https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi Arranged by Michelle Ellen Widjaja en-us 2021-11-29 21:18:33 UTC 2026-01-01 06:20:49 UTC hello@padlet.com michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1918881960 This article shows the Canadian financial situation during the COVID-19 pandemic. Some of the key points and factors that affect this include housing market imbalance, household debts, and climate-related risks. The housing price has been increasing after some time into the lockdown period. Also, during this pandemic, people are struggling to protect their jobs which resulted in more debts for homeowners. Moreover, extreme weather across Canada left business owners in devastating situation. So far, the system is solid throughout this crisis, but there are still unavoidable threats as mentioned above. The Canadian government has been continuously monitoring and analyzing these situations for possible solutions.

I believe this article contains useful information for those who are looking to buy a house or wanting to invest on stocks. This will certainly affect their decision-making.]]> 2021-11-29 20:05:11 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1918881960 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1918882331 The picture above are some of the biggest financial institutions in Canada. I believe RBC and TD Bank are the Top 2 most popular banks, followed by Scotiabank! They operate physically and digitally through online banking.]]> 2021-11-29 20:05:20 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1918882331 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1918977500 Online Banking is very popular among youngsters as it is simple and instant. Some of the companies that made this possible are Tangerine, EQ Bank, and Simplii. I think Online Banking is practical, but at the same time can lead to data leak and identity theft.]]> 2021-11-29 21:00:46 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1918977500 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919092082 Here, you can find out how to set up a bank account in Canada.
What are some information needed for this?
- Address
- Canadian Phone Number
- Photo ID/ Passport

Type of accounts available:
- Chequing Account
- Savings Account
- Investment Account
- RRSP (Registered Retirement Savings Plan)
- TFSA (Tax-Free Savings Account)

You can have a savings account in your RRSP as well as stocks, bonds, and mutual funds. TFSA is the opposite of RRSP, you don't pay any taxes when you withdraw money from it and it does not count as income.

This video is helpful for us who are interested in opening a bank account in Canada. It explains the benefits of having each account.]]> 2021-11-29 22:31:42 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919092082 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919095199 Here, I will guide you through the financial institutions available in Canada, how to create an account with them, and how does the Canadian financial system look like as of right now!]]> 2021-11-29 22:34:27 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919095199 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919097783 I think one of the surprising thing that I found is that Tangerine is owned by Scotiabank. This is new information for me. Another thing that I would like to point out is the very expensive monthly fee for some banks' plans.]]> 2021-11-29 22:36:54 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919097783 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919098180 This topic is relevant to me as I have been through the process of finding a bank that fits my need at that time. I have compared the financial institutions and asked around to see which one they usually bank with. For example, when I came here in 2017, I opened a bank account as an international student knowing that this bank has the best option for students.]]> 2021-11-29 22:37:18 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919098180 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919098404 I would say the basics of banking and the products and services that each bank offers. I believe it is beneficial to know these information before doing banking with one.]]> 2021-11-29 22:37:32 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919098404 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919108477 This is the background of how the banking system works. Before going deeper into the Canadian banks, here is a video that explains about interest rates and the history of banking. The economy of one country depends on the financial situation of the main global trade centre that is located in the US. One economic collapse can result in global financial crisis. The banks play a crucial part in business funding. Moreover, there are platforms that allows business owners to get small loans to help their growth.

This video is important to understand before going into the details of banking. I believe this is the foundation one needed to proceed on their banking activities.]]> 2021-11-29 22:47:29 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919108477 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919108597 Before you choose to bank with any institutions, here are some common mistakes that people make when it comes to banking. Questions that you would want to ask yourself before proceeding:
1. Are you looking for a simple chequing and savings account?
2. Do you need car loan?
3. Do you need mortgage?
4. Is having an easy access to ATM a priority?
5. Are you planning to have an investment account?

As a student, I find this very useful as it explains some of the factors that might occur in the future that you might want to take into consideration when choosing an institution.]]> 2021-11-29 22:47:37 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919108597 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919108725 What are some popular online banks nowadays?

You can find some of the top online banks in Canada here! There is also a comparison table given to guide you through the pros and cons of each bank. You can find the features and services they offer and re-rank them based on your needs. This web page is created in 2020, so please be aware of new updates on the banks listed.

This website is packed with information that I was unaware of. It can help people who want to open an online banking account in considering which one that suits best for them.]]> 2021-11-29 22:47:45 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919108725 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919108876 I have found the online bank I want! Now what? Well, you have done the first step, but there are more to do.

Here are some steps to follow to create an account with them:
Step 1. Apply to your account online.
Step 2. Verify your identity.
You will need a government-issued ID to be approved.
Step 3. Set up your debit card.
Step 4. Set up the internet banking.
Step 5. Set up automatic payments to your liking.
Step 6. It is ready to use!

I believe it is quite simple to set up an online banking account, but we have to be very careful with our information to avoid any data leak or theft.]]> 2021-11-29 22:47:54 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919108876 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919109013 The big online banks in Canada link Tangerine, which is owned by Scotiabank, and EQ Bank are protected under CDIC just like regular ones. Some of the pros of doing online banking are the high savings account interest rate that they usually have and the low available mortgage rates; however, they usually do not have a lot of options for their products and services and they do not possess any physical branch.

It is very relative as to how people decide whether to bank with a regular/physical bank or an online bank. There is no best answer in this case as they have to take their own situation into consideration.]]> 2021-11-29 22:48:01 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919109013 michelleellenwidjaja https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919235150 How do I find the best bank account for me?
 
This video helps you decide which one is the best for you
based on the analysis given. Factors to be considered are whether or not you
have financial cushion, the monthly fee that you are willing to pay, and the
number of transactions you want to have per month. The creator goes over each
big financial institution and explains the plans they have. The pros and cons
are also included.
 
To me, this video is very informative for newcomers and
immigrants. Comparing the benefits and disadvantages is a great way to
determine the one that fits us best.]]> 2021-11-30 00:45:10 UTC https://padlet.com/michelleellenwidjaja/x764rd7x7r4wlioi/wish/1919235150