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Making sense of the markets this week: December 8, 2024
– moneysense.ca
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
Hits keep coming for TD
Conventional wisdom is that falling interest rates are good for bank earnings. This week’s earnings reports for Canada’s big banks appear largely to bear that out, but TD continues to underperform.
Canadian bank earnings highlights
Here’s how Canadian banks performed in the three months ending October 31st, 2024:
BMO Financial Group (BMO/TSX): Adjusted earnings per share of $1.90 (versus $2.39 estimated by analysts), and revenues of $8.96 billion (versus $8.36 billion estimated). BMO shares were up 4.16% on Thursday.
CIBC (CIBC/TSX): Earnings per share of $1.91 (versus $1.78 estimated), and revenues of $6.62 billion (versus $6.52 billion estimated). CIBC shares were up 4.43% on Thursday.
National Bank (NA/TSX): Adjusted earnings per share of $1.83 (right in line with $1…
What’s included in Canada’s GST holiday—and how not to overspend
– moneysense.ca
For most low- and middle-income families, “getting any amount of discount is always a benefit,” said Jessica Morgan, founder of financial literacy site Canadian Budget.
But to take advantage of the tax break, “it really depends on what the purchase is for and when,” she said.
The tax break can mean savings in the short term, but the equation may change when you consider whether you can fit these purchases into your budget. Putting them on credit could mean racking up interest and adding to your debt.
“It’s a decision people will have to make depending on when they need to make those purchases, when they’re giving those gifts or if they’re hosting a dinner or they need to do their regular groceries,” Morgan said…
If you answer “yes” to these 2 questions, a notice savings account could be right for you
– moneysense.ca
You work hard, follow a budget and put away some money, but now what do you do with it? Most savings tools available to Canadians are underwhelming, either returning low interest, locking in funds for long periods or charging onerous fees—or some combination of the these.
Allow us to make things simple with this two-question quiz:
Are you saving for a big financial goal in the next few months?
Do you want to grow that money while you save up?
If you answered “yes” to these questions, an EQ Bank Notice Savings Account might be the answer. It’s the first of its kind in Canada with no fees or minimum balance requirements to be available to everyone (not just high-net-worth individuals), this account pays up to seven times the interest of other bank accounts.
sponsoredEQ Bank Notice Savings Accountgo to site
Monthly fee: $0
Interest rates: 3.50% for 10-day notice, 3.65% for 30-day notice. Read full details on the EQ Bank website.
Minimum balance: n/a
Eligible for CDIC coverage: Yes
go to site
Traditional bank accounts pay little to no interest
A recent EQ Bank survey found that 60% of Canadians use traditional chequing accounts to save for short- and mid-term goals, and only 19% of them receive interest on their deposits…
