Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Morneau yanks budget provision allowing banks to circumvent Quebec's consumer protection laws Dec 13th
The federal government is withdrawing certain proposed changes to the Bank Act because of opposition from Quebec..... More »
Apple Pay should have little impact on Canadian bank earnings, analyst says + MORE Jul 9th
Lenders would only see small profit cut when Apple’s mobile payment service launches in Canada. The bigger worry for banks is if firms like Apple and Google, with its Android Pay, use this technology as a stepping stone to advance into other financial services
.... More »
Italian, Irish, Spanish banks do worst in EU stress test Jul 30th
The EBA test looked at how banks could withstand a three-year theoretical economic shock
.... More »
Clinton says she would break up “big banks” if needed Nov 21st
NORTH CHARLESTON, S.C. – Hillary Rodham Clinton said in South Carolina on Saturday she is willing to split apart big financial institutions should the need arise.
The Democratic primary front-runner told Democrats gathered at a rally in North Charleston that she has the “toughest” .... More »
Credit Card Code of Conduct: Changes Announced for Fees and Mobile Payments + MORE Apr 13th
Conservative Finance Minister Joe Oliver announced new updates to the Credit Card Code of Conduct today, emphasizing three main changes to come intended to better serve both consumers and small businesses.
Here’s our breakdown of the main highlights:
1: Credit Card Interchange Fee Caps To Take Ef.... More »
Where to find yield in 2015
– moneysense.ca
(Photograph by Raina + Wilson)Short-term GICs and savings accounts
Approx. yield risk
1% – 2%
If you want safety without locking in for the long term and you’re willing to put up with minimal yields, go for variable or short-term investments with negligible credit risk. Two common options are to buy a one-year GIC, or just stick your money in a high-interest savings account. As it happens, both yield similar amounts these days, about 1% to 2% per year depending on the institution. Given those choices, you’re often better off salting money away in a savings account because you’re not locked in and can get at your money easily. You can also opt for a low-risk tradeable investment like a three-month Government of Canada Treasury Bill, which yields about 0.90% on an annualized basis.
For either a one-year GIC or a savings account, it pays to shop around. The big banks tend to pay the lowest interest rates (about 1% per year for both). The best rates (currently around 2%) are found at regional or niche institutions which are particularly keen for funding at this moment…
New Year, same wild ride
– macleans.ca
Welcome to 2015! It’s a brand-new page on the calendar, but if you thought this would mean a brand-new economic story, think again. Never mind the turkey and champagne hiatus, the new year picks up where 2014 left off, with more slumping oil prices, limping growth in the eurozone, flagging factories in China, and a strong dollar to the south.
In addition to watching oil prices at home, this year will be the year of watching central banks. In Canada, the U.S. and the U.K. this means waiting for signals on when rate hikes, expected this year, could begin, as growth has picked up. In the beleaguered eurozone, this is watching the central bank for signs of what stimulus could come next.
January also means looking backward, as numbers are released for December on jobs, inflation and housing, giving us a final overview on how the economy fared in the year that was.
The Bank of Canada will meet later this month for its first interest rate announcement of the year. In the mean time, you can look back at what Governor Stephen Poloz considers the biggest risks to the Canadian economy this year…
