Canada’s big banks cut credit card rates to give relief to customers amid COVID-19 pandemic

Bank of Nova Scotia, Toronto-Dominion Bank, Royal Bank of Canada, National Bank of Canada and Canadian Imperial Bank of Commerce said on Friday they are cutting interest rates on credit cards to provide relief to customers affected by COVID-19 pandemic. Late on Friday, Scotiabank said it would reduce credit card interest rates to 10.99 per cent for personal and small business clients who have been approved for, or seek, payment deferrals. Earlier, in separate statements,…

"Canada’s big banks cut credit card rates to give relief to customers amid COVID-19 pandemic"

Are we headed for a depression? Economists weigh in

© 2019 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy (Your California Privacy Rights) | CCPA Do Not Sell My InformationFORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.Quotes delayed at least 15…

"Are we headed for a depression? Economists weigh in"

There are likely more unemployed Americans right now than at any time in history

© 2019 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy (Your California Privacy Rights) | CCPA Do Not Sell My InformationFORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.Quotes delayed at least 15…

"There are likely more unemployed Americans right now than at any time in history"

CIBC, RBC cut credit card rates to give relief to customers amid COVID-19 pandemic

Canadian Imperial Bank of Commerce and Royal Bank of Canada said on Friday it was cutting interest rates on personal credit cards to provide relief to customers as the economic fallout from the COVID-19 pandemic deepens. Credit card users who request to skip a payment will get a temporary lower annual rate of 10.99 per cent, Canada’s fifth-largest lender said in a statement. It was not immediately clear what the interest rates were earlier. RBC…

"CIBC, RBC cut credit card rates to give relief to customers amid COVID-19 pandemic"

How to get the coronavirus-related benefits the government is offering people

The federal government this past week announced a variety of tax measures to help Canadians facing hardship as a result of the COVID-19 outbreak. Here’s a quick summary of the major tax changes affecting individuals. Tax payment and filing deadlines The government is extending the deadlines for filing personal tax returns and paying balances owing. You now have until June 1, 2020, to file your personal tax return, which is one month later than the…

"How to get the coronavirus-related benefits the government is offering people"

CIBC cuts credit card rates to give relief to customers amid COVID-19 pandemic

Canadian Imperial Bank of Commerce said on Friday it was cutting interest rates on personal credit cards to provide relief to customers as the economic fallout from the COVID-19 pandemic deepens. Credit card users who request to skip a payment will get a temporary lower annual rate of 10.99 per cent, Canada’s fifth-largest lender said in a statement. It was not immediately clear what the interest rates were earlier. Canada’s six biggest banks unveiled a…

"CIBC cuts credit card rates to give relief to customers amid COVID-19 pandemic"

Canadian investors have toughened up, and more lessons my clients have taught me during this crisis

Over the past few weeks I have been having some interesting conversations with clients. While the conversations usually include discussions about investments, we often spend more time discussing family, health, today’s challenges and tomorrow’s hopes. If it ever wasn’t clear before, it is very clear now that our investments are here to serve a broader purpose — which is to allow us to live as full a life as we can. As I talk to…

"Canadian investors have toughened up, and more lessons my clients have taught me during this crisis"

Everything you need to know about the upgraded COVID-19 wage subsidy program

This week, the government released detailed information on the new Canada Emergency Wage Subsidy (CEWS), which provides both small and large employers with a subsidy that may cover up to 75 per cent of employee wages. It’s meant to help employers who have had a significant decline in revenue as a result of the COVID-19 pandemic keep their workers. This comes on top of the previously announced 10 per cent Temporary Wage Subsidy (TWS), which…

"Everything you need to know about the upgraded COVID-19 wage subsidy program"

Debt nation: Canada borrowed itself into a tough spot, now it must borrow its way out of coronavirus crisis

Murdoch Alexander MacPherson had come to Toronto bearing feel-good stories about debt. “I want to read another letter that has to do with a case,” the Saskatchewan lawyer and politician told his audience, “a report from the manager to one of those so-called soulless corporations in the City of Toronto.” The story of a debtor coming away from a meeting with his creditors “entirely satisfied” was one of several yarns MacPherson would spin that day…

"Debt nation: Canada borrowed itself into a tough spot, now it must borrow its way out of coronavirus crisis"

Bank of America is the first big bank to accept SBA Paycheck Protection Program loan applications

© 2019 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy (Your California Privacy Rights) | CCPA Do Not Sell My InformationFORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.Quotes delayed at least 15…

"Bank of America is the first big bank to accept SBA Paycheck Protection Program loan applications"