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The maximum annual contribution room for each year prior to 2013 was $5,000 per year. Beginning in 2013 it was increased to $5,500 per year. [8] The $5,500 annual contribution limit was indexed to the consumer price index (CPI), in $500 increments, in order to account for inflation.
Simplii Financial is a Canadian direct bank and the digital banking division of the Canadian Imperial Bank of Commerce (CIBC). It offers no-fee chequing and savings accounts, a VISA credit card, Guaranteed Investment Certificates (GICs), mortgages and mutual funds.
The main federal statute for the incorporation and regulation of banks, or chartered banks, is the Bank Act (S.C. 1991, c.46), [20] where Schedules I, II and III of this Act list all banks permitted to operate in Canada under these three distinct categories:
Explore the 7 top investment platforms, offering low fees, extensive features and a wide range of assets to invest in. 7 best investment platforms for Dec. 2024: Low-cost options to put your money ...
2. Overdraft fees. 💵 Typical cost: $26 to $35 per occurrence Overdraft fees happen when you spend more money than you have in your checking account, and the bank covers the difference.
President's Choice Financial launched the PC Money Account, a no-fee "debit-like" personal banking service, on September 14, 2020.Unlike its former banking service, which was provided by CIBC, PC Money Accounts are issued directly by President's Choice Bank. [5]
Previously known as Citizens Bank of Canada. Now a non-deposit taking bank; it no longer offers savings and loans products. [42] VersaBank: 1980 London, Ontario: Public company, regional bank. Originally founded as a trust company named Pacific & Western Trust Corporation in Saskatoon, Saskatchewan in 1980.
This platform was introduced in March 2019, offering a stock and ETF trading account with zero-commission fees in the U.S. and Canada. [19] [20] Wealthsimple Trade was the first commission-free trading platform in Canada. [39] Wealthsimple Crypto is the company's platform for buying and selling several cryptocurrencies, including BTC and ETH ...