Big banks put on watch
Government watchdog reports six biggest Canadian banks are too big to fail.
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- Canada’s six largest banks have grown too big too fail, the Office of the Superintendent of Financial Institutions (OSFI) announced Wednesday. The OSFI has placed a 1%, risk-weighted capital surcharge on the half dozen banks, and pledges intense regulation and supervision.
- Statistics Canada reports consumer prices went up in all provinces in February, led by higher prices for gas and passenger vehicles. The largest increases were in Newfoundland and Labrador, versus the smallest in Alberta and British Columbia. The overall month-to-month increase between January and February was the biggest since January 1991. A brief overview of the development is available at Canadian Business.
- Only half of Canadian parents are saving for their kids education with an RESP and of those who are, only 20% are maximizing the related government grants, according to a new BMO report. In light of increasing tuition costs—it’s expected to cost $140,000 to send a kid born in 2013 to university—the bank suggests customized education savings plans, including maximizing your RESP, as well as non-RESP strategies. In other news, BMO also revealed seven new ETFs today.
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