also served to cool off a couple of Canada’s most expensive housing markets at the time. This test, which is really a set of rules, targets anyone who applies for a mortgage from a Canadian bank, regardless of their down payment amount.
In this article, I’ll cover everything you need to know about the mortgage stress test, including how it’s calculated, and what you as a potential homebuyer can do to prepare for tighter lending rules. But first, let’s take a look at the regulatory agency behind the mortgage stress test.
What Is OSFI?
OSFI is short for The Office of the Superintendent of Financial Institutions. The independent agency of the Government of Canada is tasked with regulating the banking and insurance industries in Canada, as well as trust companies, loan companies, and pension plans…
In this article, I’ll cover everything you need to know about the mortgage stress test, including how it’s calculated, and what you as a potential homebuyer can do to prepare for tighter lending rules. But first, let’s take a look at the regulatory agency behind the mortgage stress test.
What Is OSFI?
OSFI is short for The Office of the Superintendent of Financial Institutions. The independent agency of the Government of Canada is tasked with regulating the banking and insurance industries in Canada, as well as trust companies, loan companies, and pension plans…