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Tips for Canadians Studying in the US or Abroad
While preparing for your trip to Canada, one of the best ways to put your finances in order is by researching credit cards with no foreign transaction fee in Canada. This is because you are charged a 2 percent conversion fee on every purchase you make. Although 2 percent from your purchases appears to be […]
Several factors go into how currency value is determined in the Canadian foreign exchange market. Notably, most factors revolve around the trading relationship between Canada and a foreign country and changes in demand and supply of the loonie. The greatest determinant of the Canadian dollar is crude oil and the country’s foreign exchange earnings. Canada […]
The convertibility of currency matters a lot when it comes to international payments and transactions. For that reason, it’s essential to understand how currency convertibility will affect your business operation. So, what’s currency convertibility, and how does it work? This guide explores all the basics of currency convertibility, including its meaning and factors that affect […]
If you’ve ever owned a specified foreign property costing C$100,000 or more in any tax year, you must report the assets to the Canada Revenue Agency (CRA). You will have to fill out Form T1135 when filing your annual income tax returns. As a Canadian, it’s essential to understand all your tax obligations, especially if […]
You might have come across the term currency futures but may not know what it entails. If you are a forex trader enthusiast, you may need to learn the basics of currency futures to hedge yourself from exchange rate risks. Simply put, currency futures are contracts between two parties agreeing to buy or sell a […]
The interbank market is a global financial market for exchanging currencies. It is the largest and most liquid financial market globally, with over $5 trillion worth of currency changing hands daily. The interbank market ensures that banks have easy access to foreign exchange at all times to provide their customers with accurate rates and prices. […]
Since the Great Recession of 2007-2009, many countries have been trying to find ways to stimulate their economy. Most of these countries use one strategy: managed floating exchange rate regimes. You’ve probably heard about managed floating exchange rates but don’t know what they are or how they work. This post will cover what managed floating […]
If you have conducted any research on the Canadian government, one of the questions that may have arisen is: What is the role of the minister of finance in Canada? The finance minister presides over the Canadian finance department. Canada has had 40 finance ministers, the current one being Chrystia Freeland. One of the significant […]
You may have heard of the term FINTRAC but may not understand what it entails. So, to understand what FINTRAC entails, this article will answer the following questions: what is FINTRAC, what does FINTRAC stand for, and what does FINTRAC do? So, what is FINTRAC? FINTRAC is a financial intelligence unit in Canada; the acronym […]
If you run an international business or work with companies overseas, you may often wonder about the best way to accept international payments. Since there are many ways to receive funds from overseas, you may find it challenging to pick a reliable option. When choosing a payment method to receive funds from clients, friends, or […]
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