They're richer than you think.
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In a 2015 global study by Morningstar, Canada's investment environment was rated the worst in the developed world when it came to Fees and Expenses. Don't worry, though, there's good news; our D- score is up from the F earned in 2014. The real question is the implication of our less-than-impressive grade.
Using your RRSP in a pinch may seem like a reasonable course of action, but in practice it can be a big mistake. There are costs to dipping into your RRSP that that make it particularly unattractive for this purpose.
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Canadians are growing increasingly dissatisfied with their banks and rising fees are among the main reasons why, says a new study from J.D. Power. “Record profits for retail banks in Canada are being...
Canadians will soon be able to withdraw cash from bank machines owned … by an insurance company. Well, not exactly an insurance company. While Manulife is primarily known as an insurer, it also owns a...
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Like the cable and phone companies, Canadian banks are often accused of trying to gouge customers with service fees. The justification from Canada's Big Five financial institutions is that they...
TORONTO - The Royal Bank is backing off on its plan to charge customers a fee to make credit card, loan and mortgage payments under certain circumstances.The big bank (TSX:RY) says it has listened to...
In case you're unaware of today's headlines, starting June 1, RBC will be introducing supplementary account fees. Why? Because they can. And few, if any will do anything about it.
OTTAWA - The NDP has called on Ottawa to ban so-called "pay-to-pay" fees charged by Canada's big banks.NDP MP Andrew Cash said Thursday that he wants an expanded code of conduct for the banks that is...
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Many of Canada’s big banks are raising fees for customers, adding millions to their bottom lines amid a slowdown in lending and a hit to revenues from the oil price shock. Canada’s biggest bank, Royal...
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Regardless of what type of investment products you're using, you should always know what it's costing you to have your money managed. If nothing is done to reduce the fees institutions are charging for investment management services most Canadians are going to be poorer then they think.
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The accounts, not to be implemented until 2015, are only for low-income seniors and youth. These banks should extend this benefit to the large number of Canadians between the ages of 18 and 65 who are also currently living in poverty. It is critical that services for low-income people are universal and not create divisions between the deserving and the un-deserving poor.
It is easy to bash banks (the NDP obsession), or telecommunications and internet service providers (the Tory preoccupation) but some competition already exists in both those sectors though more is preferable to less. In contrast, both parties miss obvious policy areas that could save consumers a small fortune -- but where prices are currently jacked up in favour of existing producers.
Recently, some Canadians have been shocked when they opened their monthly invoice to find a new fee tacked on to their bill. This is because many banks, telecom companies and a variety of other service providers are now charging a fee to customers who wish to receive their monthly bills in the mail. These so called "pay-to-pay" fees unfairly target seniors, those who do not have regular access to the internet or do not feel comfortable performing such transactions online, and represents yet another unnecessary expense for Canadian families already struggling to pay their bills.