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EQ Bank aims to become a household name
– moneysense.ca
Canada’s seventh-largest bank is a lender the vast majority of Canadians have never heard of. It has no branches, credit cards, or wealth management offerings.
That could all soon change, says Chadwick Westlake, who became chief executive of EQ Bank last August and already announced a transformational, potentially career-defining deal to buy PC Financial in December. “We will become a household name by the end of this year,” he said. Buying the PC Mastercard portfolio and PC Money accounts, while bringing on Loblaw Cos. Ltd. and its PC Optimum loyalty program into a partnership, will put the EQ Bank brand into thousands of grocery stores and ATMs across the country.
Major deal and leadership shifts signal a new era
Westlake said he knew when he stepped into the role that he had to make this deal happen to raise the profile of a bank that 80% to 90% of Canadians don’t know. “This was a top priority, because I truly believe this is the key to creating a scaled significant challenger for Canada…
What happens when you inherit an IRA or 401(k)?
– moneysense.ca
A US traditional individual retirement account (IRA) is a bit like a Canadian registered retirement savings plan (RRSP). A 401(k) is like a defined contribution (DC) pension plan. In both cases, tax-deductible contributions can be made by a retirement saver with future withdrawals generally subject to tax.
Spousal beneficiary
When a spouse inherits an IRA or 401(k), they can take over the account as an inherited account or transfer the account into their own IRA or 401(k) on a tax-deferred basis.
IRA and 401(k) accounts generally have required minimum distributions (RMDs) beginning at age 73. These are subject to US withholding tax for a Canadian resident, and Canada taxes the withdrawal with a credit for the US tax already withheld.
A US citizen living in Canada must report their worldwide income on both a Canadian and US tax return.
Featured RRSP Accounts
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Stock news for investors: Mixed Q4 results with big profit gains for Enbridge, Nutrien, and Cenovus
– moneysense.ca
Here’s a round-up of news for Canadian investors this week.
Enbridge
Nutrien
Teck Resources
Canadian Tire
MTY Food Group
Cenovus Energy
Featured RRSP Accounts
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EQ Bank
Build your retirement savings with 1.50% interest, tax-deferred contributions and zero fees.
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Registered GIC rate
Earn a guaranteed 2.75% in your RRSP when you lock in for 1 year.
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Best RRSP rates
See our ranking of the best RRSP accounts and rates available in Canada.
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