Savers Roundup March 2019: free income tax software; GIC rate histories and fluctuations; unlimited Interac e-Transfers

Free Canadian income tax software

For most adult Canadians, personal tax returns are due in 1.5 months. Do you use income tax software, and if so, do you pay for it? This week, we released an article highlighting free Canadian income tax preparation software options. For further discussion on all aspects of income tax preparation, check out our newly created forum on income tax filing!

GIC rate histories and promotions

As a supplement to the GIC rates comparison chart, we now have GIC rate histories (for non-redeemable GICs) for each financial institution. Simply click on the date link in each row, or click the “GIC rate histories” link on any bank profile page. For example, you can see just how often Motive Financial has been updating its rates, which have been in the downward direction lately. GIC rates have been on a downward trend across the board, and the current regular rate leaders are those who have not made any recent rate changes.

As per usual, you can find some better GIC rates through promotions, with a couple of examples from our promotions page being from Ontario-only credit unions, such as 3.51% for a 3-year GIC at PACE Credit Union and 3.75% for a 5-year GIC at Tandia Credit Union. As well, nationally available Wealth One Bank of Canada has a somewhat unique current offer of a 0.20% cash back bonus per GIC term year on new deposits. For example, you get a 1.00% bonus (paid once) for a 5-year GIC.

Peoples Trust increases rates; Ideal Savings decreases rates

In the first rate change since December on our savings account comparison table , Peoples Trust increased its regular savings account interest rate from 1.65% to 2.00%; its TFSA is up from 1.65% to 2.25%.

Ideal Savings decreased its regular savings account and TFSA interest rates from 2.76% to 2.50%, dropping it into a tie for the TFSA lead with Hubert Financial. Motive Financial remains the leader for a regular savings account interest rate at 2.80%.

More reading

• A listing of GIC options for small businesses
• More rounds of targeted new deposit promos from Tangerine Bank and Simplii Financial
• Meridian Credit Union new customer promo available to everyone: $100 bonus when you open a Good To Grow High Interest Savings Account with a minimum initial deposit of $1,000
• More news from soon-to-be-launched motus bank: its high interest savings account will have unlimited Interac e-Transfers, RRSP and TFSA options, and more
• EQ Bank now offers unlimited Interac e-Transfers