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Credit Score 101

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
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Fraud Prevention Guide

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
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How to Manage Your Finances

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 bette
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How to get a free credit report In Canada?

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
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What is a good credit score in Canada?

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    300-559: P
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How to keep your summer spending in check

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
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Back-to-school shopping on a budget

  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 words, we are targeted in the way we
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Best High-Interest Savings Accounts in Canada in 2020

Best High-Interest Savings Accounts in Canada in 2020 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
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Best GIC Rates in Canada in 2020

 Best GIC Rates in Canada for 2020   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
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Best TFSA Savings Accounts in Canada in 2020

The Best Tax Free Savings Accounts (TFSA) in Canada for 2020   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
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What is a Prime Rate?

What is a Prime Rate?   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 rat
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Canadian Retirement Savings Plans: RSP versus RRSP

  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
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Mortgage Brokers vs Banks

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
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Expedia for TD

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
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Canadian Bank Institution Numbers

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.   (BMO) Bank of Montreal: 001 (Scotiabank)The Bank of Nova Scotia:002 (RBC) Royal Bank of Canada: 003 (TD) Toronto-Dominion Canada Trust: 004 (NBC) National B
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Air Miles Points Guide

Air Miles Points Guide   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
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3 PC Financial Mastercards Reviews and Comparison

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:
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GST Payment Dates

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
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Tax Brackets Canada 2020

Tax Brackets Canada 2020:Everything you need to know Federal Tax Brackets Rates for 2020: Below are the federal tax rates for 2020 according to the Canada Revenue Agency (CRA): 15% on the first $48,535 of taxable income, plus 20.5% on the next $48,534 of taxable income (on the portion of taxable income over $48,535 up to $97,069), plus
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Minimum Wage

Minimum Wage by province Province Minimum Hourly Wage Effective Date Upcoming minimum wage change Link for more information Alberta $15.00 October 1, 2018   Minimum wage Alberta British Columbia $13.85 June 1st, 2019 June 1, 2020 – $14.60 per hour Minimum wage British Columbia Manitoba $11.65 Octobe
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Aeroplan Rewards Program Overview

The Aeroplan Program Overview   In Canada, there are various programs that allow you to earn and redeem points for travel, experiences and merchandise. Aeroplan is among these programs and is one of the most popular choices in Canada. Whether you’re an existing member or considering joining the program, you can learn everything you need to know about earning, redeeming and optimizin
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PC Optimum Program Overview

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
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CPP Payment Dates

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
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CRA Income tax filing and payment dates-COVID 19

CRA Income tax filing and payment dates   Tax Year Filing Deadline Payment Date Individuals  2019 tax year June 1 2020 September 1 2020 Part XIII non-resident tax 2019 NR4 information return May 1,2020 The 15th of each month following an amount paid         Self-employed 2019 tax year June 15 202
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Meridian Credit Union Review

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
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Debt Consolidation

The basics of debt consolidation   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 though being in
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How to make money online

How to make money online     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, y
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Alterna Bank review

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
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TurboxTax Canada Review

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 fi
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Simplii Financial Review

Simplii Financial Review:Online Only Bank   Simplii Financial is a new online bank offered to Canadians as of the fall of 2017. Simplii Financial has joined other major players in the digital banking world, such as Tangerine, EQ Bank and Motive Financial. The most notable benefit of banking with Simplii is the low fees and convenience of banking online. At the moment, Simplii only offers se
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Credit Karma Canada Review

Credit Karma Canada Review: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 obtain
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Wealthsimple review 2020: Pricing,features,pros and cons

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
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Rakuten Canada Review (Previously ebates.ca)

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
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How to Save for a Car

How to Save Money for a car      Buying the car of your dreams in 2020 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
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KOHO Prepaid Visa Review 2020

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
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RBC Rewards Program

  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
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Apple Credit Card

Apple Credit Card for Canadians -Full 2020 Review    A growing number of Canadian residents are becoming Apple fans in 2020. 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
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Charge Card vs. Credit Card

Everything you need to Know about a Charge Card in 2020   In 2020, 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
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Mogo Finance Review

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
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WestJet Rewards

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
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BMO Rewards Program

BMO Rewards review: How to get the most Out of Your BMO rewards     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 both
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EQ Bank Review 2020

EQ Bank review 2020   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
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Tim Hortons Rewards

Tim Hortons Rewards Program Review: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 awarding poi
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SCENE Rewards

SCENE Rewards Program Review: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 movie
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CIBC Rewards review

CIBC Rewards Program review:Everthing 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
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Scotia Rewards Program

Scotia Rewards 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 groceri
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Life Insurance Basics for Canadians in 2020

Life Insurance Basics for Canadians in 2020     Getting protection for your family is more important than ever before, especially with the threat of COVID-19 still active. Even if this virus will not come to pay us a visit in the fall this year and spring of 2021, death can occur anytime. While it may not be fun to think about it, getting life insurance can keep your family safe and
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How to Save for a House

Here’s How to Save for a House Down Payment in Canada in 2020     In 2020, 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,
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Capital Gains Tax Canada Explained

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
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GICs Explained

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
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Car Insurance Guide for Canadians in 2020

Car Insurance Guide for Canadians in 2020     You've spent months researching, you've managed to save enough money and you've finally bought the car of your dreams. You're now ready to drive it for the first time, unbound by any contract. However, you realize that you cannot drive it anywhere, because you don't have insurance. Unfortunately, in Canada, just
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TSX Index Overview

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
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Home Insurance Guide

Home Insurance Guide:What you need to know Overview Home insurance is something that most people will or at least should get at some point in time, though the type of home insurance they need may vary. Insurance can often be a confusing subject, which prevents some people from getting the right insurance. Below you will find all the information that you need to understand home insurance and
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Management Expense Ratio(MER)

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
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Registered Education Savings Plans (RESPs) Guide

What You Need to Know About RESPs for 2020   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
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TD Rewards

TD Rewards 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 are othe
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