Investing

Everyone needs somewhere to stash their cash. Some may choose to side with age old wisdom and hide it in their mattress. Others may store it in barrels and hide it in the desert. The majority of law abiding citizens will opt for a chequing account with an established financial institution. A chequing account is the vehicle used to access your money quickly and easily; they are used for everyday transactions such making purchases and paying bills.

All chequing accounts are fundamentally the same but they are not created equal. With the many different accounts options available, each with their own specific set of features, it can be difficult to narrow down which one to choose. Here are a few things to consider when looking for a chequing account. Continue Reading

Back in the day, when our grandfathers had to walk 10 miles to school in the snow (uphill both ways, of course!), personal banking was but small potatoes compared to what it has grown to become. In 1914, cash, check or money order were primary methods of payment. Vegetables and chicken were also acceptable currency. Continue Reading

The banking industry in Canada is dominated by five banks known colloquially as the Big Five. According to the Banker’s Association of Canada the Royal Bank of Canada (RBC) is the largest, followed by TD Canada Trust (TD), Bank of Nova Scotia (Scotia), the Bank of Montreal (BMO) and then Canadian Imperial Bank of Commerce (CIBC). Bloomberg lists several of these Canadian banks among the world’s strongest banks with assets of over $100 billion. These five banks provide many chequing account options Canadians can use for their day- to-day banking. Finding the right account can take a lot research and time; it can be quite tedious to navigate through the abundance of information provided by the banks. Let’s take a look at the different options through a comparison of the chequing accounts available in Canada. Continue Reading

Let’s take a look at the spending habits of two different families: the Flintstones and the Jetsons. The Jetsons have high-flying contraptions and a robotic maid while the Flintstones own an automobile powered through the courtesy of Fred’s two feet. For all intents and purposes let’s assume that the Jetsons have an income 10 times greater than the Flintstones. If both the Jetsons and the Flintstones spend the same $500 dollars on eating out at restaurants, who is using the money more wisely? Conversely, if a $50k single income family is able to sock away $30K into savings, that must surely be more laudable than the millionaire family that saving the same amount. Whether your income is $50k or $500k, a closer look at your budget will reflect your priorities. Continue Reading