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Personal Finance

Credit Score 101

Published by Mohamed Konate | Updated Jul 15, 2021

Here’s everything you need to know about credit score basics: why it’s important, how to get it, and how to improve your score. Fact: Two-thirds of the households in Canada have debt, according to a 2017 report by the Royal Bank of Canada. Household debt includes mortgages, lines of credit, car loans, personal loans, and personal debt. Because debt in Canada is ever increasing, it has

Fraud Prevention Guide

Published by Mohamed Konate | Updated Mar 19, 2021

Practical Ways to Avoid Credit Card Fraud and Identity Theft Fraud affects consumers both online and off. It has been estimated that Canadians lost over $290 million through fraud from 2014 to 2016. Being aware of the different scams and methods of fraud will help you stay a step ahead of these criminals. In this article we will look into: How fraudsters access your information How to protec

How to Manage Your Finances

Published by Mohamed Konate | Updated Aug 01, 2020

We all want to get better with money. We want to have enough money for emergencies and invest in retirement instead of struggling to make ends meet and pay off our debt at the end of the month. The truth is, managing your finances is mostly behavioral. It’s not rocket science, but it does require a few tweaks in your spending and saving habits. And like most habits, it’s better

How to get a free credit report In Canada?

Published by Mohamed Konate | Updated May 01, 2021

There are 2 options to order a FREE credit report Order by telephone Call the credit bureau and follow the instructions Your request will be process once you confirm your identity Order by mail or fax Make your request in writing using the forms provided Transunion Canada and Equifax Canada Provide copies of two pieces of identification You must receive your credit report by mai

What is a good credit score in Canada?

Published by Mohamed Konate | Updated May 01, 2021

What is a good credit score in Canada?A credit score is a three-digit number based on the calculations in your credit report. Your score represents how well you manage credit. In Canada, a score can range from 300 to 900. The higher your credit score, the better. Lenders look at your credit score to gauge whether you qualify for a loan or not. Credit score range 760-900: Ex

How to keep your summer spending in check

Published by Rubina Ahmed-Haq | Updated May 01, 2021

Summer’s here and it’s time to celebrate in the sun. Money experts love to talk about how expensive the winter holiday season is, but fail to warn families how pricey the summer holidays can be too. Unlike the Christmas holidays, that last only a few days, the summer holiday is a two month long event. Providing much more opportunity to overspend. With endless vacations, BBQ with

Back-to-school shopping on a budget

Published by Rubina Ahmed-Haq | Updated May 01, 2021

6 Tips To Save On Back To School Shopping Back-to-school shopping is the second biggest retail event of the year. The only time Canadians spend more is during the winter holiday season. The difference between the two busy shopping times are, when you shop for Christmas it’s for a number of different people and most of us keep a budget to make sure we don’t over spend. In other w

Best High-Interest Savings Accounts in Canada in 2021

Published by Mohamed Konate | Updated Mar 13, 2021

Best High-Interest Savings Accounts in Canada in 2021 A high-interest savings account is something that every Canadian should have. After all, who doesn't love the idea of earning free money? If you keep your savings in a high interest-savings account, that's essentially what will happen. There is no shortage when it comes to options for these types of accounts, however, it is wor

Best GIC Rates in Canada 2021

Published by Mohamed Konate | Updated Mar 13, 2021

Best GIC Rates in Canada - 2021 GICs, otherwise known as Guaranteed Investment Certificates, are known to be one of the safest ways to invest your money for the long term. If you have some idle cash and you’re wondering what to do with it, investing in a GIC might be the right option for you. To learn more about GICs to aide your investment decision, read all about GICs and th

Best TFSA Savings Accounts in Canada in 2021

Published by Mohamed Konate | Updated Mar 13, 2021

The Best Tax Free Savings Accounts (TFSA) in Canada for 2021 At some point in time, someone probably told you to save your money. Actually… scratch that, someone has definitely told you to save! Although, what people may not have told you is what to do with those savings exactly. Setting money aside is a good financial habit, but you should be doing something with those savings asi

Prime Rate

Published by Mohamed Konate | Updated May 01, 2021

Prime Rate Canada A prime rate is the annual interest rate that the majority of Canadian banks and other financial institutions utilize to set interest rates for financial products. Prime rates are also referred to as prime lending rates. Whenever you apply for a loan with a variable interest rate, the lender will give you an annual interest rate that is interlinked with the prime rate.

Canadian Retirement Savings Plans: RSP versus RRSP

Published by Mohamed Konate | Updated May 01, 2021

Chances are you don’t want to work for the rest of your life, who does? Planning for retirement involves saving money to support your retirement which can be done through various saving plans. In Canada, there are two common terms for these savings plans: Retirement Savings Plan, or RSP for short, and Registered Retirement Savings Plan, or RRSP for short. The terms RSP and R

Mortgage Brokers vs Banks

Published by Mohamed Konate | Updated Mar 20, 2021

What is the Difference Between a Bank Mortgage Representative and a Mortgage Broker? Is 2020 the year you purchase a home? If so, you might feel a little overwhelmed by all of the working parts of the process - one of which is choosing who to work with to obtain your mortgage. Two common options are banks and mortgage brokers. At the end of the day, both of them work towards getting you

Expedia for TD

Published by Mohamed Konate | Updated May 01, 2021

Expedia for TD: What You Need to Know When TD introduced the Expedia for TD program, travel enthusiasts across Canada couldn’t believe the amazing deals they were accessing! Today, Expedia for TD is known to be one of the greatest travel based credit card programs in Canada. Whether you’re already a part of Expedia for TD or are looking to join, you can find everything you nee

Canadian Bank Institution Numbers

Published by Mohamed Konate | Updated May 01, 2021

Canadian Bank Institution Numbers Below is the list of institution number of the largest financial institutions in Canada.The institution number is a unique 3-digit code use to identify each financial institution. Canadian Bank Institution Numbers of the major banks (BMO) Bank of Montreal: 001 (Scotiabank)The Bank of Nova Scotia:002 (RBC) Royal Bank of Canada: 003 (TD) Toronto-Dominion

Air Miles Points Guide

Published by Mohamed Konate | Updated May 01, 2021

In Canada, there are various travel loyalty programs, one of which is the Air Miles program. Perhaps you’re an existing Air Miles member and want to learn more, or maybe you’re entirely new to the program. Regardless, you can learn all about the Air Miles program in this guide, such as the different types of Air Miles, how to earn and redeem points, how many you need for a flight and m

PC Financial Mastercard Reviews and Comparison

Published by Mohamed Konate | Updated May 01, 2021

3 PC Financial Mastercards Reviewed: All you need to know President’s Choice Financial Mastercard Review The President's Choice Financial MasterCard is a basic no-fee credit card that is ideal for families and individuals who frequent stores where President's Choice products are sold, including Joe Fresh, Loblaws, Real Canadian Superstore, and more. Annual Fee: $0 Add

GST Payment Dates

Published by Mohamed Konate | Updated Jul 15, 2021

If you landed on this page, you may have searched on Google for GST Payment dates. My Rate Compass will save you time as we’ve outlined the importants dates you should know.” GST Payment Dates: GST/HST Credit Overview What is the goods and services tax/harmonized sales tax (GST/HST) credit? The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-fre

Tax Brackets Canada 2021

Published by Mohamed Konate | Updated May 01, 2021

Tax Brackets Canada 2021:Everything you need to know Tax Bracket Overview It is important to understand the tax bracket system in Canada otherwise you may be slapped with more taxes during tax season than you are prepared to pay. Canada has a progressive tax system which essentially means that you are taxed proportionately based on what you earn. The more you earn, the higher your taxes will b

How to Register for CRA My Account

Published by Mohamed Konate | Updated May 01, 2021

How to set up your CRA My Account CRA My Account is a secure portal from Canada Revenue Agency that lets you view your personal income tax and benefit information and manage your tax affairs online. Advantages of using CRA My account Accessible – It is available 21 hours a day, 7 days a week Simple to use – After registering, simply log in with

Minimum Wage in Canada by Province

Published by Mohamed Konate | Updated Jul 15, 2021

The minimum wage was first introduced in British Columbia and Manitoba in 1918 to protect children, women, and non-unionized workers with the other Canadian provinces and territories soon following suit. By 1920 the minimum wage was in place across Canada. (with the exception of Prince Edward Island which held out until 1960) Its intention was to reduce poverty rates and improve the basic stan

Aeroplan Rewards

Published by Mohamed Konate | Updated May 01, 2021

The Aeroplan Program Overview Canadians are lucky to have a plethora of loyalty programs available to them. One of the most iconic travel-based programs available is Aeroplan. Members of the Air Canada provided loyalty program can collect points while spending on everyday purchases. Once a member has earned enough points, they can make a redemption for travel or merchandise. In this Ae

How To Maximize Your PC Optimum Points in 2021

Published by Mohamed Konate | Updated Jul 15, 2021

PC Optimum Program Overview Wouldn’t it be great if you could earn and save on everyday purchases such as groceries and toiletries? Fortunately, you can with the PC Optimum program! As a PC Optimum loyalty member, you can earn on everyday purchases with PC partner merchants, such as Loblaws, Shoppers Drug Mart, Joe Fresh and many more. To learn more about how the program works and h

CPP Payment Dates

Published by Mohamed Konate | Updated Jul 15, 2021

CPP Payment Dates and Guide If you landed on this page, you may have searched on Google for CPP Payment dates. We've saved the time and outlined the importants dates you should know. The Canada Pension Plan, abbreviated as CPP, is a social insurance program offered to Canadians by the federal government. So long as you’re working in Canada and contributing to the plan, you’ll be

CRA Income tax filing 2021 and payment dates-COVID 19

Published by Mohamed Konate | Updated May 01, 2021

CRA Tax Filing Deadline 2021 There are penalties for failing to file your taxes in a timely manner in Canada, which is why it is vital to know exactly when your taxes are due this year. Not only will you face federal and provincial penalties if you file later, but interest charges will accrue on your owed balance. The following is a brief overview of filing deadlines along with a few pointers tha

How to Access Your My Service Canada Account?

Published by Mohamed Konate | Updated Jul 15, 2021

How to Access Your My Service Canada Account? My Service Canada Account (MSCA) is a secure online portal offered by the Canadian government to enable Canadians to access their information such as: Employment Insurance (EI), Canada Pension Plan (CPP) Old Age Security (OAS) Below are the steps to access My Service Canada Account: Step 1 Visit the following link My S

How to download your Notice of Assessment in your CRA My Account?

Published by Mohamed Konate | Updated May 01, 2021

The notice of assessment (NOA) is an evaluation of your tax return that the Canada Revenue Agency sends you every year after you file your tax return. Follow the 3 steps below to download a PDF copy your Notice of Assessment from the Canada Revenue Agency (CRA) website Step 1: Sign into your CRA account online. If you have already register click on the green button(CRA login

Meridian Credit Union Review

Published by Mohamed Konate | Updated Sep 26, 2020

Meridian Credit Union Review A credit union is a financial institution that is owned by its members and is a cooperative. Credit unions operate on the principle of people helping each other. One way credit unions achieve this is by offering members competitive rates and optimal financial services. The largest credit union in Ontario is Meridian Credit Union as they manage approxi

Debt Consolidation Canada

Published by Mohamed Konate | Updated Dec 21, 2020

The basics of debt consolidation in Canada We hear a lot of talk about "debt" in the news today. We hear about the national debt, mortgage debt, student loan debt, auto loans, personal loans, financing agreements, and myriad other forms of debt. And the unique and creative ways that companies develop to keep consumers in debt seems to grow by the minute. Indeed, it seems almost as thoug

How to make money online

Published by Mohamed Konate | Updated Dec 21, 2020

Most people used to think that being employed was the only way to make money. However, this trend had changed over the years. As we speak, you will realize that many people have appreciated the concept of working online and generating an income. Nowadays, it has become the new norm. All you need to have is a good internet connection and a laptop. Here, you can choose to either work at nigh

Affinity Credit Union Review

Published by Mohamed Konate | Updated Sep 26, 2020

Affinity Credit Union Review We've spent a bit of time looking at credit unions in the past, but you still may be wondering exactly how they differ from a regular bank. The answer to that question, at least from the everyday consumer's standpoint, is "not much." There are, however, a couple of key differences that are worth pointing. First, credit unions are owned b

Servus Credit Union Review

Published by Mohamed Konate | Updated Sep 26, 2020

Servus Credit Union Review So far on this site we've taken a look at a couple of Canada's leading credit unions. We've explained the basic ideas that drive these unique financial institutions, how they function, and the services they offer. If you're a returning reader, you may remember how we compared and contrasted credit unions to traditional banks and explored

Motusbank Review

Published by Mohamed Konate | Updated Sep 26, 2020

Motusbank Review:Online bank with Mortgages, High Interest Savings Accounts and Personal Loans. In our last review, we introduced you to a unique concept you may not have heard about before: the online-only bank. These types of financial institutions forgo maintaining physical bank branches and instead opt to exist solely in the digital sphere. Digital banks choose this route for a variet

Oaken Financial review

Published by Mohamed Konate | Updated Sep 26, 2020

Oaken Financial review:GIC and savings account As more and more players enter the financial services market, it becomes increasingly important for each one to set itself apart from the rest. Many have chosen to do this by specializing their services and focusing their efforts on serving only one particular portion of the market as opposed to offering a comprehensive array of financial pro

Alterna Bank review

Published by Mohamed Konate | Updated Sep 26, 2020

Alterna Bank review Today, we're going to take a look at Alterna bank.Alterna Bank is a digital Canadian bank offering financial services such as savings, chequing, investments, and mortgages. There is no question that the internet has fundamentally changed the way we live, work, entertain ourselves, stay in touch with friends and family and, of course, the way we do business. The int

TurboxTax Canada Review

Published by Mohamed Konate | Updated Mar 03, 2021

TurboTax Canada: An In-Depth Review The past few years have seen a significant increase in taxpayers filing their returns electronically. In 2018, over 88% of tax returns were submitted online, mostly using the EFILE and NETFILE methods. TurboTax Canada is currently one of the most preferred online tax software in Canada – for good reason. It can not only help you conveniently file

Simplii Financial Review 2021

Published by Mohamed Konate | Updated Mar 18, 2021

Simplii Financial Review:Online Only Bank Simplii Financial Quick Overview: Simplii Financial is an online bank that came to provide services to Canadians in the fall of 2017. Simplii Financial has joined other major players in the digital banking world, such as Tangerine, EQ Bank and Motive Financial. Some benefits noted of banking with Simplii are their low fees a

Credit Karma Canada Review

Published by Mohamed Konate | Updated Jul 08, 2021

Credit Karma Canada Review 2021:Free Credit Score and Report Credit Karma is a free service that allows individuals to check their credit score and report at any time. This is a helpful service for individuals who are working towards financial goals. Canada has two credit bureaus which calculate and communicate credit scores: Equifax and TransUnion. Both of these credit bureaus allow you to ob

Wealthsimple review 2021: Pricing,features,pros and cons

Published by Mohamed Konate | Updated May 17, 2021

Wealthsimple review We've spent considerable time recently looking at banks and bank-like financial institutions, including credit unions and online-only banks. These consumer-facing institutions are designed primarily to give customers a place to store their money in a place that is safer and more convenient than simply stashing it under the mattress. Credit unions and banks (i

Blueshore Financial review

Published by Mohamed Konate | Updated Sep 26, 2020

Blueshore Financial credit union review Here at Myratecompass’s, we strive to provide our readers with a comprehensive look into as many financial institutions as we can. This includes traditional banks, credit unions, and investment firms, as well as their modern, online-only counterparts. We've looked at several online-only institutions recently, so today we're steppin

Rakuten Canada Review (Previously ebates.ca)

Published by Mohamed Konate | Updated Mar 18, 2021

Rakuten Canada review Rakuten (Ebates) Canada is an online cash back shopping portal for many retailers.Today, we're going to explore the service offered by Rakuten Canada. So, keeping reading to learn all about how this service works, why it exists, and whether it's a good idea to use it. What is Rakuten? Rakuten is a Japanese company that provides internet-based servic

How to Save for a Car

Published by Mohamed Konate | Updated Mar 18, 2021

How to Save Money for a car Buying the car of your dreams in 2021 might prove to be quite a daunting task. Even if you want to purchase a used car, you'll still need quite a lot of money stored aside. On top of all, the lockdown has made many people lose their jobs, so saving money has become a necessity. Buying the vehicle that's just right for you star

KOHO Prepaid Visa Review 2021

Published by Mohamed Konate | Updated Jul 15, 2021

KOHO Visa Review You've probably seen the ads by now. The new kid on the block is poised to make for itself a great entry in the Canadian financial market, offering a whopping 1% cashback on all purchases. This new player has a new mission in mind, which is to enable all Canadians to take full control of their finances. KOHO leverages the built-in features of prepaid

RBC Rewards Program

Published by Mohamed Konate | Updated Jul 15, 2021

How To Get the most of The RBC Rewards Program The Royal Bank of Canada, also known as RBC, is Canada's largest commercial bank. RBC employs more than 85,000 people around the globe and serves over 16 million customers each year. RBC offers a full suite of personal and commercial financial services. But instead of setting out a general summary of the extensive list of

Apple Credit Card

Published by Mohamed Konate | Updated Jul 15, 2021

Apple Credit Card for Canadians -Full 2021 Review A growing number of Canadian residents are becoming Apple fans in 2021. What's truly amazing is that they are not falling in love with this Silicon Valley giant due to their laptops or smartphones, but because of their innovative credit card. Since Apple launched its first credit card in March 2019, a growing nu

Charge Card vs. Credit Card

Published by Mohamed Konate | Updated Feb 02, 2021

Everything you need to Know about a Charge Card in 2021 In 2021, Canadians searching for new financial products will discover that they can choose two main types of cards: charge cards and credit cards. Both charge and credit cards allow users to gain instant access to money, compared to debit cards, such as the ones offered by Mogo and KOHO, which are only useful if you transfer money

Mogo Finance Review

Published by Mohamed Konate | Updated May 02, 2020

Mogo Finance Review Mogo Finance Technology, a fintech company founded in Vancouver back in 2003, has been offering a wide range of financial services to Canadian customers. Over the years, they have helped millions of Canadian customers to gain access to the best identity fraud protection services, personal loans, mortgages, and even Prepaid VISA cards. As an Equifax partner, Mogo Finance enab

WestJet Rewards

Published by Mohamed Konate | Updated Jul 08, 2021

WestJet Rewards:How the WestJet Rewards Program Works WestJet is Canada's second-largest air carrier, trailing only AirCanada in volume of passengers transported each year. WestJet began as a budget alternative to the major air carriers in 1996, providing service to just a few destinations in Western Canada (hence the name WestJet), but it quickly expanded its operations. WestJet n

BMO Rewards Points Program

Published by Mohamed Konate | Updated May 01, 2021

BMO Rewards Points review: How to get the most Out of Your BMO rewards Points The Bank of Montreal, more commonly known as BMO, is Canada's oldest financial institution. Founded more than 200 years ago, BMO started out as a primarily commercial lenders intended to help business customers do business in and around Montreal. BMO has since grown into a multinational bank, traded on

EQ Bank Review 2021

Published by Mohamed Konate | Updated Mar 18, 2021

EQ Bank review 2021 We've spent out last couple of reviews looking at several different credit unions across Canada. We've explored the basics of those financial institutions, explained how they resemble and how they differ from traditional banks, and the services they offer. But today we're going to shift our focus for bit. While all the credit unions we've looke

Tim Hortons Rewards

Published by Mohamed Konate | Updated Mar 28, 2021

Tim Hortons Rewards Program Review 2021: Tim Rewards We have spent some time over our last reviews looking at the customer loyalty programs of several of Canada's largest financial institutions. Structured in the form of credit card rewards programs, the bank loyalty programs that we've seen reward customers for using their bank credit cards to make purchases by awardi

SCENE Rewards

Published by Mohamed Konate | Updated Jul 15, 2021

SCENE Rewards Program Review 2021: Everything you need to know about CINEPLEX Scene Points Sticking with our transition to retail customer loyalty programs that began with our last review of Tim Hortons' Tims Rewards program, today we're going to explore the widely popular SCENE Rewards program offered by Cineplex in partnership with Scotiabank. For frequent

CIBC Rewards Review 2021

Published by Mohamed Konate | Updated Jul 15, 2021

CIBC Rewards Program review 2021: Everything you need to know The Canadian Imperial Bank of Commerce is the result of a 1961 merger between the Canadian Bank of Commerce and the Imperial Bank of Canada. The Canadian Bank of Commerce traces its roots all the way back to 1867, founded to compete against the Bank of Montreal. The Imperial Bank of Canada's history, likewise, is nearly

Scotia Rewards Points Program

Published by Mohamed Konate | Updated Jan 09, 2021

Scotia Rewards Points Program Review Over our last couple of reviews, we've taken a break from reviewing all the different financial services offered by several of Canada's leading banks and instead honed in on credit card loyalty programs designed to reward customers for using their bank-issued credit cards to make purchases on all kinds of items ranging from gas and

How to Save for a House

Published by Mohamed Konate | Updated Mar 18, 2021

Here’s How to Save for a House Down Payment in Canada in 2021 In 2021, due to the COVID-19 lockdown, saving money for a house down payment has become even more difficult than before. If people needed to cut costs before the crisis, now they need to be even more stringent with their spending, plus they need a whole new level of financial education. To help you out,

Capital Gains Tax Canada Explained

Published by Mohamed Konate | Updated Mar 18, 2021

Capital Gains Tax Canada: What you need to know A capital gain arises when the value of your investment on the market or selling price is greater than the original price you paid. Whenever you earn a capital gain it’s wonderful! However, the downside is you’re required to pay taxes on capital gains. You can learn more about what a capital gain is and how taxation works below

GICs Explained

Published by Mohamed Konate | Updated Jan 26, 2021

GICs Explained: Everything you need to know GICs, short for Guaranteed Investment Certificates, are a valuable investment because of their low risk and helpfulness when saving. GICs are easy to open, but once your money is locked in, you might not be able to access the funds until the end of the GICs term. To learn more about how GICs work and how they can help you with your financial g

TSX Index Overview

Published by Mohamed Konate | Updated Jan 04, 2021

TSX Index Here at myratecompass.ca, we're committed to providing our readers with information on a diverse array of financial topics. Recently, we've reviewed major players in the retail banking sector, how they're structured, and the services they provide. We then transitioned into covering some of Canada's most popular and most valuable credit card rewards pr

Management Expense Ratio(MER)

Published by Mohamed Konate | Updated Mar 18, 2021

What’s the Management Expense Ratio? The management expense ratio (MER) is a fee that investors are required to pay to their investment providers for overseeing their investments on an annual basis. In simpler terms, it's the annual cost of investing in a mutual fund. For example, a MER is 2% which means that if you invested $1,000, you would have to pay $20 in management fe

Registered Education Savings Plans (RESPs) Guide

Published by Mohamed Konate | Updated Mar 18, 2021

What You Need to Know About RESPs for 2021 A Registered Education Savings Plan, RESP for short, is a registered account with the Canadian government that is designed to help parents save for their child’s future post-secondary education. As you’re probably aware, post-secondary education isn’t exactly the cheapest and the sooner you start investing, the better financia

TD Rewards Points

Published by Mohamed Konate | Updated Jul 08, 2021

TD Rewards Points Overview: Everything you need to know Toronto Dominion bank, TD for short, is Canada’s second largest bank. Similarly, to other big Canadian banks, TD offers a comprehensive loyalty program to their customers, specifically their credit card users. Loyalty program members get the most bang for their buck when they use their points for travel purchases, but there a

Vancity Credit Union

Published by Mohamed Konate | Updated Mar 18, 2021

Vancity Credit Union Review Vancouver City Savings Credit Union, known to most as the Vancity Credit Union, is the largest-sized credit union in British Columbia and the greater Canada region. Currently, the credit union boasts over 534,866 members and manages over 26 billion assets for clients across the nation. Formed in 1946, the bank offers a multitude of personal and commercial banking se

Best Banks in Canada in 2021: Everything you need to know

Published by Mohamed Konate | Updated Jul 17, 2021

Looking for a new bank? Canadians are spoiled when it comes to banking options, but if you are looking at opening a new account you probably just feel overwhelmed. My Rate Compass has created an easy to follow guide to help you understand the key differences between banking institutions and a guide to the best banks in Canada by province. Take a look at our rankings and narrow down your search q

ICICI Bank Canada Review: Everything you need to know

Published by Mohamed Konate | Updated Mar 03, 2021

ICICI Bank Canada is a subsidiary of ICICI Bank Limited which is headquartered in India. ICICI Bank Limited has operations across the world in countries such as the United Kingdom, Oman, South Africa, the USA, Hong Kong, Dubai, and more. ICICI Bank Canada is the subsidiary that operates within Canada and was launched in 2003. Since then the banking institution has rapidly grown in popularity an

Tangerine Bank review 2021: What you need to know

Published by Mohamed Konate | Updated Mar 30, 2021

Founded in 1997 as ING Direct, Tangerine was one of the first direct banking institutions in Canada. It allows Canadians to bank virtually, without the need for visiting a branch. This alternative to traditional banking results in reduced account fees thanks to Tangerine's lack of overhead costs. Additionally, the lack of overhead costs results in higher interest rates on savings accounts a

H&R Block Canada Review

Published by Mohamed Konate | Updated Jul 15, 2021

Throughout Canada, every individual is required to file an annual tax return and those who are working, whether for an employer or themselves, are required to pay taxes on their earnings. Additionally, those who own a business are required to pay taxes on employee wages and submit payroll information to the Canada Revenue Agency (CRA) each year. While tax season can be daunting for many, especial

Borrowell Review 2021

Published by Mohamed Konate | Updated Mar 18, 2021

It used to be somewhat expensive to obtain your credit score in Canada. It would cost citizens around $20 to purchase their credit report, and since your credit report is always changing that could mean multiple purchases in one year. In June of 2016, Borrowell changed the way that Canadians access their credit scores. The company partnered with Equifax and for the first time ever allowed Canadian

Student Loans Guide Canada

Published by Mohamed Konate | Updated Mar 20, 2021

Thinking about pursuing a postsecondary degree but wondering how to get the money to do so? Most people do not have the money to pay for their college experience upfront, which is where student loans come into play. A college degree is one of the most expensive things you will ever purchase, and it can also be a life-long expense if you do not shop around and compare student loans before taking

Best Places to Live in Canada in 2021

Published by Mohamed Konate | Updated Jul 15, 2021

Where is the Best Places to Live in Canada? O, Canada! This northern country is one of the premier places to live in the world because of its contrasting populations, stunning terrains and the peaceful demeanour of its society. These may be obvious, but there are various reasons why residents are proud to be Canadian. Did you know that the famous interjection “eh” is listed

Amazon Prime Canada Review 2021

Published by Mohamed Konate | Updated Jul 15, 2021

What is Amazon Prime Canada? Amazon Prime Canada is a subscription-based service that allows its subscribers access to quick shipping, streaming video and music content, exclusive member-only deals, and access to a free digital library. Amazon Prime was launched in America in 2005 but was not available to the Canadian Market until seven years later in 2013. However, every year its offerings con

HSBC Rewards Program: Everything You Need To Know

Published by Mohamed Konate | Updated May 01, 2021

HSBC is among the world’s biggest banking and financial services institutions. The organization offers numerous services including personal banking, commercial banking and global banking. It is one of the best financial institutions for international banking needs. Their network spans 64 countries including regions within Europe, Asia, Africa, North America, the Middle East and Latin

Best Personal Finance Books of 2021

Published by Mohamed Konate | Updated Mar 18, 2021

Best Personal Finance Books You Should Read to Grow & Establish Wealth Personal finance is among the hottest topics of the 21st century. There are several reasons why personal finance knowledge is heavily sought after. For one, the economic playing field has changed drastically over the last 100 years. It is also more onerous on the individual to make informed decisions related to their per

Triangle Rewards Program Overview

Published by Mohamed Konate | Updated Mar 18, 2021

Canadian Tire Triangle Rewards Program Overview In 2015, Canadian Tire launched the Triangle Rewards program. In addition to this program, there is the Canadian Tire Money rewards program which has been active since 1922. Many Canadians are familiar with this incentive because it features literal money tender. Physical Canadian Tire Money features a fictitious character named Sandy McTire. He h

The Best Personal Finance Blogs In 2021

Published by Mohamed Konate | Updated Mar 18, 2021

One of the best ways to brush up on your personal finance skills is through self education. In the old days, this was challenging to do because self help resources weren’t readily available. However, in the digital age, we have nearly everything at our fingertips. There is a plethora of content out there dedicated to helping Canadians make the most out of their finances. To help C

The Best Budgeting Apps and Personal Finance Apps 2021

Published by Mohamed Konate | Updated Mar 12, 2021

One of the greatest things about being a part of the digital age is that there’s a technology solution to virtually every problem. Personal finance and budgeting is no exception. If you’re managing your finances in excel, or worse, with a pen and paper, it might be time to consider another solution. Not only will a money-based app be easier to use, it will do most of the work for y

How to Write a Cheque in Canada : 7 Steps You Need To Know

Published by Mohamed Konate | Updated Mar 20, 2021

A cheque is a type of legal, financial document. It is used to transfer funds from one entity to another. Cheque usage goes back to ancient Roman civilization, as many historians believe. The payment method has appeared in nearly all cultures, but the specifics vary from community to community. With that said, nearly every society has shared the basic concept of substituting a cheque for

6 reasons building your credit score is one of the smartest financial moves you can make

Published by Mohamed Konate | Updated Mar 18, 2021

Your credit score is one of the most important numbers in your financial portfolio. It can have an impact in multiple areas of your life, yet despite the importance of credit scores, it’s surprising how many Canadians either do not know their credit score, or do not understand how important it is. In fact, in a 2018 survey by Refresh Financial, it was reported that only 62% of Cana

Best Credit Cards for Emergencies in 2021

Published by Mohamed Konate | Updated Jul 15, 2021

Facing financial emergencies when you don’t have the savings to cover your costs can find you scrambling to find credit in a pinch. When this happens it can be overwhelming determining which credit cards offer the best terms for your situation. While credit cards aren’t always the best option for financial emergencies, in some cases they can prove to be a real life saver. Here we look

What is the Difference Between a Store Card and a Credit Card?

Published by Mohamed Konate | Updated May 01, 2021

Have you ever been in your favourite store and someone approaches you, clipboard in hand asking if you’d like to apply for a store card? Or maybe you tried to pay for your purchase using a credit card and the cashier suggests applying for a store card? While you might think this is the perfect opportunity to get access to more credit, it’s important to know there are many diffe

Checking Credit: Soft Check vs Hard Check

Published by Mohamed Konate | Updated May 13, 2021

Part of good financial health is checking your credit report and score. You can improve your score by making sure your credit report is free of errors and you are up to date on your credit and loan payments. Other factors like diversity in types of credit and credit utilization impact your overall credit score. When you apply for credit cards, loans, mortgages, and even telecommunicatio

How to Dispute a Credit Report Error

Published by Mohamed Konate | Updated Jul 17, 2021

Checking your credit report and ensuring accuracy is an important step for identity theft prevention, financial planning, and security. Your credit score affects your ability to take out loans, credit cards, mortgages, and other credit products. It can even affect some employment opportunities. To maintain accuracy, you should check your credit report at least once a year. Confirm that

How to Cancel a Credit Card

Published by Mohamed Konate | May 13, 2021

Credit cards are one of the most common, convenient, and accessible forms of credit. As long as you have a decent credit score, you can access a credit card. In the case of individuals with poor credit, you can still access a secured credit card. Most credit cards have higher than average interest rates, normally around 20%. You can avoid interest costs by always paying your balance on time and

Fairstone Loans Review

Published by Mohamed Konate | Updated May 14, 2021

Fairstone has been in business in Canada since 1923. They offer alternative lending solutions. Alternative meaning that, they are not a traditional bank, but rather a financial services company. They offer higher interest rates than banks, but lower than payday lenders. With over 240 branches and a wide range of retail and auto partners, Fairstone is a reasonable choice for loans across Canada.

The Importance of an Emergency Fund

Published by Mohamed Konate | Updated Jul 15, 2021

Have you ever heard the phrase, “save for a rainy day?” You probably heard it from a friend, parent or family member at some point in time. A rainy day is an unexpected event in the future that will likely impact your finances. For example, losing your job or an unforeseen sickness. An emergency fund can offer you security and comfort amidst life’s unpredictable twists and turn

MoneyGram Review

Published by Mohamed Konate | May 17, 2021

MoneyGram Review 2021 MoneyGram is the second-largest money transfer company in the world. They make it easy to send money overseas with several locations for pickups. You can also use the service for bank transfers. Here we look at the services they offer, how it works and whether it is a suitable service for your needs. What is MoneyGram? MoneyGram Online is an international money tra

Refresh Financial Review

Published by Mohamed Konate | Updated Jul 15, 2021

Refresh Financial Review 2021 Refresh Financial offers people with no credit history or poor credit scores the chance to improve their credit standing. Their loans do not provide you money upfront, and instead are designed to discourage building debt by securing savings you can use conveniently like credit without the worry. When you make payments into a secured account, they are report

6 Steps to Take to Improve Your Credit Score

Published by Mohamed Konate | Updated Jul 24, 2021

Navigating your credit score and trying to improve it can be a confusing and complicated process. Your credit score will influence the outcome of a car loan, credit card or mortgage application. Really anything to do with money and payments can be influenced by your credit score. This is why so many people try to improve their credit. Whether you have good, bad, or limited credit, here are the s

Costco Membership

Published by Mohamed Konate | Updated Jul 15, 2021

With 105 locations across Canada, Costco is a bulk shoppers paradise. To shop there, you need a membership, which comes with a fee. Memberships have various levels, some of which have extra benefits. Deciding if a Costco membership is right for you depends on a few factors. Whether or not a location is near you and your bulk purchase needs are a few factors to consider. To learn more about being

Canada Child Benefit

Published by Mohamed Konate | Updated Jun 30, 2021

The Canadian government is dedicated to helping families care for their children, especially during this tough economic time. Raising families can be a difficult and expensive task as is, but is even more challenging when you’re unemployed or don’t have access to resources, such as childcare. Canada has several support systems in place to help in a variety of situations. One of the mos

VISA vs Mastercard: What’s the Difference?

Published by Mohamed Konate | Updated Jul 10, 2021

Credit cards can be complicated. There are different types, with unique costs, requirements, rewards, benefits, sign up bonuses – and the list goes on. Internationally, the two most widely accepted credit cards are VISA and Mastercard. But, what is the difference between them? To start, both VISA and Mastercard are not actual credit cards or credit issuers. Rather, VISA and Mastercard are

Ontario Trillium Benefit

Published by Mohamed Konate | Updated Jun 30, 2021

The Ontario Trillium Benefit is refundable tax credit for low to moderate income residents of Ontario. It was created by the provincial government in 2011 and combines three previous credits: The Northern Ontario Energy Credit, the Ontario Energy and Property Tax Credit, and the Ontario Sales Tax Credit. If in 2021 you filed your taxes on time, the benefit can be paid monthly in advance of the

Canada Recovery Benefit

Published by Mohamed Konate | Jun 30, 2021

Canada Recovery Benefit: How to apply for Canadian recovery benefits COVID-19 has hit the Canadian economy hard. Travel, tourism, and hospitality have been shut down on and off since March 15, 2020. Although these are the hardest hit industries, many companies have been affected by lockdowns and other effects of the pandemic indirectly. Hours and pay have been cut and people are generally strug

Senior Discounts in Canada

Published by Mohamed Konate | Updated Jul 17, 2021

It is a ordinary promotion for companies and organizations to offer senior discounts. While there is no standard discount or age to qualify, you may want to consider spending your money at one of the retailers that offer a discount for seniors. The age cutoff for senior discounts is often around 65 years of age in Canada. For more information on customary senior discounts in Canada, continue rea

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