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Latest News
TFSA vs RRSP: How to decide between the two + MORE Mar 29th
One of the most common questions out there is whether to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). Both will help you save, and save on taxes, but each works in a different way. Understanding how these accounts work will help you decide which is best.... More »
Should you leave corporate savings in your company? + MORE Mar 1st
I have $1 million accumulated in my corporate account. I don’t need that money for my corporation. What is the best way to take that money out with minimal tax? I’m 39 and I’m not planning to retire soon.—Chris
Withdrawing money from a corporation to invest
One of the first things to i.... More »
How the power of habit can help you retire before your parents do Dec 17th
Rob Berger achieved financial independence by age 49 by changing some of his core habits. He says you can do it too..... More »
Who reports capital gains if a stock is owned jointly? + MORE Apr 8th
Q. My question is regarding stock capital gains, specifically in a joint account with my wife at TD Waterhouse. We had a capital gain of $30,000 this year in our non-registered account. At 50% each, our capital gain for tax purposes is $15,000. Do we each have to report a gain of $7,500? Or, does.... More »
CIBC kicks off bank earnings week with 25% profit rise May 23rd
The Canadian Imperial Bank of Commerce's latest quarterly earnings beat market expectations with a double-digit profit bump on strong earnings south of the border and at home, despite slowing domestic mortgage growth..... More »
Canada’s housing market has taken a tumble in the past 12 months, with average selling prices and home sales volumes off sharply in the year up to February, the Canadian Real Estate Association says.
Open a savings account for your toddler
– moneysense.ca
OTTAWA — Omar Abouzaher remembers going to the bank with his daughter so she could make her first deposit into an account that was opened for her when she was just a toddler.
The regional vice-president for the Bank of Montreal’s daughter was four when they took her piggy bank to deposit the coins.
“She’s a banker at heart,” he said.
While RESP accounts can help parents save for a child’s education, opening a savings account for a child can be the first step in teaching basic financial literacy, Abouzaher said.
“I believe sometimes we wait too long until the kids are a bit older and try to cram all this financial information and throw it at them,” he said.
Abouzaher recommends starting with teaching what it means to save and then build on that foundation.
“The older they grow, they’ll understand as well the other components or the other pieces that are maybe a little bit more complex when it comes to understanding debt, understanding what it takes to pay tuition, what it takes to manage your credit,” he said…
The regional vice-president for the Bank of Montreal’s daughter was four when they took her piggy bank to deposit the coins.
“She’s a banker at heart,” he said.
While RESP accounts can help parents save for a child’s education, opening a savings account for a child can be the first step in teaching basic financial literacy, Abouzaher said.
“I believe sometimes we wait too long until the kids are a bit older and try to cram all this financial information and throw it at them,” he said.
Abouzaher recommends starting with teaching what it means to save and then build on that foundation.
“The older they grow, they’ll understand as well the other components or the other pieces that are maybe a little bit more complex when it comes to understanding debt, understanding what it takes to pay tuition, what it takes to manage your credit,” he said…
BMO launches customer service Facebook chatbots
– moneysense.ca
TORONTO —The Bank of Montreal is taking a first step towards artificial-intelligence powered customer service by launching chatbots that can field questions via Facebook Messenger and Twitter.
The deployment of such technology is the latest move by a Canadian bank to beef up its digital capabilities as customers increasingly conduct their banking on mobile phones and computers, rather than over the phone or in a brick-and-mortar branch.
BMO developed the Facebook chatbot in partnership with Vancouver-based Finn.ai and the Twitter one with Toronto-based Massively.
They will only answer customer questions such as how to view their account balances or transfer money, not perform transactions, such as paying a bill, themselves, even though chatbots have the capability and some financial institutions are adopting it already.
BMO is exploring adding further functions to the virtual robots’ repertoire, but is treading slowly to ensure customers’ personal information discussed on platforms outside of their own digital properties is secure, said Brett Pitts, BMO’s chief digital officer…
The deployment of such technology is the latest move by a Canadian bank to beef up its digital capabilities as customers increasingly conduct their banking on mobile phones and computers, rather than over the phone or in a brick-and-mortar branch.
BMO developed the Facebook chatbot in partnership with Vancouver-based Finn.ai and the Twitter one with Toronto-based Massively.
They will only answer customer questions such as how to view their account balances or transfer money, not perform transactions, such as paying a bill, themselves, even though chatbots have the capability and some financial institutions are adopting it already.
BMO is exploring adding further functions to the virtual robots’ repertoire, but is treading slowly to ensure customers’ personal information discussed on platforms outside of their own digital properties is secure, said Brett Pitts, BMO’s chief digital officer…
