MBNA cardholders are in for some changes this September, as the system moves over to TDs. While cardholders will keep their original card, there are some changes to be aware of. Read on for the full low down.
Establishing a credit and banking history in Canada used to be very challenging for newcomers to the country. However, Canada’s big banks have recognized the opportunity presented by newcomers to create life-long customers – and a new slew of marketing campaigns now target immigrants looking to work, save and invest.
With the cost of living, real estate and education steadily rising, it’s arguable that today’s young adults face steep financial challenges. But does that mean they should depend on their retirement-aged parents for help? In light of reports that suggest today’s retirees are among the richest in history, Ted Rechstshaffen, a Toronto-area financial planner, suggests it makes sense for cash-strapped adults to continue to depend on their financially secure parents.
Real estate pundits love to point to the crash-prone boogeyman that is the condo market – but two recent reports suggest that high-rise living is just getting started in Canada.
Earlier this month, Statistics Canada misreported Canada’s July job numbers – and important indicator for economic growth. The mistake has since been rectified, but what should consumers know about the situation – and what does the revised data tell us?
Did you know: Canadians identify their “main bank” as the one where they keep their chequing account. 91% of consumers have one at their primary lender, according to our recent study. But things get foggier when it comes to why they signed up with their bank in the first place – in a recent street poll, many stated they’d been with their banks since childhood. Seems like it’s high time we explored our options for greater value!
Welcome to RateSupermarket.ca’s Ask the Experts series! In each post, we’ll look at real financial issues from readers, and get the expert take on how they should proceed. Want to take part? Email your finance question to Penelope@ratesupermarket.ca with the subject line Ask The Experts. Here, parents Nina and Keith wonder if they should add on to their existing home – or if a bulldozer is in their near future.
It seems everywhere you look, there’s evidence of Canada’s booming new home construction market – but that’s not expected to last, according the the Canada Mortgage and Housing Corporation (CMHC). The national housing agency anticipates developers will stop bringing as many homes to market and will shift focus to selling what’s already built in its quarterly Housing Market Outlook, released last week.
Are the children of immigrants financially savvier than those born in Canada? Pracheer Saran explores the phenomenon of greater financial literacy among newcomers – and what everyone can learn from frugal living practices.
A few reports came out this week, underscoring the knowledge gap between Canadian consumers and the state of their personal finances. An annual debt report released by BMO finds household debt levels continue to skyrocket, as consumers clamour for mortgages and cheap credit. Meanwhile, a study shows many TFSA investors still aren’t clear on their contribution rules.
The Tax Free Savings Account (TFSA) has now been available to Canadian consumers for six years – but Canadians are still unclear on how to use it. The CRA reports many savers are over-contributing – and getting dinged by tax penalties for their efforts.