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Changes to the design of the Canadian ten-dollar note
TimeToast
In 2017 the Bank of Canada held a contest to decide who would be the new face of the ten-dollar bill. This bill was first unveiled in 2018 and something that makes it stand out from other Canadian bills is that it’s vertical and not horizontal.— a national symbol of the struggles faced by Canadians of color across the country, and of their efforts to overcome racial discrimination -
Amendments to the Banking Law
TimeToast
The 2018 amendments to the Bank Act, the federal legislation that governs how banks operate in Canada, allow banks to invest in or partner with financial technology companies. -
Bank of Canada announces interest rate hike
TimeToast The Bank of Canada announced on January 17 that it would raise interest rates by 25 basis points to 1.25%. At the monetary policy meeting, the Bank of Canada released employment data and a more positive business outlook, both showing that Canada's economic momentum has further strengthened. -
Banks attacked by hackers
TimeToast According to Canada's "Globe and Mail" report on May 28, two Canadian banks - Bank of Montreal and Simplii Financial - both stated that they had been hacked. And the hackers who attacked the two banks claimed to have accessed customers, and threatened to disclose this data. According to CNBC, this hacker attack may be the first major attack on a Canadian financial institution. -
Increase in personal income tax exemption
TimeToast On December 9, 2019, the Government tabled a Notice of Ways and Means Motion that proposes to amend the Income Tax Act to increase the basic personal amount to $15,000 by 2023. The increase would be phased in starting in 2020. -
Canadian stock market shows a V-shaped price since COVID‑19
TimeToast
The S&P/TSX Composite index dropped by 37 percent between February 19 and March 23, 2020—the date the index hit its lowest point during the COVID-19 crisis. By the end of August 2020, the TSX index showed a decline of around less than 10 percent since February. The V-shaped recovery pattern—resulting from the plunge followed quickly by the rally—is puzzling. -
TD buys Wells Fargo’s Canadian equipment-financing business
TimeToast On May 1, 2021, the Toronto-Dominion Bank completed the previously announced acquisition of Wells Fargo's Canadian Direct Equipment Finance business. The transaction adds scale and capabilities to TD's existing Canadian Equipment Financing business and expands TD's presence in core markets. -
RBC's $10 billion deal for HSBC unit approved by Canada's Competition Bureau
TimeToast RBC now acquires HSBC's Canadian arm for C$13.5 billion, expanding its commercial client list and expanding into its retail business on the West Coast -
The Bank of Canada posted a loss for the first time in its 87-year history.
TimeToast
The Bank of Canada lost $522 million in the third quarter of this year, marking the first loss in its 87-year history. In the central bank's latest quarterly financial report, it says revenue from interest on its assets did not keep pace with interest charges on deposits at the bank, which have grown amid rapidly rising interest rates. -
New First Home Savings Account (FHSA) in 2023
TimeToast
A first home savings account (FHSA) is a registered plan allowing you, as a prospective first-time home buyer, to save for your first home tax-free (up to certain limits).
This will impact your tax return filed in 2024 because contributions to an FHSA are tax-deductible.
You can open an FHSA starting April 1, 2023.