Skip to main content

Featured

Gas Prices Are Spiking Again — Here's How to Protect Your Wallet as the Iran Conflict Escalates

  Published July 20, 2026 If it feels like you're filling up more often for the same money lately, you're not imagining it. Oil markets jolted higher to start the week, and Canadian drivers are almost certain to see it at the pump in the next few days. What just happened Brent crude — the global benchmark that drives Canadian gas pricing — jumped nearly 4% on Monday to trade above US$90 a barrel, its highest level since mid-June, while U.S. West Texas Intermediate traded near US$84. The move came after the United States and Iran escalated hostilities over the weekend, including strikes on vessels attempting to transit the Strait of Hormuz and an attack on an oil facility in Kuwait. That strait matters enormously to your gas bill: roughly a fifth of the world's oil supply normally passes through it. When shipping through it slows or stalls, traders price in a "risk premium" almost immediately — and that shows up at Canadian pumps within days, not weeks. What it mea...
Post a Comment
Read more

article

Labels

How to get 5% interest on your money – with a catch


                             

If you are looking for a safe and guaranteed way to grow your money, you might want to consider investing in a guaranteed investment certificate (GIC). A GIC is a type of deposit account that pays a fixed rate of interest for a specified term. You can choose from various terms, ranging from a few months to several years, and you can lock in your rate at the time of purchase.

GICs are ideal for conservative investors who want to preserve their capital and earn a predictable return. They are also suitable for short-term goals, such as saving for a vacation or a down payment on a house. GICs are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor per institution, so you don't have to worry about losing your money if your bank fails.

But what if you could get a higher rate of interest than the average savings account or bond? That's where the 5 per cent GICs come in. These are special offers that some financial institutions are making to attract new customers or retain existing ones. They are usually available for a limited time and for a limited amount of money, so you have to act fast if you want to take advantage of them.

Even the big banks are jumping on the bandwagon and offering 5 per cent GICs to their customers. For example, RBC is offering a 5 per cent GIC for a 3-month term, TD is offering a 5 per cent GIC for a 9-month term, and BMO is offering a 5 per cent GIC for a 12-month term. These are some of the highest rates you can find in the market right now, and they are much higher than the inflation rate, which is around 2 per cent.

Of course, there are some catches to these deals. First, you have to meet certain eligibility criteria, such as having a minimum balance in your account or opening a new account with the bank. Second, you have to invest a minimum amount of money, which can range from $500 to $10,000 depending on the bank. Third, you have to agree to keep your money in the GIC until maturity, otherwise you will lose the interest or pay a penalty. And fourth, you have to pay taxes on the interest income at your marginal tax rate.

So, before you jump on the 5 per cent GIC bandwagon, make sure you do your homework and compare different options. You might find that some online banks or credit unions offer better rates or more flexibility than the big banks. You might also want to diversify your portfolio and invest in other products, such as stocks or mutual funds, that can offer higher returns over the long term. And remember, always invest within your risk tolerance and financial goals.


Labels:

Comments

Post a Comment