Canadians Dominate World’s 10 Strongest Banks

Banks from Citigroup Inc. (C) in the U.S. to BNP Paribas SA (BNP) in France are racing to shed assets and raise money ahead of new global capital rules that start taking effect in 2015. For Canadian lenders, these moves have created the opportunity to go on a shopping spree. Canada’s six largest banks have spent $37.8 billion since […]

Banks got $114B from governments during recession

Canada‘s biggest banks accepted tens of billions in government funds during the recession, according to a report released today by the Canadian Centre for Policy Alternatives. Canada’s banking system is often lauded for being one of the world’s safest. But an analysis by CCPA senior economist David Macdonald concluded that Canada’s major lenders were in […]

On The Way: More Stringent Mortgage Qualifications

OSFI, Canada’s banking regulator, is leaning on banks and other federally regulated lenders to clamp down on underwriting practices. It released these draft recommendations yesterday. After reading through 18 pages of changes in detail, our immediate reaction was frankly, concern. That’s not because the guidelines are greatly imprudent. Some are unnecessarily rigid, but most are sound policy. […]

Smith Manoeuvre is alive and well

onathan Chevreau, Financial Post Oct. 5, 2011 While the creator of the eponymous Smith Manoeuvre, Fraser Smith, is sadly no longer with us, the tax-savings movement he spawned is very much alive and well in Canada. Born in 1938, Smith died of cancer on Sept. 25 at age 74. His “manoeuvre” was and is a […]

RBC Signals That VRMs Too Costly

RBC, the nation’s biggest mortgage lender, has cut its variable rate discount by 0.20 percentage points. The change is effective tomorrow. That lifts its advertised variable rate from 2.35% (prime – 0.65%) to 2.55% (prime – 0.45%). Given that lenders travel in packs, it’s likely that some other banks and non-banks will follow suit and reduce their […]

Banks competing fiercely for borrowers

Canada’s banks are locked in a war of attrition this summer, grinding down mortgage rates and competing more fiercely for personal loans in an effort to steal customers from each other. Stuck in a market where the Canadian consumer is already highly leveraged and more concerned with paying down existing debt, the market for new […]

Talking about money is no longer taboo: Valerie Pringle releases special report on the financial health of Canadians

Talking about money is no longer taboo: Valerie Pringle releases special report on the financial health of Canadians Scotiabank‘s Saving Ambassador, Valerie Pringle, issues report highlighting insights and conclusions from cross-country tour To view the Social Media Release, click here: http://smr.newswire.ca/en/scotiabank/talking-about-money-is-no-longer-taboo TORONTO, June 21, 2011 /CNW/ – Valerie Pringle, as Scotiabank’s Saving Ambassador, today launched a report highlighting the […]

Lower Qualification Rates on Conventional Mortgages. A Trend?

One year after most banks started using posted rates to qualify conventional mortgages, we’re starting to see some loosening of those policies. Three weeks ago, Scotiabank lowered its conventional qualifying interest rates, and last week FirstLine (a division of CIBC) did the same. Lower qualification rates impact debt ratio calculations and make it easier for […]

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