BANKING

Over the years, I’ve frequently been asked whether opening a U.S. dollar investment account is worthwhile. My response has often been vague, as I lacked a definitive stance on its benefits and drawbacks. I generally preferred to keep my investment strategies uncomplicated. Nevertheless, I recognize the potential value of U.S. dollar investment accounts. To shed light on the matter, I invited James Gauthier, Chief Investment Officer at Justwealth, to share insights in this guest post. ** Many Canadians are likely familiar with the option to open a U.S. dollar bank account at various Canadian financial institutions. However, it may come as a surprise that numerous investment companies also offer U.S. dollar investment accounts. Here are several reasons to think about opening one of these a...

Using a credit card to settle your income taxes, municipal taxes, or utility bills might seem impractical due to the associated service fees. Nevertheless, if your credit card offers a welcome bonus contingent upon reaching a minimum spending threshold, utilizing this approach can prove financially beneficial, despite the costs incurred. Paysimply.ca is the platform making this payment method viable. What is Paysimply.ca? Paysimply.ca is a web-based service that allows users to make payments via credit card—albeit with a fee—and transforms these transactions into electronic transfers accepted by various service providers. This feature is particularly useful for settling payments that typically require bank transfers, such as those directed to the Canada Revenue Agency, local municipaliti...

I have revised my review of EQ Bank to include details about their newly introduced prepaid Mastercard, which doubles as a debit card. For those who may not be aware, EQ Bank is a digital financial institution known for consistently offering attractive interest rates. Customers do not need to hunt for promotional offers here; the rates are competitive year-round. While ensuring the safety of your funds is crucial, the quality of customer service is equally significant. EQ Bank aims to deliver enhanced banking experiences that help Canadians achieve their savings objectives more efficiently. Below is my review of the EQ Bank Personal Account. EQ Bank Apply now 2.5%* Interest rate No mon...

Credit cards serve as a prevalent financial resource for Canadians, yet numerous users lack a comprehensive understanding of how interest operates and the reasons behind its rapid accumulation. In Canada, the standard credit card interest rates fall between approximately 19% and 29.99% annually. Interest is imposed when a balance extends beyond the grace period. Gaining insight into these interest rates can assist you in sidestepping avoidable expenses and making more informed debt management decisions. Understanding Credit Card Interest Rates Interest rates on credit cards represent the fees incurred when borrowing funds via a credit card while retaining a balance month after month. Canadian credit cards typically impose interest rates that range from 1% to 29.99%, with some cards possi...

Canadian travelers frequently encounter a technical hurdle when attempting to use their credit cards at gas stations or online retailers in the U.S. that require a ZIP code. Unlike American payment systems that recognize only five-digit numeric ZIP codes, Canadian postal codes include both letters and numbers. A straightforward workaround allows you to navigate this issue easily. By extracting the numbers from your postal code and appending two zeros at the end, you can generate a five-digit code that is acceptable to many American payment systems for Canadian credit cards. Understanding Canadian Postal Codes The Canadian postal code comprises six alphanumeric characters and is essential for effective mail delivery. It follows a specific format: Letter, Number, Letter, Number, Letter, N...

The recent volatility in interest rates has significantly changed the landscape for fixed income investments in Canada. Following a long period of near-zero rates, the Bank of Canada's swift interest rate hikes have renewed interest in high-yield savings accounts and exchange-traded funds (ETFs). With fierce competition in the market, many consumers are now inclined to pursue the highest possible interest rates, often requiring them to move their funds from bank to bank. To address this challenge, Horizons has launched CASH.to, a high-interest savings ETF. This article serves as a comprehensive guide to understanding CASH.to, including its safety and how to purchase it. What is CASH.to? CASH.to is the ticker symbol for the Horizons High Interest Savings ETF, which is traded on the Toron...

Scene+ has evolved dramatically since its inception as a program offering complimentary movies and popcorn at Cineplex. Today, it stands as a comprehensive rewards network that encompasses various sectors, including groceries, fuel, travel, dining, home improvement, and beyond. Within just a few years, it has transitioned from a specialized entertainment initiative to a formidable player in the landscape of Canadian loyalty programs. From modest origins to a coalition powerhouse Initially launched in 2007, SCENE emerged as Cineplex’s loyalty initiative, providing substantial benefits right from the start, such as free movie admissions, upgrades to premium formats like 3D, and discounts on snacks. After Scotiabank invested in the program, SCENE amalgamated with Scotia Rewards, giving rise t...