The Bank of Canada announced another substantial interest rate cut, but governor Tiff Macklem warned that future reductions are likely to come more slowly. On Wednesday the central bank lowered its policy rate by a half percentage point, the fifth consecutive cut, taking the benchmark interest rate to 3.25%. Economists had largely expected a large … Read more

When you apply for a credit card, approval can sometimes take days and then you must wait for the physical card to arrive in the mail. Many issuers in Canada now offer instant approval: submit an online application and receive a decision within minutes. Some cards also provide a digital or virtual card you can … Read more

If you’re planning to borrow money in Canada, you’ll usually choose between a secured loan and an unsecured loan. Both types share some basics: lenders provide funds for a set period (the loan term), they typically run a credit check and both charge interest. Comparing secured and unsecured personal loans means weighing their advantages, drawbacks … Read more

Barry Choi has noticed more empty seats on some of his recent flights. “People are travelling a little less,” said Choi, who writes the Money We Have personal finance and travel site and finds himself on a plane every four to six weeks. That marks a shift from the immediate post-pandemic years, when many travellers … Read more

RBC Direct Investing has recently become the only bank-owned discount brokerage in Canada to offer online trading of securities on several non-North American exchanges. This brings international stock trading into the mainstream for many Canadian self-directed investors. Other brokers, such as Interactive Brokers Canada, have long provided broad global market access, but Royal Bank’s move … Read more

When Selena Gusikoski and her family first saw materials about the registered disability savings plan (RDSP), they didn’t rush to open an account. Gusikoski is one of five siblings and her youngest brother, Cody, has a disability. The family already coordinates closely to support Cody’s independence and quality of life, and because he has a … Read more

Many Canadians are eagerly awaiting the federal government’s upcoming GST holiday, but experts warn that shoppers should focus on genuine needs and avoid being lured into impulse purchases that could harm their finances. “Any discount helps, especially for low- and middle-income families,” said Jessica Morgan, founder of the financial literacy site Canadian Budget. Still, she … Read more

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, summarizes this week’s financial headlines and provides context for Canadian investors. Hits keep coming for TD Falling interest rates are generally seen as helpful for bank profits, and most of this week’s reports from Canada’s major banks reflect that trend. … Read more

Canada’s six largest banks released quarterly results this week. Below are the key takeaways on earnings, revenue, provisions for loan losses and dividend changes for the three months ended Oct. 31, 2024. Canadian bank earnings highlights Performance for the quarter ended Oct. 31, 2024: BMO Financial Group (BMO/TSX): Adjusted EPS $1.90 (analysts $2.39) and revenue … Read more

Layoffs in Canada have continued into 2024 as companies reassess staffing after the peak of the COVID‑19 pandemic. Businesses across technology, retail, manufacturing and media have announced reductions as they adapt to slower consumer demand, higher costs and rapid shifts in technology, including the integration of generative AI. This wave of job cuts reflects broader … Read more