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Latest News
TFSA contribution room calculator Jan 11th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds .... More »
More Mortgage Rules To Come This Summer + MORE May 11th
The mortgage market is getting even tighter for today’s prospective home buyers. The Office of the Superintendent of Financial Institutions (OSFI) has announced yet another slew of mortgage rules. The draft guidelines, which OSFI states “sets out principles that promote and support sound re.... More »
Cash Values & Life Insurance Mar 3rd
In a world of way too much tax there still a tax strategy that Canadians should take advantage of.
This strategy is to decrease your tax burden, and the tactic is purchasing a life insurance policy that allows for tax-deferred growth.
The Concept
Many insurance companies have life insurance contrac.... More »
3 rules for maximizing charitable donations in your will + MORE Apr 13th
Q. We are preparing our wills and have been advised that charitable donations are credited at 100% in the year of death, and can be used to reduce or eliminate the amount of tax owed for that year. How do we word this in our will so our executor understands our wishes, especially when they may not k.... More »
Accident benefits have you covered—but for what, exactly? + MORE Apr 17th
Accident benefits might be the last thing on your mind when you’re buckling up in a new ride and tuning into your ultimate road-trip playlist, but they’re important to know. Accident benefits coverage is mandatory across Canada, except in Newfoundland and Labrador. Without it, you would be.... More »
Cabela’s credit card bank operation released from regulator’s consent order
– canadianbusiness.com
OMAHA, Neb. – The Federal Deposit Insurance Corp. on Monday announced that it has terminated a consent order against World’s Foremost Bank, a Nebraska-based credit card bank operation set up by the outdoor outfitter Cabela’s.
The order was ended Nov. 4 but not publicly announced until Monday, according to the Lincoln Journal Star (http://bit.ly/1wXGVjz ). The original order in March required World’s Foremost Bank to pay a $1 million penalty and restitution to about 1.8 million cardholders for what the FDIC said were deceptive and unfair acts. The bank agreed to the sanctions but did not admit or deny the violations.
FDIC spokeswoman LaJuan Williams-Young told The Associated Press that a termination order typically indicates “that the bank has complied with the original stipulations” in the consent order. She declined to comment further about the specifics of either order. A bank representative didn’t immediately return messages from the AP.
In the March order, the FDIC said World’s Foremost Bank had to refund certain interest charges to cardholders and to repay others for credit card add-on services, such as identity-theft protection…
The order was ended Nov. 4 but not publicly announced until Monday, according to the Lincoln Journal Star (http://bit.ly/1wXGVjz ). The original order in March required World’s Foremost Bank to pay a $1 million penalty and restitution to about 1.8 million cardholders for what the FDIC said were deceptive and unfair acts. The bank agreed to the sanctions but did not admit or deny the violations.
FDIC spokeswoman LaJuan Williams-Young told The Associated Press that a termination order typically indicates “that the bank has complied with the original stipulations” in the consent order. She declined to comment further about the specifics of either order. A bank representative didn’t immediately return messages from the AP.
In the March order, the FDIC said World’s Foremost Bank had to refund certain interest charges to cardholders and to repay others for credit card add-on services, such as identity-theft protection…
