The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Are You Retirement-Ready? + MORE Jan 29th
RRSP season is upon us, and banks are laying on the pressure to save – are you putting enough cash away? Many Canadians, especially young adults, aren’t entirely clear on how they should be saving for retirement – and we spoke to a few of them to see how they really feel (check out ou.... More »
The best high-interest savings accounts in Canada for 2024 + MORE Dec 3rd
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When you’re at a new restaurant, do you have to see the menu before you order? Or do you eat what your foodie friend says is good, knowing it’ll be amazing? The answer can help you decide how to pick a new credit card. Some people want the ability to compare their options side-by-side; others wa.... More »
Airport Reward Programs: What You Need to Know Feb 14th
After enrolling in brand loyalty programs, amassing frequent flier miles, and getting a credit card with great rewards, what’s next? Many airports have started offering their own rewards programs, earning you bonus points for everything from duty-free shopping to parking. Whether you’r.... More »
It’s Black Friday 2015 Nov 27th
This week kicks off the “official” holiday spending season, as mega sales events Black Friday and Cyber Monday beckon the wallets of Canadians north and south of the border. It’s an expensive time for most households – a recent study finds the average Canadian will spend $332 today, des.... More »
Why banks want saving from themselves
– macleans.ca
(Shutterstock)In about a month, Ed Clark, the CEO of TD Bank, will retire, bidding adieu to the company’s familiar green armchair for the last time. He’s had an impressive run. As the one-time head of Canada Trust, Clark engineered what was essentially a reverse takeover of the much larger Toronto-Dominion Bank after it bought Canada Trust in 2000. And, under his watch, TD recently catapulted past the Royal Bank of Canada to become the largest financial institution in the country by total assets, which, as of last quarter, stood at a staggering $922 billion. So the man knows banking. And, this being Canada, where a handful of Goliaths dominate the industry, thanks to government-decreed oligopoly, he’s acutely familiar with the unseemly tango bankers and politicians are forever locked into.
Which is why it was so informative when Clark voiced concerns recently about the fragility of household finances in light of ultra-low interest rates and the easy access to mortgage credit. “Where these issues have been dealt with successfully is governments who lay out a framework for an industry,” he told the Canadian Press last week…
