There are plenty of bank savings account options in Canada! Stay on top of the best plans right here.
Latest News
This millennial has $100,000 in savings and wants to leave Toronto to buy a cheaper house. With help from parents, is it possible? + MORE Jun 12th
“After looking at all these properties, my boyfriend and I realize that we have to be realistic and find a place further out,” Vanessa said..... More »
Moving money from RRSPs, RRIFs and TFSAs in retirement + MORE Jan 14th
Ask MoneySense
My husband and I are retired with $200,000 in our TFSAs, $230,000 in our RRSPs and RRIFs, and we have an emergency fund. Our household income is $85,000 a year.
My husband may need nursing home care at some point, so I have been moving assets from the RRSPs to our TFSAs for flexibi.... More »
Life insurance for kids: Do you really need it? Jul 24th
Buying life insurance for kids is probably the last thing on your mind when you’re in the throes of diaper changes and round-the-clock feedings. But the early stages of parenthood don’t last forever—and it’s never too early to start planning for your little one’s (or ones’) future.
W.... More »
RRSPs: Your Essential Questions Answered + MORE Jan 18th
At this time of year, it seems like the financial world is awash with information on what is a Registered Retirement Savings Plan (RRSP), the benefits of having one, and how to start one. But there are still a few planning points that Canadians either aren’t aware of or don’t know how to fully .... More »
How much cash should you keep in your portfolio? + MORE Jun 24th
Cash is rarely going to remain steady within your accounts, but you may want to have a target for it, just the same as you would for stocks and bonds. How much depends on several factors and can be a percentage or a dollar amount.
Accumulating
If you are in the accumulation phase, new deposits.... More »
Scotiabank, BMO Profits Soar, Defying Warnings Of A Slowdown
– walletpop.ca
TORONTO — Despite a slew of warnings that oil patch woes and the sluggish economy could weigh on Canadian banks’ earnings results, Scotiabank and the Bank of Montreal both saw their fourth-profits grow from a year ago.
Scotiabank (TSX:BNS) reported Tuesday that it grew its fourth-quarter net income by 28 per cent to $1.843 billion, bringing the total for the 2015 financial year to nearly $7.3 billion.
On a per-share basis, Scotiabank’s profit for the three months ended Oct. 31 amounted to $1.45, up from $1.10 per share a year earlier and ahead of the consensus analyst estimate compiled by Thomson Reuters.
Revenue for the quarter rose to $6.125 billion, compared with $5.747 billion during the same period last year. For the year, revenue totalled $24.049 billion.
However, Edward Jones analyst Jim Shanahan said he remains concerned about the outlook for the bank’s growth and profitability, and noted that impaired loans to the oil and gas sector — while manageable — continued to grow…
Scotiabank (TSX:BNS) reported Tuesday that it grew its fourth-quarter net income by 28 per cent to $1.843 billion, bringing the total for the 2015 financial year to nearly $7.3 billion.
On a per-share basis, Scotiabank’s profit for the three months ended Oct. 31 amounted to $1.45, up from $1.10 per share a year earlier and ahead of the consensus analyst estimate compiled by Thomson Reuters.
Revenue for the quarter rose to $6.125 billion, compared with $5.747 billion during the same period last year. For the year, revenue totalled $24.049 billion.
However, Edward Jones analyst Jim Shanahan said he remains concerned about the outlook for the bank’s growth and profitability, and noted that impaired loans to the oil and gas sector — while manageable — continued to grow…
Getting your name off a co-signed loan
– moneysense.ca
Q: We co-signed on a line of credit for our children so they could complete their post-secondary education. Now we’d like to know if there’s a way to remove our names from the loan, even if it’s not paid off?
—Allison Walsh, New Dundee, Ont.
A: Co-signing a line of credit or loan is a big responsibility. You are 100% responsible for repaying the debt and it can affect your own ability to borrow. Of course, there can be good reasons to co-sign, especially when it’s for your kids. But removing your name isn’t easy and you’ll need to talk to your bank about your specific case. Generally speaking, however, in order to remove your name from the loan your child would need to qualify for a new line of credit or loan based on his or her own income and credit history. Provided they are approved, you can transfer the balance over and close the existing account. If they don’t qualify, a new co-signer would have to be found. You didn’t mention why you wanted to remove your name. But if there happen to be withdrawals from the line of credit that you aren’t comfortable with, you may be able to suspend the loan, allowing deposits to be made but no withdrawals…
—Allison Walsh, New Dundee, Ont.
A: Co-signing a line of credit or loan is a big responsibility. You are 100% responsible for repaying the debt and it can affect your own ability to borrow. Of course, there can be good reasons to co-sign, especially when it’s for your kids. But removing your name isn’t easy and you’ll need to talk to your bank about your specific case. Generally speaking, however, in order to remove your name from the loan your child would need to qualify for a new line of credit or loan based on his or her own income and credit history. Provided they are approved, you can transfer the balance over and close the existing account. If they don’t qualify, a new co-signer would have to be found. You didn’t mention why you wanted to remove your name. But if there happen to be withdrawals from the line of credit that you aren’t comfortable with, you may be able to suspend the loan, allowing deposits to be made but no withdrawals…
Canadian Mortgage Debt Improving: CMHC Q3 Report
– ratesupermarket.ca
Canada Mortgage and Housing Corporation (CMHC) has released their 3rd quarter results, and they indicate Canadian home buyers are doing a better job of managing their mortgage debt. The Crown corporation, which offers mortgage loan insurance and securitization guarantee programs, finds the new average buyer credit score and debt service ratio are on an uptick.
Improving Credit Scores for Canadian Home Buyers
CMHC found the average credit score for transactional homeowner loans in the third quarter was 747. This is an excellent score and shows that homeowners are doing a good job of managing their debts. Maintaining a good credit score is important if you plan to borrow money for a major purchase like a home, and generally the better the score, the better your mortgage rate. According to Equifax and TransUnion, Canada’s two credit monitoring agencies, a score of 600 to 749 is considered good, while a credit score of 750 and above is great.
Buyers Better Able to Handle Mortgage Debt
CMHC also found the average gross debt service (GDS) ratio for transactional homeowner loans in the third quarter was 25…
8 ways to win on Cyber Monday
– moneysense.ca
While the entire weekend will be full of Black Friday buzz, many of us prefer to shop from the comfort of our own homes and will be gearing up for fresh deals and promotions on Cyber Monday.
For those of us who will be logging in and even skipping work to take advantage of online deals, the click of a mouse button certainly seems safer than battling the Black Friday hordes, but there are a few things to be aware of when shopping online during a big retail event.
Here are eight things to watch out for when logging in and checking out on Cyber Monday.
1. Avoid or reduce shipping fees
While the online deal may seem like a dream come true, the cost of shipping could negate any savings you have racked up. The shipping fees on your package will depend on the weight, size and the number of items you’ve ordered, along with how far away the product has to be delivered. Some international online retailers charge a flat rate to Canada so make sure to read the “Shipping” section of the website you’re buying from to ensure you know what you’re paying…
For those of us who will be logging in and even skipping work to take advantage of online deals, the click of a mouse button certainly seems safer than battling the Black Friday hordes, but there are a few things to be aware of when shopping online during a big retail event.
Here are eight things to watch out for when logging in and checking out on Cyber Monday.
1. Avoid or reduce shipping fees
While the online deal may seem like a dream come true, the cost of shipping could negate any savings you have racked up. The shipping fees on your package will depend on the weight, size and the number of items you’ve ordered, along with how far away the product has to be delivered. Some international online retailers charge a flat rate to Canada so make sure to read the “Shipping” section of the website you’re buying from to ensure you know what you’re paying…
