Who sets interest rates in Canada — and why?
The main role of the central bank, known as the Bank of Canada, is "to promote the economic and financial welfare of Canada."[i] One of the bank's responsibilities is to use monetary policy to keep inflation low and stable, helping to manage the growth of the economy.
The central bank sets the target for the overnight rate, the rate that Canada's big banks charge each other for one-day loans. That rate trickles down to you the consumer and is refle...
The public health threat and economic fallout caused by COVID-19 has created a lot of uncertainty, and it's making us anxious. But anxiety can cause us to panic and make financial decisions that won't serve us well in the long run. What can you do during a crisis to rise above the panic and make sound financial decisions?
Where is my money really going? It's a question I've often asked myself. And to finally answer it, I spent the last two months using TD MySpend, an app that automatically tracks and categorizes your spending from your eligible TD bank and credit card accounts.
In Canada, we have a progressive income tax system with graduated tax rates, which means that the more income you earn, the more tax you pay. Tax is calculated using a system of tax brackets, essentially ranges of taxable income, with different tax rates associated with each range that get progressively higher.
Although 2018 didn't bring major tax changes, here are some changes worth knowing about that may help you save money. We've also included some helpful reminders and tips to make tax filing easier for 2018.
Late one afternoon, Janice received a call from a major Canadian bank. A woman had opened an account in her name at a branch in Windsor. Alarm bells went off. Janice lived in Toronto and had never been to Windsor. Nor did she bank with that particular bank. Though no funds were deposited, the woman tried to withdraw money by putting the account into overdraft.
Luckily, the bank noticed the temporary driver's licence used to open the account (along with a Social Insurance Number card and a cit...
How did my investments do compared to the market? This is a question most of us ask. We're used to measuring our investment performance against a particular benchmark, like the S&P 500 Index (the broad U.S. stock market) or the S&P/TSX Composite Index (a proxy for the Canadian stock market). Many investors also compare their investment’s performance to that of their friends’ or neighbours’. But how does that kind of thinking help you know if you're on track to reach your goals?
Last summer, my daughter went to a friend's cottage to celebrate Canada Day, where she had an accident and finished out the weekend in the emergency room with a broken ankle. While I'm grateful for Canada's medical system and the hospital that took such good care of her, I was surprised by how much this little mishap cost.
The end of your formal working days is approaching. You likely understand your finances; your housing plans are set perhaps you've laid out some travel plans or visits with the grandkids, but one big question looms: how will you spend your time?
One answer for many retirees is to volunteer in their communities.
Are you thinking about doing some home renovations? You'll want to enjoy the results of your planned project, whether it's a new kitchen, bathroom or a finished basement. But you'll also want the money you spend to come back to you – at least partially, if you ever sell your home one day. So how can you get the most bang for your buck, both today and down the road?
Money habits to avoid passing on to your kids. If you're not automating your savings you're probably paying yourself last. Learn more at: https://www.tangerine.ca/forwardthink...